The times., 1899-11-26


II VIII he seen that the important inter
ests have chosen their time well for he
beginning OF their bull movement in Sc
curity prices. They have been buying
stocks for many weeks constant y, but
carefully. They have moi allowed prices
20 advance much because The money sitaa-
tion was not satisfactory. i is said that
with general conditions so prosperous
these leaders have actually been obliged
TO keep prices down to prevent the public
from embarEng on an immense sca!e on
the bull side Of the market. Al the pres
ent time the important people, the c.iques
that have been buying the Faciiics. the
Baltimore and Ohios. and some OF The Van
derbilt securities. have the largest amolnt
OF stock ever held in such a way. The
public has less than ever before IN recent
years The opinions Of some Of the oldest
and most conservative brokers 10 Wall
Street are the basis for this statement.
There can be but one meaning Of this
The cliques who have wished TO see prices
advance when the time is ripe. have intend
cd 10 put up prices themselves Du-ing
the past week there has been the begin
ming of such an advance, according 10 sew
eral careful observers of the market II
this theory is the right one. the coming
week should be the one in which the public
viii begin TO buy stocks heavily. II should
OF prices toward a much higher level by
the end OF the week. The items on which
the leaders viii count for the support Of
the public are;
The already strong optimism through
out the country.
A fne bulge IN prices tomorrow morning
on the strength OF the fine market last
week. and the bank statement.
Good buying by the cliques themselves
The continuance Of the flow OF money
from the Government vaults 10 the banks
Easier money rates.
The Presidents message.
Good news from the Philippines.
Probable good news also from South
Africa.
Quite possible announcements OF i'm
Dortant railway and other deals 10 be
put out by the large railway men them
selves Several such announcements art
nearly. if not quite. ready, and have. Il
all appearances, been waiting for the op-
portune time. the tine when J-ey tal %
made 10 do the most good.
The heavy covering OF shorts that mus
come on any pronounced advance in prices
The combination OF these various mos
satisfactory matters is the more perfec
because there Is nothing OF an unplsasan
character now in sight that can be forCeJ
into the semblance of a bear argument
The immediate outlook seems 10 be 70
high opening tomorrow. This may b
followed by small decline on the tskini
OF profits. but there VIII be immense buy
ing on any slight recession. il is quit
within the range Of the possible that IN
leaders Of the market viii not care to ALLOW
any decline on the first day OF the wee
for fear Of the adverse effect this nigh
have on the public which has been schoole
recently to expect d traders market
and TO sell stock on every slight advance
The recent trend Of events seems 10 poin
10 the Pacific securities as the group tha
viii be taken up this week. or at less
during the early days. The -Speyer crowd
Is the one that has been most active and @
most importance in the recent market, an
n is the one that has most az stake. II
the holder Of hundreds Of thousands {
shares Of Southern Pacific. bought, il
said much OF Is al least, al and above *
II Is certain that this stock viii not
sold al it's present price. The same is tru
10 a lesser degree Of both the Union an
he Nerthern Pacific securities With re
gard TO Northern Pacific common there
fhe especial consideration that it has bee
neglected recently and has not receive
the same advance that the other two stocA
have Many are OF the opinion that N
stock viii be one Of the most active II NJ
the chief Of the group during the comm
week Aside from these facts. II should !
reuem bered that the Paciiics are intrinsic
ally among the most attractive securlu'
on the railway list. The earnings Of a
these systems are enormous, and II IS Gel
tain that the dividends OF the near futul