The Washington times., 1902-01-10
COMMENTARY ON THE
DAY IN WALL STREET.

The market showed much irregularity
yesterday and no indications on which to
base an opinion as to what will be the
next important movement number of
securities were we'll bought and made
| good net gains for the day and others
seemed to be under pressure during the
greater part of the session. 1t should be
noted that during the past few days the
news affecting the stock market has had
| much of this diversity of character, some
developments being all that could be
wished and others of a nature to cause
timid investors to hesitate in making fur
ther commitments on the long side of the
market.
Good and Bad Business Conditions.
During the past month there have been
the Everett Moore difficulties, the Rubber
failure, the decision of the Attorney Gen
eral that stocks held as collateral for
| loans must pay the internal revenue tax,
the action of the Supreme Court in allow
/ ing the State of Minnesota to file its brief
in the Northern Securities fight. the reve-
lation of the copper situation and the cuts
in the price of the metal, and number of
other like adverse matters, and while no
one of these things has been of great i'm
portance perhaps, yet their combined
weight undoubtedly has had the effect OF
! shaking the confidence of people that were
before entirely satisfied with the situa-
tion.
Some of these matters suggest that
speculation has entered into business op-
conservatism of the earlier period of the
business boom" Others call attention
TO the immense capitalization of some of
the new industrial concerns that have
done satisfactory business in the period
of great activity through which the coun-
try has been passing for the past two
years, but that may not be able 10 make
nearly SO good showing when the tide
turns in the other direction.
On the other hand. the experts say that
the important trades are not showing the
slightest sign OF a lessening of activity.
The steel situation could .,ardly be bet
tered. The railways continue TO show
enormous earnings, larger than ever be-
fore The coal trade is iiourishing, with
the demand tremendous and the level of
prices at the top. Bank clearings and
nous volume of business and seem to
negative all the suggestions OF recess
sion in the tide of activity.
Caution In Investments Advised.
Conservative people will draw the con-
clusion from these facts that. while there
may be weak spots in the situation, there
can be no doubt that in many directions
the development of prosperity will con-
tinue for some time longer, if, indeed
further important expansion is not TO be
looked for. And this in turn suggests
that while investments should be made
with caution and discrimination the out
look for a great many stocks and groups
of stocks is distinctly favorable for fur |
ther advance.
ManhuttaE's Electrical Power.
Manhattan was distinctly the feature |
of the market yesterday. It's strength |
was attributed to three different causes |
by the street. The system yesterday be- |
gan running a portion of its lines with |
electric power. There have beeu many |
delays in the installation of the electric |
system, and the stock has been held back |
on this account no doubt. |
Experts in street railway matters say |
that when the system has been installed |
on all the lines there will be saving |
equal to more than l per cent on the |
stock in operating expenses, and that in |
addition there should be large increase
of business. The Street Railway Jour
nal," in a recent issue. had an exhaustive |
article on the subject which was most !
convincing in its figures.
The Tunnel Accident.
Wall Street speculates on all sorts and
conditions of events. and naturally there
was a tendency to draw moral from
the accident in the New York Central
tunnel that was favorable to the Manhat-
tan. There has been much talk of closer
traffic arrangements between the Central
and the Manhattan. and now ii is suggest
ed that the tunnel accident will be very |
certain TO hurry any negotiations hat
may be taking place between the Two sys-
TENS.
Vanderbilt Purchnscs.
The third matter of street gossip re-
garding Manhattan was that the Wander
bits have been and are heavy purchasers
of the stock OF the street railway COM
pany. Naturally these purchases are con-
nected TO certain extent with the talk |
Of Central Manhattan traffic arrange
ments.
Cuban Thrift Legislation.
Sugar was very strong at one time, but
toward the close OF the day the buying de-
nand for the stock seemed TO disappear,
and 1t was allowed to decline sharply TO
about the opening price. The gossip
emanating from Washington that the Gu
ban raw sugar tariff will be cut ma
terialIy had its effect on sentiment Mr.
liavemeyer is said to be very confident |
that there will be legislation along this
line.
The Steel securities were allowed to de-
cline during the entire day. and closed
near the lowest prices. with little sup