The times., 1900-12-19

the advance Will continue now or give way
to a temporary recession is a much more
elusive matter Intrinsic conditions favor
higher prices Immediately and for long
time to come. The majority of stocks are
selling well below their honest values
Business conditions are excellent, and
even the money scare has faded away. The
only adverse condition is the technical one
that many people have bought stocks that
they do not intend to keep. They may sell
out at any time, and slight reaction Will
be certain TO cause them TO sell. 1t may
be taken for granted too, that large part
OF them viii sell before the holidays
whether they have any profits or not. The
buying by The public and by the large in
terests may Offset this. and il may not.
The investor viii buy stocks without re-
gard to temporary fluctuations. The best
advice 10 the Spectator is to buy good
securities on the reactions, If they come.
The bank statement this week is likely
to be a good one. The banks have gained
nearly 900 from the Sub-Treasury
since Friday The payments of pensions
and the pre-payments of interest on the
Government bonds will help in making
money easy both before and after the
holidays. Yesterdays call loan rates
were from to 1-2 per cent, and no
money scare is now justifable. But al
though rates are not likely 20 be high,
it should be remembered that money
borrowed on Friday must be paid for
until the following Wednesday. Some
people are certain to sell their stocks
rather than pay this interest charge, un-
less the market shows marked buoyancy.
London was a seller yesterday, but no
Importance is to be attached TO this fact.
The balance of London's business recent
ly has been purchases.
The coal stocks continued to absorb
large part OF the streets attention. al
though their advance has been immense,
and many have looked to see some halt
before now, even if it were only tenn
porary one. The continuance of the ad
vance is only another illustration of the
fact that when an upward movement gets
wei under way it is hard to stop it.
There are evidences. too, that the coal
deal is not yet all known to the public,
and that it will prove to be even more
important than II now looks. The street
does not even attach sufficient impor
tance TO what it knows. Reading first
preferred sold as high as SO 1-2 and
closed at SO. The price is the best reach
ed by it. Ontario and Western closed at
the top, 2S 1-2, and Delaware and Hud
son was strong. There is talk of per
cent dividend for the latter stock. The
Eries, however, were the features of this
group, making an altogether remarkable
bulge, when 1t is remembered how far
they had already advanced at the open
ing of the day. The first preferred touch
ed 571-2 and closed at 81. and the COM
mon stock touched "a IA and closed at
"a. Wheeling second preferred advanced
to 2S rs and closed at the top. There
is talk of still further big advances in
these securities, but it would seem an
excellent time TO take a part of ones
profits az ieeet.4-.ae---e=--.-s-e
Sugar made a new high price for this
movement Yesterday, 12S IA. and 1t closed
with an excellent net gain. at 126 rs. The
cue of the buyers was the news that the
Arbuckles have abandoned their suit
against the Sugar Trusts Woolson Spice
Company. This. i; was said. indicates that
there is to be no more lighting between
the two factions, and undoubtedly the sug-
gestion has some show of probability. But
many careful people have not believed the
sugar war a very serious matter for some
time past Sugar stock is one of those
that Will be very likely TO advance in
big bull market, despite the bearish- talk
regarding il. Ii is not a stock, however
attempt TO beat" The advance yesterday
looked 10 be manipulative entirely.
The regular quarterly dividend of / IL
per cent vas declared on Federal Steel
preferred stock yesterday. The common
stock dividend will be acted on next month,
it is, said. The expectation of people who
should be we'll informed is that it will be
lump sum OF per cent for the past
year. AS TO any provision for the coming
year, there is probably no real knowledge.
The steel securities generally were strong
yesterday on excellent buying, and the
street is again inclined to hopefulness re-
garding Them Flower & Co. were heavy
buyers Of the Federal Steel issues, and the
Moore party bought all the securities in
which they are Interested There was talk
Of lump sum dividend for Tin Plate in
the near future, in connection with the
latter buying.
The earnings of the Missouri Pacific for
the second week of December showed an
increase of ts6, 900. This showing and the
continued talk of a dividend for the stock
early in the coming year have helped the
clique that is putting up the price of the
stock. 1t was one of the strong railway
securities yesterday. getting nearly to 81
and closing practically at the top. There
was much talk of a continuance of the re-
cent immense boom in Northern Pacific
common and of companion advance in
Union Pacific common. Union Pacific
showed strength closing al 76, but North
ern Pacific did not manage quite to hold
its own, and IL was said that there was
selling of importance in it. 1t may be, as
is claimed. that the insiders have OBJ
tsined control of the floating supply OF
this stock and intend to put 1t much high
er. Legitimately, however. 1t is selling
above it's proper level when compared
with other railway issues. II does not
look TO be good purchase.
One of the "tips' that worked satisfac-
torily yesterday was given out early in
the day. advising the purchase of the Con-
tinental Tobacco issues. Both made good
gains, the common selling as high as
80 IL and the preferred as high as SO 1-2
Anna malgama ted Copper was buoyant. get
ting at one time as high as 80 and closing
at "a 3-i with good net gain.
Pacific Mail was distinctly weak 1t sold
as low as 40 IA and closed at Al The
high price on Monday was 43 81. The
shelving of the Subsidy bill and the fail
ure Of the Mail Company to renew its con-
tracts with the Panama Company were
two very good bear arguments on the
stock The present price is not a good
one at which to sell the stock short, how
ever.
The Atchisons were both very strong.
the preferred closing at the top price for
the day. 81. This stock is considered one
of the best, if not the best, on the entire
list 10 buy, either for investment or for
speculation 1t is selling away below Its
legitimate level, measured by the earn
ings of the company and its prospects and
by the Dividend received The Southern