The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-13

p.ittS. tHlti WHICH is the tot
| roads deal. But IN The whole II is ia r &c
presume that the advance came Oh ely
| because it was not locked for. The On
| tire street, nearly, had become convinced
| That the usual December decline would
| come. owing to tigh senins or money
| rates and apathy of the public. The pro-
fess;.nals went short hsaNily. III res ait
was mat some oil the leaue. cons. dersd
| the short interest tCo valuable an asset
to let slip. They have scyCp>u Il l.. hand
| sonely. The short side IS never safe
| enc in 4 bull market, even If temporal y
decline is probable.
| With such strong market yesterday
| there IS. Cf course. the problem NV what
1 is to follow. Some who last we, X look ID
/ for a decline before the holidays ha C
| now gone over TO the bull side and pro-
Tess to believe that the course vt h l. ar
ket will be Upward during the balance of
The year Ito fool the street" This is
not probable. Ii is much the more con-
| scrvative policy 10 look for the decline on
| any day and TO act on the theory that it
| VIII come before the holidays. People
| who buy on the present advance should
| be prepared TO hold stocks through a
| small decline if necessary and any who
! could not should wait for the recession
before making their purchases The
| banks have lost this week more than
S@,co0,0tg SO far, and it now seems PROB
| able that the losses Of money will be as
| large as those of last week. There has
been steady calling OF loans, however,
and the statement will probably reflect
this in reduction of the loan item and
a consequent bettering of the reserve to
| that extent. Money yesterday was lent
on call at 1-2 per cent. The outlook is
that on some day before the holidays the
rate may be pushed up sharply by the
manipulators. After the beginning of The
year a plentiful supply of funds will be
let loose. and il is probable that the rate
Will be as low as it has been at any time.
Then the upward movement should begin
in earnest
The most conspicuous groups OF securi-
ties On the list yesterday were probably
the coalers and the steel and irons.
Reading first preferred made new high
price for this movement, 81 IA. The sec
ond preferred and common stocks also
made new high prices, the common get
ting to % Ia. Erie first preferred " ent
to rs ga, and closed at IS Ia. and the
common went to is as a high price On
fario and Western at one time sold up to
q rs, and it closed at q Is. Delaware
and Hudson advanced to 119 1-2. Jersey
Central opened strong but sold off 1-2
points during the day. The other coalers
also went off in the afternoon. Some D o.
pie consider the new activity of the Read
ings an excellent sign that there is TO be
decline on the general market 1t oc-
ours frequently that boom in these
stocks is the forerunner of decline It
is probably not good policy TO buy the
Readings now, but they and the other
coalers are all much more valuable in
trinsically as result of the develop
ments this week in the coal situation
The acquiring of the Pennsylvania Coal
Company in the interest of the Erie re-
moves the danger of competing railway
line by way of Kingston, which has been
talked of for long time. and not long
ago seemed likely to be built.
The gross earnings for the first week of
December published yesterday were all
excellent. The Southern. Louisville and
Nashville, and Norfolk and Western all
published their earnings, and their show
ing was entirely in line with the recent
great bullishness in high quarters regard
ing these stocks. Business in the South
is increasing more rapidly than in any
other portion of the country. The Louis
vile and Nashville gross earnings for the
week increased $4,000 and since July
increased $50, 453. The Southern Railway
earnings for the week increased s37 166
and since July ] increased 1854, 1886. The
Norfolk and Western for the week shows
gross increase of s5o,233, and since July
j a gross increase of sS7S, 13S The securi-
ties of these lines held their own well, but
did not improve on the prices made at the
opening of the day.
The earnings of the Missouri Pacific for
the week show an increase of 1872 600.
Since January / there has been an in
- o n M nh
interest in any Of the Pacific securities
yesterday. small declines from the high
opening being the rule.
The Western Union Company has pub
lished its usual quarterly dividend (partly
estimated) for the period ending Deem
Der 81. II makes the surplus for the quar-
ter s243, go, an increase of sl055s9. The
total surplus is 1881. S79 an increase
of 1921 ,l25. Western Union stock adj
vanced yesterday point to 81 and closed
at the top price.
The Northwest directors have declared
the usual quarterly dividend of ga on
the preferred stock and the usual semi
annual of per cent on the common stock
The common advanced to 10 at one time
yesterday but closed with net loss for
the day at 16s "a. The grangers generally
were buoyant during the morning hours,
but sold off later with the general mar
ket. Burlington at one time was as high
as 1877 ga and il closed at 1876 rs. St. Paul
declined from high price of 12S IA to
127 rs and Rock Island from high price
OF l16 IA TO 115 "a.
The Baltimore and Ohio securities were
strong, on account of the monthly report
of the company, which is considered ex-
cellent Pennsylvania was advanced in
the early part of the day In sympathy with
the coalers. II got high as 143. New
York Central opened strong, but later
sold off.
Atchson preferred and common were
especially buoyant during the first hour,
but they shared the fate of the entire mar
ket later The preferred stock at one
time sold as high as 81 SIS. but it went OFF
half point at the close. The common
stock, after getting up to SO rs, declined
TO 80 1-2. The cause of the early strength
OF the securities was the talk of the
breaking up of the strike on the system.
The steel and iron securities were the
strongest features of the day in the
amounts Of their net gains. Wire COM
mon doomed up handsomely in the morn
ing to 40, and, although it went off some
what II closed the day with big gain
at 43 ga Federal Steel opened high at
So IA, went as high as SO SIS. and closed
at 5z rs Tennessee doomed up to Ga Ia,
ana closed at 81 IL only with small