The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-10-12


happen were current on the New York
exchange this morning. Bear tips were
as thick as bees. But IL was with in
terest the more conservative brokers
noticed that the chief sellers were those
Identified with the bear party.
Trading in United States steel was ex-
tremely active in the early hours.
Prominent among the sellers were Har-
ris Gates & Co, who sold 10000 shares
of preferred. II. Content bought 5000
and j. NJ. Armory took $500.
The governments estimated condi-
ton of the corn crop is far more favor
able than had been expected, and sug-
gests a probable yield of 23O00 eco bush
els. But this bit of news is curtailed to
some extent by the various railroad
companies laying of shopmen and les
sening expenses.
London dispatches today indicate a
weak, lower. and featureiess mar
ket for Americans All markets
there are disturbed by the ex-
pectation that Japan will declare war
against Russia some time this week.
and probably within the next twenty
Aohi lAOuAo
The low opening of todays marke;
was expected. but at the same time
extremely disappointing. Indeed the
! new week begins business under a cloud
and holds little promise of Improvement
until the removal of unfavorable fac
tors in the general situation.
Apprehension of unfavorable develop
by the storm. the closing Of iron fur
naces, steel mills and coal mines, the
unrest of labor and the general expecta-
tion of more depressing news are more
| important to the Wall Street mind thar
the excellent crop report. Lower prices
are expected for the present.
No inclination is shown by the public
to enter the market until assured there
are no further shipbunding scandals OF
| tap, or until convinced the large fnan
/ cial interests will not participate II
| further questionable manipulations Out
siders have been thoroughly scared. and
are not likely to regain confidence un
der present conditions.
When the bank reserves accumulate
as they will in January, or sooner Il
| all probability. bank of GERS and invest
ors viii compete to put idle funds a
work. With such stock markets as W,
are having and likely to have in thil
there lies hope for the bond market.
1
There are more bears than bulls in tn
] Street, but the market nevertheless 4
| entitled to a substantial rally Tn
| prospects for persons who can afford [,
buy outright appear bright, and mucl
Of this class Of buying is now reported
| including purchases OF small share lot
I by small investors.
Despite the low prices for railroad Sc
| curiues. railroad earnings are heavy Il
| all sections OF the country. while. &C
/ cording 10 all indications. the volume o.
| traffic will continue large for a lon,
time to come, especially as the countrl
has been blessed this year with bounti
] full crops.
/ 1t is not admitted in conservative cir
cles that the developments of the las
week are a forecast OF Industrial de
| preston. Tt is admitted. however. tina
a healthful trade reaction is unde
way, but it is contended that the fal
in the prices Of securities in the las
year has more than discounted an In.
| dustrial setback
Trade reports are NOT discouragi
They reflect uncertainty in some line
and a disposition among merchants anc
manufacturers to exercise extreme eau.