The Washington times., 1902-01-15
COMMENT OF TIE
DAY IN WALL STREET.

The steady dribb!ing of professional
sales OF stcok fer the past week has
| had the effect that careful people thought
might develop at any time-the dis
| lcdgment OF long stock. Yesterday af-
| teTncon, near the close, there was a
sharp break in prices which carried the
| level off more than the dullness of two
| days had done. In this break there were
| distinct evidences of rather free selling
Of long stock. Stop-loss orders were
reached in many stocks, and numerous
holders of securities apparently came to
| the conclusion that the market was turn
| ing permanently into the downward
movement.
a continuance OF the selling seems
| likely to develop this morning at the
| oDe ming. The street prophets are of dif-
| ferent opinions as 10 how far it Will ex-
| tend. Some careful people look for sup
| pert from inside interests on any further
| break, while others believe that the in
siders themselves are tired of support
ing the market, and Will do nothing for
the present TO stem any tide of selling
that may set in.
Big People VIII Lose Money.
1t may be pointed out at this time that
z serious break now would indicate that
the large interests arc losing money. 1t is
a fact that will hardly be disputed that
the large interests are the chief holders Of
stocks in this market. Tie public has been
forced out on the breaks and has sold out
on the advances during almost the entire
past year, and the big people have bought
its stocks. 1t is SAID by careful people
that the holdings of the market leaders at
this time are larger than they have ever
been before. These market leaders have
desired a bull market beyond any question.
They have supported stocks and made good
news and doomed prices on many occa-
sions. II now at the beginning of the new
year they allow the level of prices to de-
cline materially 1t will be because they
cannot we'll help themselves. II is, of
course. mistake to suppose that the pow
eTfui people are all powerful that they
can prevent a break in prices indefinitely
when natural causes are strongly against
them.
Money Market Easy.
There were no new unpleasant Develop
nlonts yesterday, and the market may be
oonsiderd TO have taken simply a natural
course, due TO technical conditions rather
than intrinsic. Money was easy, call loans
z
ports were arranged, and it is not prob
able that any shipments OF the metal at
this time will be important in extent.
London was again buyer of stocks on
balance, as It was on Monday. The Ameri-
can Sugar Refinery cut its prices Cd re-
fined sugar again 10 points, and this may
have had some effect On sentiment, com
ing as it did Immediately after the fifth
cut by the United Metals Selling Company.
Further than this there was little news
OF interest and little gossip OF novelty.
Sugar Prices Cut Ten Points.
Sugar was one OF the weak features OF
the market Early in the day there was
heavy selling of the stock before the
street in general had heard OF the cut in
the price. 1t seems evident that some
one on the inside was doing the selling.
Later the formal announcement OF cut
of 10 points was made. The price did not
go of much after that, and perhaps the
original sellers covered some of their
short stccks.
The chief matter OF interest in this par
ticular cut is in the fact that it occurs SO
soon after the street has been informed
that the different interests have come to
an agreement regarding the reduction Of
the Cuban sugar tariff. 1t is fairly evil
dent that there has been no such agree
ment, though OF course IL Is possible that
the different interests may have joined
hands and agreed to rig the market lit
tie to pay some OF their recent lobbying
expenses. Mr.. Oxnard, OF the beet sugar
people, has been in Washington for a
month or more, and his entirely legiti-
mate expenses have been heavy. The
trust also has had people looking after its
interests.
Atchison Breaks si,nrnIy,
Atchison common stool; was one OF the
weakest features Of the market, with a
break to 75h and a close near the low
price of the day. Some people who know
a good deal about the affairs of the Atch.-
son system and management do not con-
slider the $50. .0O0,0 000 bond issue Of the COM
pany bear argument, but the street in
general seems to look upon it with dis
favor.
Other Granger and Pacific securities all
were weak. though not to the same ex-
tent as Atchison. There was no news re-
garding any of them, but the Northern
Securities situation hanging over the
market has depressing effect, even
though some of the best people in the
street and in the railway world have
expressed the opinion that the combina-
tion will win its fight in the end.
Erie Fond Issue Gossip.
Another bond issue is that of the Erie.
1t is now whispered that the company will
issue s26 6o0, Geo bonds in the near future.
Coming Immediately after the Atchison
bonds this story had a bad effect on SEN
tirnent. even although 1t was not con-
Grmed IN any way and very likely is not
true.
The bears continue 10 say that With all
the talk of immense railway earnins3 and
y1st profits so many issues CT bonds look
bad. and the street is in mood to credit
all the bear insinuations at full face value
at present.
Tire meeting of the Erie directors to act
on the dividend question is scheduled for
This week. There is some doubt as to
what the dividend rate on the first pre-
ferred viii be. but not much, for ii is
understood that a majority OF the direct
ors are opposed TO any larger disburse-
rnent at present.
Nickel Plate Meeting Today.
The Nickel Plate directors will also
meet this week. II is understood that
they will hold their meeting this morning.
though it may be postponed. The first
preferred stock will probably get its full
per cent dividend and there Is some talk
of per cent for the second preferred. In
this instance also, however. the conser-
vat We element will probably prevail. The
COMPANY needs all its surplus earnings
for improvements TO its system.
Further Copper Cut Likely.
The Monday cut in the price Of copper
was the ffth in a little over thirty days.
Il carried the level down to about II
cents, drop OF cents from II cents,
h.. i..h l.ad la...x