The Washington times., 1902-01-16
COMMENTARY CN THE
DAY IN WALL STREET.

/
the buying was persistent and continued
until The ciosc, and the net gains in
cluded almost every stock on the list
Naturally the change of front CT the part
of the professional operators, for the
professionals were the cause of the
movement almost entirely, caused bet
! ter feeling In the street. There is lit
tie reason 10 expect any important up
ward movement, however Real oondi-
tiCHs have not changed since Monday,
! when the entire street was bearish. Care
| lLl market people say that small move
meats in either direction are 10 he eX
pected. ard that the professionals are
stil in control and are likely to be IN
! Ill the news contains something of i'm
| Eortaace or the large interests decide
10 do something.
Money was easy yesterday, call loans
Being made at per cent. This is
matter of importance, but it is not sufii
cient to cause a bull market in Itself.
So also. it might be said that the alb
senCe of important goid shipments is
negatively gcod feature OF the situa-
tion. Financial conditions are in fact
all that could be desired.
Sugar Discussion az tne CuIitOI.
The news yesterday had number of
interesting features. The Ways and
Means Committee of the House had up
the matter of the tariff On Cuban raw
sugar ard heard arguments in favor Of
the reduction OF TIE duty. Mr.. Atkins,
who will be remembered as the gen.
tleman that came to Washington before
the Spanish war and tried 10 prevent il,
| was one OF the chief advocates Of a re-
duction of the duty. lie is the owner
Of large Cuban sugar plantations and
has other heavy interests in the island.
Mr.. Atkins advocated z reduction OF
so per cent in the tariff. Something
of his position in the matter will be found
in another column OF The Times. He is
understood TO be considered man Of
Importance by the Administration.
sugar stock was the leader OF the up
ward movement yesterday. 1t was strong
from the opening of the day and made
an important advance. 1t is to be in
ferred apparently that the insiders are
hopeful of getting what they desire from
Congress.
The advance in Glucose stock was con-
tinued yesterday. The movement was
ascribed to different causes by different
people. One suggestion was that the Su
gar interests were making it. Another
story was that there has been arranged
a merger Of the Glucose and Starch COM
panies. Neither rUnlcr could be traced
10 any particular source. Probably 1t is
safe to infer tnat the movement was due
to professional efforts entirely.
"Rightsr for n. Y. Central stock.
New York Central was perhaps the best
OF the railway issues. The cause of its
upward movement was not understood by
the street during the early part of the
day, but later was explained very salts
factorily by the announcement that the
company will issue S35. .0J0, Geo of new
stock and allow the stockholders to sub
scribe for it.
The unofficial statement regarding the
issue Is that about half of the new stock,
or i7,250,00O, is to be given 10 present
stockholders at S125 share. This amount
IS 10 per cent Of the present issue, and
the rights" to subscribe 10 it at this
price should he worth about Sc a share
at the present market price Of Central
between 80 and 165.
The balance Of the new issue is to be
disposed OF by the directors as they see
Et but the stipulation is made that the
stockholders shall be allowed TO sub
scribe for it at any price fixed for its
sale The stockholders have not yet
voted CT lIe lS5uts bil II Is cpESlueTGu
certain that they viii not offer any op-
position. They will hold their meeting
On the question on April 16.
Peoples Gas "a weak Feature.
Peoples Gas was the one weak feat
ure of the market that attracted atten-
tion. The stock broke two points or
more. The greater part of the decline
came before any explanation Of it was
heard Then It became known, late in
the afternoon, that the Chicago courts
have denied an injunction sought by the
company against the city of Chicago, to
restrain the city from enforcing its 10
cent gas ordinance. 1t has been hoped
by the gas people, IL not generally be-
lieyed, that the injunction would be
granted and the professional operators
at least seemed TO be very much disap-
pointed at the failure Of the case. Prob
ably the matter viii now be carried TO
the higher court, but the stock has re-
ceived black eye for the present at
least.
Another Cut in Copper.
There was another small cut in the
price of copper metal yesterday, but ii
did not have any bad effect on Amalga
mated Copper stock which showed
strength during the entire day and closed
with a net gain of a point or more. The
stock is not looked on with favor by con-
servative brokers, however. as il is said
by the trade that further sharp cuts in
the price of the metal are likely at any
slime.
Bear RumOrs on Brooklyn X. +.
The New York traction securities were
irregular and not particularly attractive.
There is much bearish gossip regarding
Brooklyn Rapid Transit. and whether it
has any good foundation or not it pre-
vents buying in the stock. 1t is said
that the annual statement OF the com
pany. which will be published in two
weeks, will make a poor showing.
Sentiment is more favorable to Man
haitian and careful operators would not
be surprised to see a sharp advance in
il at any time that the general market
is favorable. This will not necessarily
mean that tine stock is considered good
investment by the insiders however, as
II is enc of the most manipulated securi-
ties on the list.
The Northern Securities Matter.
There can be no question that the street
in general is waiting for some final dis
position of the Northern Securities mat
ter by the Supreme Court before deciding
what position to take with regard to the
market outlook. This business is undoubt-
edly of vast importance to the market.
as it is TO the business of the entire coun
try, and market people are more and more
realizing this.
a prominent corporation attorney. not