The Washington times., 1902-01-04
Government Bonds.

g0MMENTARY ON THE
DAY IN WALL STREET.
There was a decline of from a point to
| two points or more all over the active list
yesterday afternoon and Immediately the
! doubt arose, of course. whether the long
predicted 'bocm of January, 1902" had
ccme TO an end on the second market
! day of the year or whether the recession
might be considered as simply tenn
| pCrary and natural halt in the upward
movement due to realizing by people that
| have been holding on to stocks bought
at higher prices, and by speculative pools
! that bought at recent lower levels.
The answer to the question can only be
( told by the developments. but it is worthy
cf comment that conservative brokerage
houses generally are optimistic in their
! 2dviCes and gossip.
| 1t is pointed out that the advance had
been sharp one, especially in the an
| thracite securities, and in one or two
other stocks, and that profit-taking was
| only reasonably to be expected. And
there is an insistence on the gener-
/ ally NEST hopeful conditions in the bust
/ ness world, and cn the fact that the large
| interests must. as much as any others,
| desire a buoyant market during the com
! ing weeks.
1t is argued that this general prosperity
| and this wish of the large interests for
| higher prices Will be strong enough forces
/ to make a big and buoyant market despite
the fact that prices are already high. and
l the other fact that there are poor cond-
tions in isolated trades and their con-
| Germs.
Morgan Buying.
The buying fcrce of most Importance
yesterday seemed to be that of the Nor
! gan clique. OF course. it IS not possible
to assert with positivcness that Mr.. Nor
gan is buying an immense amount Of
! stock, but the brokers that generally act
for him were conspicuous purchasers yes
terday and it was inferred by some of the
most astute of the market authorities that
they were filling his commissions.
Mr.. Keene was one of these brokers.
His buying, or re ther that of his agent,
! made the most noticed movement of the
day. the advance in the United States
Steel stocks.
The inference that the street draws
frcm the activity OF Mr. Morgan and his
friends is that they wish TO cause a
I boom in order that the public may be
induced TO come into the market and take
/ sCme- of the new securities off their
hands 1t is impossible TO float new Sc
curitics in any volume in weak or mar
row market, no matter how good they
may be. Even Government bonds some
times go a-begging.
Aa1tore Tight Money.
ne money market is easier already,
and it seems fairly safe to predict that
there will be no more Is and 20 per cent
call loan rates for sonlu months TO come.
The rate yesterday for the greater part
of the day was per cent. Next week
the January disbursements Will begin to
have a large effect in casing the situ-
/ alton.
The bank statement today is likely TO
he a good one The lean account is in
doubt, but the experts say that the banks
/ have gained In cash. The s2,Jp0.000 Of
Government bonds bought by the Govern
! ment last week, too late to have their
effect en- the bank statement, will be re-
fected in today's figures.
The Evcrctt-Moorc Crash.
The actual news developments yester-
day were net particularly satisfactory
from a stock market point of view. but
they were not as important as some reo-
pie considered them. either The crash
il the Everett Moore enterprises was an
nounced before the opening of the mar
ket and attracted some attention.
The concern had not enlisted any great
amount of Eastern capital. it is said. ard
Tie only reason why Wall street should
/ consider the episode an unpleasant one
! is because it suggests again that others
of the new vast consultations and com
binations may not have been built and
conducted safely.
Another Gut I'm Copper.
The United Metals Selling Company, the
agent of the Amalgamated Copper Com
pany. yesterday made another reduction in
the price CT copper, ranging from one
haif a cent to ! cent a pound, and bring
ing the quotations down to from 1lis to
l2i4 cents for the different grades.
The street was in doubt whether to con-
slider this a bear argument or not. Very
evidently if the Amalgamated wishes to
acquire control Of the Independent copper
concerns it Will be likely TO cut prices
still further. The quicker the fight IS
over if NAV be argued, the hetter ii Will
! be for the general business situation. On
the other hand, there are many that viii
not consider it good thing for future
prosperity for the Aualgamated to secure
| undisputcd control OF all the copper con
Germs Of the country.
Way Have Calumet and Heci:.
There was rumor yesterday that the
! Amaiga!nated either has secured the Cal
unet and Hecla, its most powerful rival,
or is or the point OF securing control. 10
definite information could be obtained re
garding the matter except that II i
known that there have been conferences
between the two interests of late, PIE
sumably with reference 10 some deal.
Aualcamated Copper was strong in The
morning. but sold Off later in the day
with the general market.
The steel Stocks Duo,nnt.
The United States steel securities Were
the best on the list yesterday, both dur
ing the early advance. and in the after
nocn general decline They were bought
by the hundreds of thousands OF shdIes
it MAS said. largely for Mr.. keene, and
their prices made 4 new high level for
this movement In the afternoon hey
yielded almost nothing at all, some one
being willing to buy all the stock offered
by the people that wished to realize.
Wonderful Earnings Record.
The talk OF the earnings of the com
psny grows more and more rosy. The re-
port for the third quarter OF the com
4.