The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-20

the market anticipated the big boom, and
the realizing that would follow, and decided
that neither would be for the permanent
good of the market. 1t is reasonable sup
position, and i. is the one that was adopted
by many yesterday before the day was over.
II this theory is the correct one 1t would
seem 10 indicate that the leaders are in
favor of the bull market and wish ii to
extend further. AS a matter of fact, the
large interests are still buying more Sc
curities than they are selling, as far as can
be learned. There is likely to be de-
cline of few points at any time this week
perhaps it will come today. The fear of
a bad slump and an ending Of the upward
movement permanently has been aban-
dcred. The advice is given by some Of
the best informed people in the street to
buy stocks on the recessions.
London was a buyer, though not on a
large scale. Money was easy, call loan
rates being 3 1-2 and per cent. No fear
of tight money this month or for some
weeks to come is expected. The actual
news yesterday was unimportant for the
most part but number of interesting 'u-
mors regarding railway and industrial
company deals is floating in the street and
undoubtedly some Of 1t may become news
in the near future. 1t takes bull mar
ket like the present for big deals to be
carried through in. More than that. the
greater part of these plans are of a char
acter that would not have been attempted
if the Democrats had been successful in
the election. and that are especially likely
to be successful under a Republican Adj
ministration. In other words they are for
combinations more or less nearly APP
preaching the ideal of the trust. 1t Is, of
course. not necessary to say that all this |
talk of combinations and consolida tions |
has bullish effect on the market and |
that the actual consummation Of the va
rious deals will be even more effective.
One of the most interesting of rumors is |
that regarding the deal, or various deals, |
perhaps, in the Eastern railway situation. |
1t is known that the Pennsylvania people, 4!
the Baltimore and Ohio crowd and the |
New York Central or Vanderbilt coterie |
have been discussing for two years or
more plans for the concentration of prac-
tically every mile Of railway east of the
Mississippi River under one harmonious
agreement as to rates, territory, extern
sions, etc. The details of this agreement
have been limited at and guessed at from
time to time. 1t is to be worked by the
absorption of some lines outright and BY
the community of ownership plan a. to
other systems. In general it may be said
that the Vanderblts wish to have strong
transcontinental system and are willing
to give to the Pennsylvania and Baltimore
and Ohio people the Southern territory
Further than this, absolute
knowledge does not go except as to the
purchase Of large blocks of stock in diff
'erent lines recently by these various par
ties. 1t is known that the Pennsylvania
and the Baltimore and Ohio have been
buying up New Jersey Central and the
is that these systems wish the
Jersey City terminal facilities of
the line. which would be especially SER
viceable to the latter.
Yesterday the new stories regarding this
Eastern situation in general were that
Pennsylvania is buying up the Southern
Railway from the Morgan people, and that
he Vanderblts are buying the Wabash
ind the Erie. AS told in the dispatches
o The Times yesterday the deal for the
purchase of the Southern is said to hinge
N the amount of guarantee that the Penn
'ylvania people are willing to give the
Southern stockholders. The Southern
PEOPLE want per cent guarantee for 999
Years, and only 1-2 per cent has been
offered. 1t is believed that compromise
nay be effected at per cent. This deal
S thoroughly in accord with the general
,lan as it has been gossiped about recent
|
hat it is under consideration. Southern
stock was strong yesterday, opening and
losing at Ga, the highest price ever at
aimed by 1t. The rumor that the Wander
,ilts have secured the Wabash and the
Erie is less well founded but there can
,e little doubt that they have designs On
hem.
One of the interesting developments of
he day was the decision Of the Supreme
,ourt In the cigarette case and the conse-
uent sharp decline in American Tobacco .
took. On the surface it would seem that
obacco stock should be a good sale. The
ecision upholds the Tennessee law, which
the sale or importation for sale
4 cigarettes. and it also declares that the :
mall packages of cigarettes, containing
en- or twenty, are not original packages
nd therefore are not exempt from the
aw by the Federal constitution. The rea- J..
on why this should be a bad thing for
obacco stock is not that Tennessee will
Sc no more cigarettes flor this would be
small natter. but that thrifty legisla-
ors in other States will Immediately In
reduce similar bills for the purpose of
hiking the trust. sum must be paid
ut to prevent such legislation each year
n the future. II may be a very large
UNI. The slump of the stock yesterday
-as nearly three points, and little of the v
,ss was regained.
The steel securities we're strong during a
ne morning hours but sold off somewhat 7
tier with the general market. The wire s
both common and preferred Z
ere strong and closed the day with small \
ct gains the common stock reaching
early as high a price as Federal Steel n
ommon. Tennessee Coal and Iron ad Fl
anced nearly to so. but sold off later to IL
Glow rs. Colorado Fuel and Iron ad- il
anced to "a early in the day but closed 81
18th only a small net gain. The prospect "
dividend on this stock is good and the d
est opinion seems to be that it will sell o.
higher in the near future p
Sugar advanced TO 1874 3-s. but later sold lc
4 to 1872 SIS At one time the buying of
lie stock was heavy and It was thought 5
' many that the big advance long looked s
n had begun. :
The anthracite coalers we're also neg =
cted, but in the case of this group IL is C
,iieyed that an advance will begin short
The grangers were somewhat neglected :,
Id it seems entirely probable that they i,
ay give way in favor with the leaders /!
r few days, for 1t is very evident that 7