The Washington times., 1902-01-14
Government .iont;~.
COMMENTARY OF THE
DAY in WALL STREET.

| market to please the people that have
| been looking for a strong and advancing
market after the beginning of the new
| year. Immediately at the opening there
| was a sharp decline all over the list and
| during the entire session similar breaks
| Of greater or less Importance occurred
| with only weak rallies between. The
| close, after a small recovery during the
| last half hour, showed prices off on an
| average more than point in the active
| list
The only thing to mitigate the bad
| showing ives the fact that the selling
| seemed 10 he entirely professional There
was little selling of long stock, as there
| has been little buying for investors re-
! Gently. 1t should be said however that
| some of the NEST important of the pro-
| lessional operators were among those who
| sold stocks, and seemed to be anxious to
| see lower prices. This mad an especially
| tad effect en- the minor speculative fra
| tornity as it seemed to indicate that some
| of the largest interests have lost faith in
| their ability to make a bull market. Of
| course, such Indications however, are not
| worth very much, and should not be
given any particular weight for the rea-
son that they may be blinds to cover en-
tirely different operations.
The street Full of Pcssimism.
The developments of the day were such
as to confirm the bears in their views, and
to cause trepidation among the small
holders of stocks. Ii was said at the
close last night that stocks were lending
at a premium, and the conclusion from
this was that the short interest was
greatly extended. This Is not entirely a
dismal condition Of things, however. 1t
indicates very clearly what professional
Wall Street thinks, but it also holds out
the possibility Of a sharp rally, if the
important people see I'll to begin buying
stocks in any volume today.
Conservative people advise great eau
tion in making investments, but express
he opinion that no very important break
in price is likely at this time.
London Buying Americans.
Money was easy yesterday, call loan
rates being as low as they have been at
any time recently. There is the prob
ability that money will be abundant for
some time to cJlne Nothing was heard
yesterday OF any extensive gold ship
ments likely at present. On the other
haad. London was an important buyer of
American securities on balance. which. of
course, tends to lessen the probability of
gold exports from here. II these London
purchase may be considered bona fde
they are a cheerful Indication of senti-
ment on the other side, but there is al
ways the possibility that such operations
are made by American interests for ma
nipulative purposes.
The Northern Securities Matter.
The decision of the Supreme Court yes
terday in the Northern Securities matter
was not of any particular Importance, but
inasmuch as it did not settle the question
as to whether the court has Jurisdiction
in the case il is perhaps negatively favor
able to the railways, as ii had been rather
generally expected that the court would
decide to take the case. 1t was not to be
noted that the decision of the court had
much effect on the market.
Copper Price Again Cut.
The unfavorable news of the day was Of
another cut in the price of copper Lon
don price went off badly and lake copper !
was cut q of a cent a pound, to l14s |
cents, on this side. This not only caused |
weakness in Amalgamated Copper stock |
but il had depressing effect on the gen |
eral market Anna malgamated declined to |
6S and fraction.
AtcbisOns supported.
The Atchson securities were among the |
weakest during the first half hour of the |
day. but later there was heavy covering |
of shorts put out at higher prices and |
the stock recovered fairly well. 1t was
said. too, that there was some invest
ment buying of the common stock. Mar
ket authorities are inclined to look
with favor on the bond issue of the
or at least not to consider
it bear argument of any weight. The
immense earnings of the company and
the assertion OF President Ripley tha; the
investment of the money obtained by the
sale of The bonds will increase its busi-
ness materially tend 10 allay the first
feeling almost of dismay that the talk of
the bonds produced.
There is persistent rumOT that the At
Gibson is buying or intends to purchase
one Of the mere important lines of the
Southwest. Officers Of the St. Louis and
san Francisco deny that their road is the
one the htchison people want, but one
authority asserts that the
buying of San Francisco stock has the
appearance of being for these interests.
San Frnncisco-AtchisOn Rumors.
St Louis and San Francisco securities
we're among the stronger features OF the
market yesterday. The recent buying of
he stocks is attributed BY some to Atchi-
son interests, as has been said. but other
people say that the fine earn
ngs of the company are quite sufficient
o account for the buying. The state
nent of the road for five months shows
surplus of 81 10000 which is at the rate
If 80 per cent on the second preferred, or
IF 10 per cent on the common stock after
,aying second preferred dividend.
Small Stocks of Conl.
The anthracite coal securities were
weak during the morning hours, but were
Imported fairly well during the after
loon closed half a point above their
ow level. The trade authorities state
hat there is only a small stock of coal
IN hand. and that the demand is immense, |
10 that ii would seem that at least during
will be continuance Of the fine pros |
,erity of 1901.
The anthracite output for the year was
bout So ,000, ,000 tons or an increase OF
early 100000 tons. The average of
,rices obtained for the entire output was |
cry high. Conservative market people
ontinue to express optimistic views re-
,arding the outlook for the securities OF
hese companies.
Sugar Weak All Dny.
Sugar was weak all day and closed
at the lowest price Of the day,
lear l20, and two points off net The |
tory of Washington advices being hopeful |
vas again heard, but the trade seemed to
ave nothing but bearish views to express
A, sx-ih