The Washington times., 1901-10-26
Government Bonds.

I
| u >. 5's. X, lg0i................. lOj IOi =
L. 5. SIS, c, 1904, @ F............ lU7A Itlh
The remarkable buying In St Paul that
mas attracted 50 much attention ana en-
qulry recently was continued and cN en-
! increased yesterday and thc price of the
! stock advanced to the highest price Tor
many mcpths, III ana fraction. AT the
SANE tine Union Pacific was bought
heavily. and tho other Western stocks
were strong. the COalerS both anthracite
and soft coalers. were huoyant on big
buying and the market generally showed
an excellent tone. The advance in the
market du1lnB the past two Cr three
weeks has now become important enough
( u toe considered more than a minor
fluctuation. 1t has extended to from
TO 10 points in the active list and makes
/ the level toward the end OF October look
( materially better than it did at the be
1 ginning of the month. This developmt Mt
! naturally causes some changing of views
regarding the situation. The professional
people are more hopeful at least outward
( ly. The pubic Is beginning to interest
( Itself in the market, and apparently might
{ very easily be Induced to buy stocks by
little further broadening of the mar
: ket and a little further advance of prices.
/ Notwithstanding these facts. it seems
doubtful If there has been any real
change in the situation Conditions are
good and bull movement is to be ex-
pected in time, but there is no evidence
as yet, that can be relied on that the
big people, the controlling interests, are
ready for the advance Therefore while
it is still considered advisable by careful
people TO buy stocks on the declines. it
is also thought extremely probable that
there will be such declines to enable such
buying. The recent advance seems to
have been due almost entirely to pro-
fessional buying in anticipation of a fav-
. orablc outcome of the railway conferences
In the Northwest As the level has been
pushed mp there has been little but not
an Important amount of buying by the
public. The insiders, if they have done
anything, have sold stOcls. perhaps to
plIydat too much of boom while money
conditions are uncertain.
The bank statement will be a rather
poor one as far as can be judged in ad-
vance. The BANKS have lost more than
100000 by direct shipments to the interior,
and they have lost $l,64S,0to to the Sub
Treasury in excess of the large sums re-
ceived from pension payments and on ac-
count of Australian gold. This makes a
total loss, apparently, of s2.350,000 Per-
haps the amount viii be offset to n GER
tain extent from other sources, but II is
very evident that there Will be some de-
crease in cash AS far as can be judged
the loan account will show some increase
which will still further cut down the sur
plus reserve. 1t is not likely that the
bank statement Will have much. If any,
effect On the stock market, however 1t
Is very certain tnat money viii begin to
return from the West and South in the
near future, and this will ensure a better
showing. The surplus reserve will not be
Nlltu pul DtAtFt AIlS btfuiS. anu IHGTt
is no probability Of tight money except
IN the event Of big stock market and
heavy demands from the spectators.
The strength of the market yesteray
caused many rumors. mostly cheerful in
the extrcme. Perhaps the various gossip /
regarding the coal stocks. anthracite and /
hituminUuS, was interesting any !
other. in the same way that the sharp !
advances OF these securities were a feat
ure Of the market ali day In general, !
the talk Of the anthracite coalers was all /
regarding the me business being done |
and the fine outlook for the winter /
months. II is pointed out, for instance, |
that the amount OF coal produced will /
year, If it is not fully 100000 tons in ex- !
cess Of last year. This fact with the ad- /
ditionai fact that the price of anthracite /
now is 20 cents per ton moro than IL was /
last year means that there VIII be from /
100000 to SIS. .g20.epO more in the business |
this year than last The various railways !
Will get very large snare of this extra |
profit, some more, some less. but all /
something. The Reading. Of course, will |
be at the front. II is estimated that the /
r. aiding company is now earning at least |
per cent on the common stock in addi- /
tion TO the dividends on both the pre-
feI-cd securities. This situation naturally |
makes careful people bullish on this
group of stocks all the time
The bituminous coal stocks did not ad-
vance so rapidly as the hard coalers, but
they We're well bought aiu an SndTed IN
the gains. The arguments in this case
vt.e very much ike those in the hard
coal group. Business is heavy and the |
outlook is fine.
There were two or three stories regard
ing Baltimore and OHIO to account FOR |
the particular ouoyancy OF TINS STOCK.
II was one of the best in the entire list. |
&c ting TO the highest prices of recent
months and holding its own near the top. |
One story is that the dividend Is to be
r.r God 20. : nor a.tR N Il+paFrThlr I
This Is possible but not probable, accord
ing to conservative people. The Pennsyl-
yauia peope do not increase dividends as
soon as some others might. and while the |
aruings Of the Baltimore and Ohio have
b. en- very heavy and entirely satisfactory
there are heavy expenditures to be made
Baltimore and Ohio will buy the Pitts
burg, Cleveland and Toledo, the Pitts
burg and Cleveland Terminal, and the
Valley Railroad of Ohio. II is said that |
the properties will be paid for by the
issuance OF bonds and Of common stock
The weak stock of the day was Peoples
Gas, which at one time sold below lu2, and
at no time showed much strength. Vari-
Gus estimates have been made az to the
Ell CT Of the Supreme Court decision on
the Gas Company. and they are generally |
pessimistic. 1t IS said that an appeal is
not likely and that the company will have
the tax to pay beyond question II the
pessinists are right as to the tax the
COM any WIFI find it impossible to pay its
present dividend and the tax at the same |
time This is extreme view of the |
and ii is not held by everybody |
by any means.
The New York traction securities were
all sold yesterday. and the only argument
offered to account for this while the gen |
eTal market was 80 strong, was that II |
was in sympathy with Peoples Gas. Il |
was said that there was a fear that the |
decision Cf the Illinois Supreme Court |
might be- used as precedent In New | {
York for the Ford franchise tax.
II is denied that Mr. Gates has secured
control Of the Colorado Fuel and Iron |
Company, even although il is known that
he has purchased a block Of the conyerti- |
bio bonds Of the company. However, II |
is said that the Gates interest Is entire | ,
ly in harmony with the OsgOod people |
now in control. and that the outlook for |
ths company Is excellent It's business |
very large. and its new plants |
are adding TO it all the time in most
encouraging way.
The buying Of Chicago Great Western |
continued all day yesterday, and although |
the price did not got rTEantntly above |
Fh' tf""ri' as t. tn purchasers Of IN. |
stock do not grow less numerous but IL |
..-a'r b ."d ,hat they represent
real buying, and not manipulation. Yes
ttrdaN II was saiu that the chances favor |
the Morgau-HM people getting control |
instead n tha H1r-iIonn interests The |
earnings Of the Chicago Great Western |
for IA, bird week Of October, show an |
increase of si5.1"o.
A number Of inter. sting earnings state
m. nts for the third week Of the inCuth |
were given out Yesterday, al showing |
good Increase over last year. III. Mis- |
souri, Pacific and the Texas Pacific were
them.