The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-24


market people. Possibly the opening of
Congress may be the signal for the first
serious break. Even the December tum-
Bile. however, is not eXpected>to be more
than temporary.
The Gates Keene crowd was said to be
the leader of the short selling, and the
street had it that these people were the
chief sellers of the steel securities gener-
ally. which were the weak feature of the
market Numerous stories regarding these
two gentlemen were heard. among them
one that they have parted company ana
that Gates had begun to buy stocks again
before the close yesterday. Mr.. Gates
made an explicit denial of having sold any
steel and iron stock. Whatever the truth
may be regarding this. it is certain that
Steel and Wire common and Tennessee
Coal and Iron were especially weak all
day and that Federal Steel and some oil
the Others of the group were little better.
One thing is undeniable. however aud that
is that the buying OF the stocks on tho
break was excellent. Tennessee Coal and
Iron sold of at one time to IL i-s, and II
closed only n point above that figure. thus
showing a very bad net loss during the
past week. Wire common made low
price OF a aud closed at 60 Ia Federal
closed at ~ s-S The preferred securities
went of little. on any furthcr break
these issues would seem 10 hn an excellent
speculative purchase. The preferred stocks
are better than that, an investment that
should be classed with some of the best
of the railway Securities. 1t cannot be
doubted that with the immense prospec-
tive growth of the steel business during
the coming year or two these securities
will be SO considered. They should sell
many points above their present prices.
Sugar was another weapon for the bears.
On Thursday the stock was put up on ru-
mors of a re-establishment of the II per
cent dividend rate and offers to buy the
quarterly dividend for 81 a share. 1t is
entirely probable that this advance was
a manipulatiye one entirely on which to
sell the remainder of the market Today
ii was announced early that the Arbuckles
had cut the price of refined sugar Is
points, and later in the day the statement
was made that the trust had met the re-
duction. This caused heavy selling of
Sugar stock, large part of which, how
ever, was for the shorts The Arbuckles
have also cut the price of their package
brand coffee cent a pound. There is no
reason to look for an important renewal
OF the war despite these facts, and several
of the best brokers in the street express
their belief that the stock is purchase
on this reaction for fine advance. The
low price reached yesterday was 1872 rs,
decline of more than points from the
high level of the day before. The close
yesterday was at 1873 Ia.
H. Reading first preferred was one of the
weak features of the session. much TO the
disappointment of its friends, who had
been predicting that it would be strong
this week. The stock sold off from the
opening at 81 rs 10 81 Ia, and closed at
81 rs, thus showing a rather sharp net
loss for the day. Jersey Central and
others of the anthracite coalers were also
rather soft No reason for the failure
of Reading to advance can be learned. and
the superstition is that the clique which
controls it in the market has simply not
seen fit to do anything with it for the
present There can be little doubt. how
ever, that the stock bought on this reac-
ton will show good profits in the near fu-
ture.
Chester B. Lawrence. Consolidated
Stock Exchange broker, has not been able
to stand the pressure of the bull market,
and yesterday his firm suspended
The Washington Traction and Electric
Company has made application to have its
IL per cent bonds listed on the New
York Stock Exchange. The local brokers
and the New 19Eu Reate were srs inter
yesterday what this move on the part Of
the company may mean.
New York Central, which was the feature
of the market on Thursday made a strong
opening yesterday. and despite heavy SELL
ing. advanced well to 142 Ia before the
end of the first hoar. Later 1T sold off
to al is, still retaining good part
of its Thursday gain. The other Van.
derbilt securities generally were fairly
strong. There are the best of reasons
for optimism regarding Central. The stock
advanced to 144 last year. Since that time
it has been put on a ; per cent basis, and
undoubtedly is likely to get 6 per cent in
the near future. The increase of business
and of profits on the Central itself and on
the subsidiary lines has been very large.
The traffic agreement between this system
and the PENNSYLVANIA and other companies
is of a strong and effective nature. and
there can be little doubt that this is re-
sulting in greater profits on the same
amount of business. Some people talk with
the greatest confidence of $50 for the stock
in the next few weeks, and even of 16O as
a near prospect.