The times. [volume] (Washington [D.C.]) 1897-1901, 1899-01-13

The market situation is unchanged
Prices advanced steadily in nearly al di-
rectiOns yesterday, though the large ad-
yances We're not many. The industrals
are not in favor, but the railroad Shares
are in large demand, and, to all appear
ances. the market is destined to see mus h
higher figures for the latter before they
are much lower. Money continues very
cheap, and railroad earnings continue to
increase. There is nothing that promise S
to be disturbing in the general news.
With this satisfactory outlook, even after
such an advance as the market has had,
few are inclined to be pessimi=tic The
amount Of first-class stocks that have
been bought outright during the present
boom is probably underestimate by even
many Of the leaders OF the market. There
has been much margin buying, TO be sure,
but it has not been such a large part
of the entire amount as usual. This is
one Of the chief elements OF strength
of the present situation and one of
the chief reasons why there may
not be any large reaction at any near
time in the future.
Although the news of the dividend in
Louisville was considered by everybody
to be one of the best matters of LeEs
during this entire bull movement 30 far.
and although The stock is strong arc md
the highest figure of yesterday. there are
many who argue that there is not likely
to be any further advance in the sto k
for the present, on the theory that the
news is now out. and that it has been
discounted. on the whole. this seems to
be somewhat unnecessary conclusion IN
this case. Paying 3 per cent and earning
over /, the intrinsic worth of the stock
is undoubtedly greater than its present
price. The market is a bull market II
the best sense Of the word in that StO ks
are advancing on their merits largely.
The merits OF Louisville are eminent. Its
prospects are of the rosiest. The mn.e
careful opinion should be, probably t.at
if the market continues favorable Louis
Vile will advance in price on the very
good outlook for i per cent rate for the
stock. As to the suggestion that all the
news is out regarding Louisville, it may
he stated on excellent authority that the
Louisville and Nashville people are nearly
ready to announce a comprehensive re-
funding scheme, and that it is expected
during this or next week.
The Pacific stocks of all kinds were the
most active on the list yesterday. Both
the Union Paciics, both the Northern Pa
cities and Southern and Central Pacific
were All bbubHl IL inherent tllutS
during the day, and although they were
somewhat wild in their fluctuations. their
| general tendency was Enthusiastically up
ward Northern Pacific common was the
| leader during the morning hours. and its
advance was TO As is, nearly six points in
| two days including the dividend paid on
| Wednesday. Later in the day there was
| some recession in the stock. II is suggest
| ed that something in the way of good news
hob riNsnn
and that the buying looks like inside ac-
| emulation of stock. The talk of amicable
| relations between Northern Pacific and
| Union Pacific is again heard.
| A pool began buying Southern Pacific
| heavily yesterday afternoon, and it was
successful in sending the price up three