The Washington times., 1901-10-05
Govel 1ment bonds.

| T.. s. 4's, I7a, Q. J............... liz Jl3
| - s. 4's, ltG, g. J............... II2 il3
| g. S. SIS, r. i9Oi...............- lU1f lOsh
| I, SIS C. 1904, Q. F....-.-.... h'1 iO9,s
! Hope of a good bank statement or will
! ingness on the part of the bears to take
| profits caused an excellent rally III ths
| stock market yesterday afternoon ana
| the close showed net gains Tor the Gay
| in number of securities. The early mar
| kct was weak and new low prices were
| made. the indusulals generally being the
| features of the break. The change IN
| tone occurred between and O'Clock.
| irregularity was perhaps as much Tea,
ture of the market as anything else, ana
| it was noticeable that although the gen
| eral level at the close showed gains there
were number of securities, both indus
trials and railways, that closed at the
lowest prices of the day. The situation
is most interesting one. PIices nave
gone oil IS much as they are likely to II
the market is following out the lines of
the last month or two, and If 1t still may
be called professional affair a recoV-
cry Of some Importance now would seem
to Indicate support from the insiders and
continuance of the recent tactics, ana
IL would do much to revive the hopes of
the bulls. on the other hand, a further
break with little disposition to recover
would indicate something more serious
than the sCe-saw tattics of the proIes-
SionalS. II is noticeable that number
of the conservative brokers are advising
the purchase of the railway stocks on the
recessioas and taking the view that the
general business situation is too good
to allow of a much further break at TINS
time without at least a good rally,
The news regarding general business
| conditions continues excellent in almost
! every particular. The bank statement
today Will be good one. according to
all the experts The banks have gained
from the SUb-TrCasury, and the ship
ments to the interior seem to be grow
ing less. The loans have probably been
reduced during the week. II is likely
that there will be considerable dirninu-
ton I'm shipments to the interior from
now on. and this indicates that there is
little need for fear of tight money. can
money rates are easy The earnings re-
ports of the railways continue excellent,
the New York Central being the latest
of the important lines to issue its an
nual report. showing large Increase IL
both gross and net. The trade reports are
good. especially thoSe regarding steel.
This most important of all the industries
is apparently in as prosperous condi-
tion as ii has been at any time, with busi-
ness brisk, orders coming in rapidly, and
prices advancing The crop reports In
dicate that the corn crop viii be about
what the more hopeful of the experts
have predicted, in the neighborhood Of
LOO e0.O19 bushels The officials of the
Western railways, almost without eXcep-
tion, make the prediction that there will
be so much general business on their
lines that the shortage in the corn crop
will not prevent their earning as much
or more than they did last year The
stories Of lack Of harmony among the
big people seem to be without founda-
tion, another most important matter to
the future OF the market, of course.
II NAV be noted also as matter
worthy Of consideration, that while real
Developments are good. there are many
bear stories atiOat, apparently intended 10
break prices and cause selling by the
r.frlI hfgh gTa " nnI
tiOn. Ordinarily such tactics by the bears
would indicate that they considered
turn for the better near at hand, and
wished to cover their short sales. Among
these stories Yesterdays most absurd
contribution was to the effect that the
Peoples Gas Company intends to cut the
dividend on the stock to per cent The
company, according TO its last report, is
earning 10 per cent on its stock. It's busi-
ness is growing steadily. This would be
a sufficient reason for considering the
story Of little moment. but officers of the
company yesterday pronounced IL a fab
rication, pure and simple, and stated that
an increase in the dividend is more likely
than a cut. The stock continued its de-
cIlne curing the eariy hours of the day,
but later rallied sharply, and closed with
Z good net gain.
Much of the bear Sugar talk also is
without any foundation, as far as
can be judged. The difference in price
between raw and granulated sugar Is l35
handsome profit on refining. Moreover,
the companies do not show any dispose
tion to cut the price OF refined further
Sugar was one Of the particularly weak
features Of the market yesterday morn
ing, getting down to l15l4, but it, too, re-
covered its loss very well before the
close.
The story that the Brooklyn Rapid
Transit Company will issue bonds is
fiatly denied by officers of the company.
however
as authority for the statement that the
August earnings were not up to eNpecta-
tions. The alleged remark OF the gentle
man may and may not have been made,
but It is known that the business of the
company during the past six months has
been excellent. showing a steady increase.
Brooklyn Rapid Transit, however IS not
one of the faVorite securities, even with
the bulls. The stock broke 10 SO yester- |
day and then recovered to 6l at the close.
The bear story regarding the Atchison
has been that its business has been cut !
badly on account OF the California strike
and the impossibility Of shipping fruit.
This fruit being Of a perishabis nature, |
the business has been lost permanently,
1t has been said. This story Vice Presi-
dent Morton characteriZes as entirely un-
founded. He says that the fruit business
of the company has been very large. 1t
should be said however. that the other
rumor that the dividend on the Atchison
common stock Is to be increased receives
little attention among conservative peo-
pie. ms IS one Di me CoHhAtIdtliiS
fictions Of the bulls. as far as can be
Judged The company is abundantiy able
to Increase the dividend rate, but it is
issuing new capital for bettermentS and
purchases and while this is the case il is
not thought that there VIII be any at
tempt TO make two increases in the divi-
dend in one year.
The Copper securities continue weak.
Amalgamated yesterday broke to SI%t and
II recovered only to Ss%. Smelters broke
to 39A and recovered only to 4Jz& showing
a considerable net loss for the day. Noth-
ing new regarding the Copper situation is
heard.
The Reading securities were among the
weak features Of th- railway list. The
report Of the company for August was
a good one but the bears are attempting
to demonstrate that il was not as good
as il should be in view Of the excellent
condition Of the anthracite coal business.
The New York Central report for last
year is a fine showing, both gross and net
earnings having increased materially.
The directors set aside 81 100000 from the
net earnings for a special fund out of
which tho cost Of new bridges and other
improvements can be taken, and some Of
the comments on the report without tax
ing OF net earnings was not particularly
good. After deducting this amount and
DayIng all charges and dividends there
was a surplus Of about $4,000.
Gross earnings for the third week of
September so far received show an in
crease of Gal per cent
The Washington stock Market.