The Washington times., 1902-01-17
Government Bonds.
C0MMENTARY on THE
DAY In WALL STREET

The net movement of prices yesterday
was toward a higher level, but it was
so small and the afternoon was so dull
and so entirely professional that 10 sig
nificancs can be attached to the gain.
Tie outlook does not seem to have been
changed by the Slightly better tone Of
| the past two days.
There are no indications that the i'm
rortant people are doing anything. The
public is holding aloof. 1t seems prob
able that the market will continue pro-
| fessicnal and of no particular impor-
tance until the Supreme Court has taken
some action on the Northern Securi-
ties matter. or until some other news,
! good or bad, has developed Of sufficient
moment to gaivanize the situation into
| life. Movements OF Two or three points
either way may he Looked for.
Sterling exchange was easy yesterday.
and financial authorities say that there
is no prospect OF gold shipments for the
present. Call loans were made at easy
| rates. and the outlook is that there will
be a sufliciency of money for all the ac-
tivity that the stock market may de-
velop. The bank statement gossip Is
| most favorable
A GiIi to Purchase the Teiegrarhs.
There were number of interesting
news developments yesterday, which may
have their effect later AT present the
market is too narrow to be influenced by
them. The Price Current weather re-
J
somewhat unfavorabIe for winter wheat,
there has been little damage done SO far
! apparently. Senator Harris introduced a
| bill for the purchase of the Western
Union and Postal Telegraph companies
by the Government, which may develop
! into en- important matter during the ses-
! siCn. Western Union stock advanced
| fractionally as consequence of the bill,
| perhaps. II is announced that the ship
! subsidy bill will be considered today at
. a special meeting Of the Senate Commit
! tee on Commerce. There seems TO be a
belief prevalent among Republicans that
| the bill will be passed Rumors of n con-
! solidatiCn CT the Glucose and National
( Starch companies were repeated yester-
/ day.
Sugar Developments.
| american sugar WIS CIe Oh lew
stocks in which business was in the least
active yesterday. The stock was inclined
TO advance all day, and closed with a
good net gain. The actual news regarding
sugar was that the Senate Philippine
Committee agreed upon bill reducing
the tariff % per cent on importations from
the Philippines. Additional reductions
will be granted upon articles now charged
with an export duty so as to equalizc the
amount of that duty. This makes the
total reduction of the tariff ON Philippine
sugar 30 per cent.
Nothing new has developed regarding
the Cuban sugar tariff, except that very
: certainly there has been no agreement
between ;he sugar refners and the beet
/ sugar people as to a reduction of the tariff.
1t was said q week ago that some agree
| Incnt had been reached, but even at that
time the story seemed rather apocry-
phal.
One of the rurors yesterday was that
there Will be another cat in the price OF
| refined sugar but nothing occurred dur
| ing the day, and there was no confirm
alton OF the story.
Manhattan One Weak Feature.
Manhattan took the opposite course to
the general market, making a rather ser-
Gus net decline for the day. and closing
not far from the low price reached. The
explanation generally accepted for the at
tack on the stock was the publication Of
the New York Central terminal and tun-
Eel plans, which obviously will be a bad
thing for the Manhattan. or rather, per-
haps bad thing for the trackage agree
ment alleged 10 have been made between
the two companies. The recent boom In
| Manhattan has been based partly on the
ta liz OF such an agreement, and when il
is discovered that no such plan Is con-
templated by the Central people it is
only natural that there should be some
recession.
Conservative people advise against sell
! ing the stock short Oh this account, be-
cause some of the recent advance OF the
stock undoubtedly has been deserved be-
cause of the better outlook for the com
pany. With electrical power the system
| will have considerably larger earning
capacity than it has at present.
LchIgh Valleys Report Good
The Lehigh Valley annual report fer
the year ending November 80 shows a sur
plus of s574,6l2. This compares with a
deficit of $2,077,79j in 1900. The direc-
tors OF the company have decided that the
fiscal year shall he computed from July
l to June 80 hereafter. and the pres
ent year therefore Will be only seven
months in length.
| Mexican Nationals Adjustment.
Friends of the Mexican National con-
tinue to talk with favor of the securi-
ties of the company. They state that
there will be great saving in the ad-
justnent of the affairs of the company.
Rail 5ijiI of T. &. /. Completed.
The Steel securities were trine strong
| yesterday, despite the rurnor that Mr..
| kecne is not supporting them any longer.
Tennessee Coal and Iron had an advance
| in the morning hours, bat lost its gain
| before the close. The outlook for the
stock seems good, but conservative mar
ket people refuse to speculate in 1t on
, account OF the manipulation that takes
! place in il periodically.
| The steel rail mill OF the company at
| Ensley has been completed, and it is
stated that il will be turning out rails
in few days. The Southern Railway
| and the Louisville and Nashville both
own stock in the Tennessee Coal and Iron
/ Company, and IT is understood that they
have agreed 10 buy rails from it in the
1 Har1 Il 1 l.y.-g