The times., 1900-12-26


and widespread interest in the probable
course of the market during the last
week of 1900, and in the legacy OF 1900 will
bequeath to 1901 in the way of price
record. The opening of the market to-
morrow morning will be watched by
more people probably sthan has any for
many months past.
The boom up to this time has been
entirely Unprecedented and it has at
tracted the public in a wonderful way.
This public has begun to buy stocks
heavily, but it is doubtful if there is as
yet SO much outside buying as there is
inside absorption and professional ma
nipulation- The question is as to wheth-
er there will be a reaction and another
upward movement before the public can
be induced to take stock. off the
hands of the insiders. Many mar
ket people look for a decline after
the opening tomorrow. Others expect
continuance of the upward movement for
this week and perhaps next as we'll. The
latter expect to see the prices at the
close next Saturday the highest of the
year. Aside from this question of the
immediate course of the market there
should be no doubt as 10 its soundness
and as to the certainty of a much high
er level during the present winter.
Advancing value on an enormous
volume of business marked the course
OF stock market trading last week. To-
tai dealings amounted to 7.965,S16 shares,
the heaviest operations for any one week
in the history of the stock exchange.
II was a record breaking week in the
number of stocks dealt in. Price records
were broken in many shares and several
issues that a year ago we're considered
without value made striking market i'm
provement. In the same week year ago
occurred the panic caused by the advance
OF call money rates to $50 per cent The
contrast in stock market conditions from
a year ago is remarkable.
The local bank holdings are not heavy,
but they are large enough to meet all re-
quirements al present After the first of
the year rates Will again be lower. Call
money has ruled at 5a5 1-2 per cent, with
exceptions AT per cent for the last week.
which, in view of bank conditions is
remarkably cheap rate. But the local
banks have been assisted in handling the
money lending business by out of town
institutions, and. despite the enormous
ciated banks show decrease for the last
week of over IS. Geo, ,000 The month of De-
cember is drawing to a close without dis
turbance in money. and the fact that the
money market will not repeat the per-
formance OF year ago has brought in
large buying orders for stocks with record
breaking dealings and prices. All eondi-
tions have been favorable TO an advance
In securities. and there is no reason TO
hsaNa. l~aa
fed. Banking interests are still buying.
The plans of banking interests involving
certain properties are not yet complete,
and the stock lines OF investors are not yet
filled
Important railway and banking inter-
ests are concerned in bringing into
community OF ownership all the leading
railroads of the country. but they are not
engaged in consolidating. as certain re-
ports suggest, the railroads in the East.
North. South. and West. The railroad
situation is being placed upon a basis
where all reads will work together for the
mutual good. Through the concentration
of stock ownership control is being ef
fected which will result in rate schedules
that cannot be broken. greater economy in |
the conduct of transportation, bigger earn
iDgs. and better dividends.
The Erie coal deal. by which the anthra-
the complete control of the so-called coal
combine, has been followed by many silly 1
.tories of railway consultations, but the !
greater number of these tales have been
for efiect upon stock market prices rather !
than significant railway developments.
Stocks are being taken by all classes of !
traders. but the greater part of the buy |
ing comes from subs bstaniial market inter |
ests, from banking interests representing !
nd fr0p ntfbl
investors. The weak public trader Is not /
particularly active, the market being dis |
tinctly a rich mans market
The low priced and medium priced is !
sues were in demand last week. Some |
people assert that there are no cheap |
stocks in the market, but careful study |
Of conditions governing values will re- |
veal the fact that few stocks have ad- |
vaneed to the level 10 which they are en-
titled by their intrinsic worth. The me-
dunn priced stocks, such as Southern Pa /
eiie, Federal Steel Republic Steel pre-
ferred. and American Car and Foundry /
preferred, are certainly not dear. In the !
lower priced list Texas Pacific and other |
cheap Southwestern securities are entitled |
by right OF growing earnings to higher /
prices.
With a decreased supply of high grade I
stocks available for speculation buying |
will increase in the cheaper issues. As I
pointed out in this column heretofore, |
stocks of merit will not lose one cents |
worth of real value in reactions and ma
nipulation for lower prices that accom- |
pany all bull markets. while eventually |
they will move to a level that viii repre- |
sert the wonderful change that has taken (
place in the country's industries, in its
home and foreign credit and in the value
of railway and Industrial investments |
American railroads and American indus |
trial companies are being conducted by 1
enlightened mansgemen;s. and the secu |
rifles of solid American railway and in |
dustrial companies are attractive Invest |
ments TO own.
Railroad earnings for the current month |
compare well with a period year ago, |
when the traffic movement throughout the |
country was heavier than in any cor |
responding time, with an increase Of IL |
per cent over the same month in 1898. I
This fact makes the receipts for the first /
two weeks in December this year Of the |
greatest significance, as showing the won |
derful and unparalleled progress that in |
dustrial expansion is making. Results for |
the second week in December present q /
long list of heavy gains over the same |
time year ago, Improvement being con-
fined to no one part OF the country. but /
pronounced in the South and /
Southwest.
TOOK A WIFE ON TRIAL.