The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-16

The grangers were the features of the
market. During the afternoon especially
they were doomed handsomely under the
lead OF Atchison preferred and Burling
ton. The former stock advanced to ~
and closed the day near that figure with
net gain of points or so. Burling-
ton went above 1874. and was well sup
ported at that figure. The talk of the
Atchison securities is especially bullish
this week. and it is entirely likely that
they may lead the market again today
and tomorrow. The latest statement re-
garding the earnings of the company is to
the effect that they equal at least per
cent on the common stock in addition to
the full dividend on the preferred. One
ol the great life insurance companies Is
said to have purchased $1,000 shares of
the preferred stock recently for invest
ment.
The stock that made the largest bulge
in price was General Electric. which adj
ranced to 100 and closed near the top.
This stock has been the wonder of the
exchange for many months. Its advance
has been more steady than that of the
best railway securities on the list The
reports of the earnings Of the company
read like fairy tale and without doubt
the profits are very large. At the same
time 1t is not TO be doubted that this
stock will have its decline some time. At
its present level there Is no reason ny
an outsider, unfamiliar with the manage
ment OF the concern, should buy ii. even
though it may go to 200 without a quaver.
Inc steel securities were quiet again.
Interest in them has been diverted for
the moment. One of the features of the
present market, and one that makes it
especially attractive to people who have
seen bull markets before. is the way in
which different groups are taken up one
at time by the cliques. Yesterday the
feature was the grangers. The day before
it was the coalers. Last week it was the
steel and iron securities. Everything in
the outlook for these stocks is attractive.
The talk of consolidation of the Car
negies with the Federal Steel Company
and the Steel and Wire concern may net
be based on accurate and positive iufor-
nation. regarding an event that is to oc-
cur In few days, but il shows which way
the wind is blowing in very convincing
manner. The Carnegies would not be dis
cussing such a proposition with these
companies II they were not both very val
liable concerns. Neither would such a
plan be thought of II the parties interest
ed were not convinced that the steel trade
is to have great development in the near
future.
The Linseed Oil Company directors yes
terday passed the dividend on their pre-
ferred stock Both the preferred and the
common stocks have been declining rap
idly OF late. which shows conclusively
that the insiders must have known of the
contemplated move. The affairs of the
company are more or less OF mystery
1t has been said repeatedly, and on what
seemed good foundation that its earnings
are large. There are hints of speculation
in seed by the concern. hut these are de-
'nied. One story put out by a friend of the
company is that the dividend is raised
because it has been necessary TO make
large purchases of seed at high prices for
which cash is not available. 1t is proba-
BILE that the low prices on the securities
are nearly, if not quite. reached and that
there will be a good advance in the near
future.
Half a dozen different stories are afioat
regarding the strength of the Northern Pa
cific securities and its cause. Two YER
si0ns of the rumor concerning the retire. |
ment of the preferred stock are heard. One
suggests that il will be retired at par. and
the other that S13 900 in per cent bonds |
will be given for each 100 shares of the |
stock. Ii was said yesterday that London !
was a heavy purchaser of both securities |
on account of this story. Another tale was i
to the effect that there is to be close al |
lance between this company and the Great !
Northern. Doubt is cast on this entire
brood of rImors by a conservative financial |
newspaper. The statement of the voting
trustees that the per cent on the COM
mon stock seems assured by the earnings |
Of the company is an all sufficient reason
for the bnOm