The Washington times., 1902-08-25
The Financial Community
Looks to Him to Solve
Problems
STOCK MARKET OUTLOOK
rhe Past Week One of Advance, Made
Mainly, Under the Support of Manip-
ulation-SentiInent Of Trade Reports
Still Cheerful

Monday morning. Throughout the week.
however, irregular tendencies prevailed
and the trading showed at all times an
uncertain tone
Manipulation of the most open and ag-
gressive character has all the time been
present, and was mainly responsible for
the more pronounced movements in
prices. and certainly for those toward
a higher level. When. for one reason
or another, this manipulation was sus-
pended, the dealings cor utracted in vol
ume and prices sagged. At the opening
OF the week the tendency of prices was
reactionary, mainly because of the ap-
prehensions respecting the monetary
situation. excited by the bank statement
OF the previous Saturday.
Force Soon Spent.
The influence of that document appa-
rently spent its force in Mondays mar
ket, for Tuesdays and Wednesdays
dealings brought about rapid and fair
ly general advances. Superfically, at
least, the rise noted was based upon
the prospective arrival in this city of
the most eminent parsonage in the finan-
cial world, from whose return the Wall
Street community expected great and
immediate results.
The engineers of the manipulation.
at all events, made the most OF this
event, and with no small degree of sue
cess. Thursday mornings newspapers
failed TO show any general revelation
of Mr.. Morgan's ideas upon the finan-
cial situation at large; neither did they
disclose his plans with regard to the
solution OF the various problems re-
garding which Wall Street is looking
to him for the solution.
Largely in consequence, but partly for |
other reasons also, there ensued Thurs
days sharp reaction in prices.
Manipulation Resumed.
Wall Streets composure was again re-
stored on Friday, when prices moved
upward again. and the rise was con-
tinued through Saturdays dealings Put
in another way, and perhaps more cor
rectly. it should be said that bullish |
manipulation was resumed on scale
sufficiently aggressive to produce the re-
suits named.
At the same time 1t will be generally |
admitted that the great Importance at
tached 20 Mr.. MOrgan's return to bust
ness activity by the Wall Street COM
munity is readily understood. Never in
The history of the community has SO
much power been centered in the hands
of any one man, nor has such power
oeen possessed by any individual enjoy
ng the capabilities and resources wisely
10 administer it.
Thus. among the problems which Wall
Street, and. for that matter, the coun-
try at large. look to Mr.. Morgan to set
tie is the protracted strike in the
anthracite coal regions of Pennsylvania. /
N addition, ii is expected that his pres
snce will expedite the pending rear
'angement of the railway system in the
South growing out of the Louisville and
Nashville episode in the early spring
Many Tasks Set.
1t would be rather difficult to set
!orth within the limits of space lust
what the Wall Street community does
expect of Mr.. Morgan. and that gentle
man would undoubtedly hasten to dis
claim responsibility for the tasks i'm
posed upon him in the Wall Street imag- h
lnation. Ii is nevertheless the case that
the return TO this city of this pre-
emlnent figure has had a most power
Iul, even II sentimental. influence upon
the stock market. and it may safely be
concluded that more practical and far
reaching results will. in the course of ,
time. duly result therefrom.
Progress has been made in such oues
tions as the anthracite coal strike and
the country's harvests, although that d,
progress has been little more than that | ,
to the course of time itself :
an increasing amount of pressure is be-
ng brought from various quarters to
terminate the labor troubles in the an
Lhraeite regions. but it still looks as if
NE passage of time would of itself bring
about the desired corrective.
Sentiment Cheerful.
There is no abatement whatever in c
he cheerful tenor Of the trade reports 4
rom all sections of the country. save
'nly as they are modified by such spe
,ial factors as the stoppage of anthra- +
lite coal production. with its related I
The passage of each I
week minimizes the danger of any fur ].
her injury TO the unmatured crops from {
my cause whatsoever. g
The years harvests, indeed. may now Z
e said to constitute one factor making I
ontinHcusly for Industrial stability for
mother twelve months. The assurance
D this regard is already evident in the
f'A'-NN hba - ti me mercantile .
gencies, which set forth that the fall q
rade is now in full swing in all re 4
poets in every section Of the country.
The postpcnement OF action on the II
outhern Hallway preferred dividend
'as unquestionably great surprise to u
he financial community. The company p
as ended its fiscal year, showing a sat u
siactory Increase in earnings over the a
revious twelve months, ana inasmuch g
c the dividend on the preferred stock u
as, in March last. advanced 10 2Ia per 1t
ent, it had been commonly expected W
tat the stockholders would receive the cI
lme return in October. Had they done n
? the voting trust in Southern Railway u
.ock would have lapsei
No Little Wonder in Street. h,
There is no little wouderment in Wall pl
,reet as 10 what change, there has ~
zen in the affairs OF the Southern Rail
ay Company within the last six months
render necessary the continuation
the voting trust. Here again, how
'er, consideration brings up against ~,
e railway situation in the Southern =,
ates, wherein is undoubtedly con l."
med the explanation Ct the defarment cl
action on the dividend on Southern to
ll!way preferred stock.