The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-15

/ wreng. The investor has an easy problem
He need not wait for the recessions CT
which to buy stocks, because he may
be very sure that even il there are small
rcoessions the ultimate tendency will be
toward 4 much higher level.
The low-priccd issues were the features
CT the market. They advanced TO prices
! that they have net seen before in many
months, and even in years. The buying
! in them showed the utmost enthusiasm
/ Wabash preferred went as high as - ard
| closed at IS L. Erie common went TO
- l-2 and the first preferred TO 50. On
iario and Western advanced to % and
closed at IS ga. Reading common doomed
| up TO "A and closed at % 5-S Texas Pa
eific got as high as 80 SIS and closed at
20 Is Wheeling and Lake Erie second
preferred went up to % and closed at
2SS-i Chicago Great Western advanced
point or more. Southern Railway COM
mon advanced to is 1-2 and the preferred
went as high as GO. Southern Pacific
showed strength and buoyancy for the
first time recently, advancing to 4S. So
| the list might be extended TO include prac-
;ically every low priced railway stock.
The argument is that these stocks have
been neglected during the recent big ad-
vance, and that now they are certain
TO be taken up in earnest. The stocks
selling near to par and above that figure
have advanced from 10 to % points dur
ing the past three months, while 8 points
gam in the low-priced issues was a rare
thing until the present week. II is ar
gu. i and with reason, that the high
priced stocks are getting to an invest
ment basis and going into strong boxes,
and that with railway earnings SO ex-
cellent at present and SO promising for
the future. the securities of lower grade
are certain to begin to take their places.
Some dividends are being paid already
and others are promised for the coming
year.
Mr.. Morgan and his friends seem to be
the handspring of the present market. The
brilliant deal for the acquisition of the
Pennsylvania Coal Company and the end
ing of competition against the Coal Trust
was their work entirely, and its announce
ment has been in itself wonderfully
potent influence for higher prices. But
the street has absorbed the idea, rightly
or wrongly, that there is much more
behind this deal than has been announced
so far. Yesterday there was persistent
reiteration of the story that the St. Paul,
the Wabash, the Erie, and the Northern
Pacific are all to be included in some
big plan. Some of these stories did not
mention the Northern Pacific, and others
left out the Wabash but the street was in
no mood to neglect any railway that
could be worked into a rumor in any
possible way. Perhaps it does not mat
ter muck to the investor, or even to the
careful spcculator, exactly what Mr.. Nor
gan's plans may be. 1t is evident that
he is power in the present market by
virtue OF immense purchases of stocks
and it is safe TO conclude that while this
is true the tendency of the market will
be upward. The coal securities we're
all buoyant yesterday, the Readings, Della
ware and Hudson, and Ontario and West
ern leading the group.
L. D. Fowler has been in New York for
day or two. He returned yesterday full
of bullish enthusiasm regarding the out
look for the stock market during the
coming year. THE great financial in
terests are active in the present mar
ket," he said, land they are telling their
friends that there is to be a tremendous
advance in prices in 1901. The year will
be memorable one in Wall Street. Big
plans are being developed along the line
already Indicated by complicated deals
The leaders of the railway capitalistic
world are getting closer together. They
will have no difficulty in obtaining an
immense following when they begin to put
up prices in earnest
The steel securities were weak in the
morning, but later in the day doomed with !
the remainder of the market Tennessee |
Coal and Iron at one time sold as low IS |
5S 3-4, but II went up to 62 IA at the |
close. Wire common advanced from a |
low of AZ 5-S to closing and high price |
of "A 7-8. Federal Steel advanced more |
than point to 50 ga at the close. Colo
RADIO Fuel and Iron advanced a point.
There was little new in the iron situa- I,
tion or in the talk of the securities of
these companies. 1t Is said that despite
the SIC price for rails, which was SO much
objected to early in the autumn the buy
ing of rails has been immense. 1t is prob
able that the orders will be at least
100000 tons before the end of the year
One Of the stories yesterday was that the
Federal Steel Company will place a full
per cent dividend on its common stock
in one OF the trust companies at the be-
ginning Of the year to ensure the payment
IF the dividend for next year, in addition
o the disbursement of another s per cent
n lump sum for the past year. The
company undoubtedly could do this II it SO
desired
The traction securities doomed during
he afternoon to the best prices seen for
several days. The rumors that the Me-
ropolitan people are virtually in con-
rol of the Brooklyn system are Heard
Igain, and 1t is now said that President
aossiter will soon give way to Me-
ropolitan man.
The grangers were doomed under the
Of st. Paul to almost the best
evel yet seen by them. The fear OF tight
money did not prevent excellent commits
ZION buying of the group st. Paul ad-
'anced four points from 12s ga to 100 SIS
md closed at 100 IA. Rock Island touch
ID III and Burlington reached 1873 "a The
were both buoyant, reaching .
IS SIS and Al Ia, respectively. and clos
ng practically at the top.
Western Union was advanced to s5 is,
he highest price reached by it in long
ime. The stock may go to a higher |
rice. but it is not considered Safe
Investment or an attractive specula lion.
The earnings of the company recently
ave only just equaled the per cent
ividend.
Sugar was hurt by the stories In the
morning papers that important opposi- j
ion to the trust is developing 1t is said )
hat the Arbuckles will build a second
efnery in Brooklyn equal in capa city TO J
heir present 1000 barrels a day refinery,
Gold and Liver Cure Tween \
Away All This Week.
S3.4}Y,e0