The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-22

1 Inc smallest advance in the list Us that
made by Leather common, of Is points.
1 and the average is between Is and 20
points. The most important advances
were those in Brooklyn Rapid Transit.
Manhattan. and General Electric. which
averaged 80 points each
The news yesterday included nothing of
| much importance or interest except as
| to technical market matters. Mr.. Keene
came out in the morning papers on the
bull side, and a number of people that
have been selling stocks short since be-
fore the election changed front and COW
cred heavily. This is, of course, pleasant
news, but 1t may very easily mean the
imminence of recession in the market
| as heavy covering by the shorts frequent
ly does. London was not active in the
market. Money was easy all day, call
rate loan rates varying from 1-2 to 4
per cent. The talk of the bank statement
is not so hopeful this week as il was last,
as IT is believed that less cash has been
gained by the banks and that the loans
have increased rather heavily There is
no fear of tight money.
Yesterday was another day of record
breaking prices. The two Atchison Sc
| curities. the Union Pacifics and Northern
Pacifics, and Southern Railway preferred
entire list made the best records of the
present movement, which means the best
for several months.
The Atchison securities should be con-
sidered the most remarkable feature Ct
the day. perhaps. though their upward
course is entirely what has been expect
ed by careful market people for several
months. The common stock advanced to
I and ha RIFF m Il Ttr-n INC
ago they were Is and is points below their
present level. Last summer, at one time.
they were very much lower than that.
The reasons that have led to this advance
have been the best in the world. immense
earnings and the finest of prospects. In
siders say that the company will earn at
least per cent on the common stock this
year and probably 1 per cent. The pre-
ferred dividend, therefore may be consii-
cred absolutely assured in anything short
of business panic. The common will
probably receive dividend shortly. There
was immense selling of these securities
yesterday and very evident attempt to
break them, but IL was not very success
full, the common closing at 40 and the
preferred at So "a, both showing good net
gains.
The other grangers all made big adj
81 =
in the afternoon still showed good net gains
for the day. Burlington sold as high as
1879 and St Paul at 12S IL.
The wonderful advance of the Northern
Pacific securities came to a sudden halt
yesterday soon after the opening and those
stocks were among the few to show con-
siderable net losses for the day. The high
price reached by the common was "a Ia,
and the close was at Il rs. The preferred
advanced TO 50 3-i. and closed at So "a
Union Pacific, on account of this decline
by Northern common, again took the lead.
selling as high as "a ID and closing at
13 Is The rumors regarding the Northern
Pacific securities are numerous, but few of
them are worth much consideration. The
story that the North American Company, a
kind of holding company" has acquired,
or is 10 acquire. Northern Pacific and Great
Northern for the purpose of controlling the
two under one management, is absurd. So
also is the tale OF the retirement of the
Northern Pacific preferred stock, to most
careful people at least. The advance was
a manipulated one, and although Ii is prob |
able that the price reached by these stocks |
was not too high for their intrinsic worth |
il is certain that 1t was too high COM /
pared with the remainder of the market |
Further reaction is not improbable in the !
considered a good buy at this time.
The New York traction securities were
among the features of the market, and
heir extreme gains and net advances We're
he largest of the day. Manhattan at one
ime went to III IA, and IL closed at
10 is. Metropolitan sold as high as III.
md closed at l75. Brooklyn Rapid Transit
dvanced to as "a from high opening at
3. and closed at 15 1-2. The talk of de-
ision against the constitu,ionality of the
ranchise tax, the big increases in earnings
IN all these lines. especially the Brooklyn,
md the certainty that the Metropolitan
people are buying Brooklyn, and probably
for control. are such battery
# bull arguments that impressionable New
FORK spectators could not avoid booming
he group handsomely yesterday.
There has been much bullish talk re-
emily regarding Peoples Gas and r ad-
ng first preferred. These securities in
act, were picked out by many as likely
o be the leaders this week. Again yes
erday they Jagged behind the general
procession OF advances In the same unac-