The times., 1898-12-13

There were very heavy realizing sales
yesterday, but a great volume OF com
mission buying, accompanied BY good
manipulation, carried prices generally to
a higher level and in some cases Several
points above the close last week The
trading extended over a wide range of
securities, and included standard stocks
that have been rather inactive of late.
The professional element OF the street
has for two weeks believed that p lees
would have q reaction this month. The
fact that these people themselves were
selling out their holdings and making
good profits has been an excellent a gu
nent on their side. The reaction has not
come, however. and yesterdays business
seems to make it even further away. The
market critics have been for once incor-
rect in their suppositions. There may
yet be a reaction before the end of the
year, but 1t does not seem likely that
much recession in prices will come for
several days at least. The pub ic is such
a persistent buyer that the turn would
be difficult. 1t Is to be remembered also
that the large interests may desire TO
have prices high for the beginning of the
year in order that the reinvestment of
dividends shall be at high level.
statement, apparently from an au-
thority, was made yesterday to the effect
that Northern Pacific will not hui into
the territory of its rivals. 1t is said that
present negotiations between tie parties
interested are all toward harmony, and
that recent talk of aggression by North
ern Pacific came from subordinate officers
who are not aware of the intentions of
the company. When this announcement
was made yesterday the securities of
Northern Pacific Immediately began 10
advance, as did those of Union Pacific
-.rz L.. Il.
ferred was over a point.
There were large transactions in Sou H.
ern Railway stocks at advancing pr ces
in the last hour yesterday. There was
talk of further work by the pool In these
securities, and 1t seems likely that they
may be put higher.
Federal Steel securities are aeain FROM
inent on the exchange. Both the common
and the preferred were bought III consil-
cradle lots yesterday, and the high ope1-
ing prices were maintained. Ii l. pre-
dicted by the friends of the comrany tn t
both will show good advances within the
next few weeks. After the failure of the
steel rail pool there was a period of in
activity in these stocks, but it is believed
that they will be strong duIiug the re-
mainder of the year. 1t is a fact that the
understanding between Carnegie and tn :
Federal Steel people is as good as paol
in keeping prices up. and better for some
other reasons.
There was great squirt in the Atchison
securities yesterday. large buying beng
accompanied by an advance of three
points in the preferred and a. point or
more in the common stock and in the ad-
justment bonds. 1t is supposed that there
may have been some inside information
as to the payment of the dividend on the
preferred early next year.
There was very sharp advance in
Wheeling and Lake Erie preferred in the
morning yesterday. Whether this move
ment was manipulated or jot,5 II afforded
an opportunity to sell. WHICH vas taken
advantage of eagerly.
Sugar Refining was conspicuous for ifs
weakness. which was most Disappointing