The Washington times., 1902-01-21
Government HOnIs.
COMMENTARY ON THE
DAY In WALL STREET

There are evidences that the hitherto
rather neglected stocks of the industrial
trusts may become more of feature in
speculation, if not in investment, de-
mand.
The reasons for this are easy to see.
The railway securities have had FAR larg-
er increases during the past two years
than the industrials, although many of the
latter have done a wonderful business and
are making fine showing of earnings.
Quite as important as this Is the recent
development of a number of uncertainties
and disconcerting features in the outlook
for the railways in general. One of the
most potent OF these is the trouble the
Northern Securities Company is expert
encing.
During the past few days also big and
unexpected issues of new securities have
been proposed by two railways at the
height OF their prosperity, and only
shortly after increases had been made in
their stock dividend rates. Conservative
people are not disposed 10 criticise these
matters as necessarily bearish factors,
but al any rate they are looked upon as
making the railway security situation un-
certain
Under the circumstances 1t would not
be surprising If the industrial securities,
or many of them, should somewhat mar
row the gap between themselves and the
railway stocks in the next few months.
Only the Professionals Are Active.
Yesterdays market was not an i'm
portant one, the old story of professional
operations being the only one to be told
The trend of prices was downward, but
not in an alarming way, the net results
of the day being only fractional losses
for the most part. Traders sold the mar
ket on the announcement that $3.50, 900 of
gold had been engaged for export by to-
days steamer and the rumor that further
shipments may be made in the near fu-
ture. Careful people did not pay much
attention to this feature of the situation,
however as money remains easy and the
situation in Europe financially is reported
to be improving.
Talk of n "SmcIters" Dividend.
OF the few securities that showed any
advance in price yesterday, and of those
that held their own, nearly all were in
the industrial group. American Smelling
common and preferred both made frac-
tional advances. 1t was said that in
sders were buyers of the securities and
that the business Oh the concern shows
handsome profits despite the decrease In
the price of lead. There is good possi
bility OF q dividend on the common stock
in the near future.
Car Builders Active.
The American Car and Foundry securi-
ties were strong, the common advancing
half a point II is said that the company
has enough orders now on its books to
entire present year. The great shortage
OF rolling stock that has been developed
by the heavy railway business of the
past few months has caused tremendous
boom in car building, and this company is
getting very large share Of it.
Ship Trust VIII Aid Steel Trust.
matter which may play an impor-
tant part in the affairs OF the Steel Trust
in the coming year or two Will be the
com pletion Of the great steamship com
bination under the leadership. financially.
Of Mr. Morgan. II is taken for granted
and naturally, that the two concerns will
work together for mutual good, and IL
is argued that the Steel Trust VIII be
given every legitimate advantage in the
matter Of freight rates and precedence
over other steel concerns.
The Steel securities were not partcu
larly active yesterday. but they held their
own. the common making net gain
of u
The Colorado Fuel and Iron Company
Yesterday declared a semi annual diyi-
- of 4