The Washington times., 1902-01-08
Government Bonds.
COMMENTARY ON THE
DAY In WALL STREET.

place in the stock market yesterday after
noon In the early hours of the day there
was heavy profit taking, but the buying
was also large, and prices held their own
well, especially in the Steel stocks and
the anthracite coalers. The afternoon
| change of tone was due to professional
| selling, with the action of the Supreme
Court regarding the Northern Securities
matter as basis for the attack.
Opinions. of course, differed widely as
to the significance of the break Some
good market authorities held to the opin-
ion that with the excellent statement of
the steel company as bull argument the
Morgan interests will make big and
strong market today and during the re-
mainder of the week. Others took a di-
rectly opposite view, asserting that yes
terday's break, in the face of Morgan sup
port, shows that the natural tendency
of the market is downward and that
continuance of the decline is likely today.
The day will be most interesting one.
Minnesota VS.. Morgan.
The Supreme Court has not allowed the
State of Minnesota to enter suit before
the court as yet. The court has not de-
case. The State has been allowed to file
its brief. and that is all. Conservative
market authorities are of the opinion
still that the Morgan-Hill side will win in
its plans They believe that II will win
before the Supreme Court, if it is neces-
sary to fight the matter out there.
The attorneys for these gentlemen are
very clever people, and they have assured
the railway men that the Northern Sc
curities Company is legal and will stand
the test. For this reason it is believed
by the optimists that the little furry en-
gineered by the bears over the announce
ment yesterday will not have any lasting
effect.
The Steel Statement.
The decision of the Steel company
directors regarding the dividend on the
common stock and the statement of the
company for the third quarter, and the
first nine months of the concerns history
were not given out yesterday before
the close and did not have any effect on
the stock market, except that perhaps
a few holders of the stock sold out be-
cause they did not wish to take any
chances on the statement over night.
The street heard unofficially during
the day that the earnings of the COM
pany for the third quarter were about
$3S, 900, 900, or about s1i 100000 for the
first month, s12, 900 900 for the second,
and S14. .400,0 900 for the third. This show
ing is about the same as was predicted in
this column last week. 1t said
that of this amount a large sum was
expended for improvements and that
there remained as the net earnings for
the quarter, after all fixed charges, ex-
cept the interest on the bonds about
s25, 100000 or s26 600
No expectation OF an increase in the
dividend rate was entertained in the
street, though there had been some talk
of 5 per cent rate. The showing of
the company is wonderfully good and
conservative people consider 1t bull
argument on the securities of the COM
pany.
The preferred and common both ad-
vanced fractionally above the prices of
Monday, yesterday morning, but in the
afternoon they were allowed to sag off
more than one point each.
The Gold Shipments.
The National City Bank shipped s69O,-
900 gold on the Saturday steamer and
did not announce the fact until yesterday
morning. The transaction cannot be
figured out TO have shown any profit
at the Saturday exchange rates. 1t is
explained as a special shipment by the
bank Some people go SO lar as TO say
that the City Bank people are bearish
on the market and wish to do every
thing possible to break prices.
The outlook is that there may be some
further exports this week or next, but
the street does not seem alarmed over
the outlook. The bankers ship gold for
a very small percentage Of profit, taking
riC CLG q
porting a business, just as the shipment
of wheat is a business. The country has
more gold than II needs, and therefore 1t
is cheaper on this side than 1t is in Lon
don. With vast amount of money com
ing into New York during the present
month and February, II would not be sur
prising if some of IL should go to Europe
which is much in need of funds.
The call loan rate was easier yesterday
than at any time last week. and the finan-
cial experts say that the rate is likely to
decline still further. All the predictions
regarding the bank statement for this
week are most enthusiastic.
Jersey Central and Reading.
The anthracite coalers were again a
feature OF the market yesterday, owing
to the declaration of the larger dividend
on New Jersey Central and the talk of
a like action by the directors OF the Della
ware and Hudson. The Jersey Central
dividend is apparently fixed at the per
cent rate. though the officers Of the COM
pany do not make any specific announce
ment to this effect.
1t is said that the Reading people are
responsible for the advance in the rate.
The Reading purchase Of Jersey stock
showed a small net loss when the stock
was on a per cent dividend basis. the
dividend returns not qui'e equaling the
intere3- charges on the Reading bonds