The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-14

sion. The public was not 80 uproarious in
its demands for stocks at any price. This
was what the insiders wished to occur AS
soon rs the market leaders begin the ad-
vance again there will be plenty of buying
orders from the public. The news yestef-
day was interest ting aud for the most part
entirely satisfactory. London did little. hut
sod few stocks on balance. Money was
easy around 1-2 per cent for call loans.
The bank statement is expected To be q
good one this week. and the money out
iofk Is all that could be desired by the
most enthusiastic bull Railway earnings
statements were all good. The reports from
| the Steel and iron trade were most rosy.
Gossip to the effect that Mr. Keene was
selling stock attracted some attention. but
1t could nos be verified
Southern Pacific was one of the strong
est stocks on the list. though it sold #
somewhat from the top. IL may be SUP
posed that this strength was due TO clique
buying in connection with the story put
out yesterday that the Southern Pacific
has secured controlling interest in the
Pacific Mail. The story is that S2eyer
d Co. have been the purchasers for the
railway. and that there is to be an issue
of Sl0.G00.ot0 Southern Pacific bonds, Sc
cured by Pacific Mail stock and ether
stocks and bonds now held by the COM
pany. II seems entirely probable that at
least large block of the stock mas bee !
secured for ne railway but at the sama
time IL is not to be doubted that the
Union Pacihc people have an interest in
the steamship company. As far as can
be understood now il seems that there
has been buying of, the stock Tor both
these interests, while il has been selling
on the bottom. Both Pacific Mail ard
Southern Pacific are believed TO be & cd
purchases AT their present level but thc;
are both stocks subject to shrcwd manip-
ulation and not particularly coed to sp c.
ulate in. Mail declined to 90 agin yes
terday, and then recovered TO ~ at the
close
Northern Pacific showed much sir Myth.
getting as high as 6i. and closing with
net gain The stock has been b5ugh. for
large interests fer control rec ntly. with
the understanding. now proven to be cor
rect. that the voting trust is 10 be ter
minated in January.
The steel and iron securities generally
were among the most interesting in the
market yesterday. They were soft
without exception. owing 10 real ng for
the professionals. and perhaps some in
side selling though this is not Likely
Federal Steel opened al ~ and ia down
TO IL 5-S. closing near the bottom. Wire
common opened at A. IL. and advanced 20
As 3-s during the frs; hour. Later il sold
oil TO IS Ia and closed at IS "a T.nacs-
see Coal and Iron opened with 4 loom,
owing TO the gossip regarding thu connec-
tion of the Carnegies with the company.
but later sagged badly with the remain
der of the group. The high price reached
was - l-2. ana the lowest co. the close
being at 69 Ia. Colorado Fuel opened at
is and closed at a.
II is probable that the steel securities
will open down this morning or if no;
sell down during the carly hours. On
further declines they will be purchased
by the ciiaues and later by the public.
There is every reason wig these stocks
should have a good upward movement
this winter. including closer alliance
among the magnates. which assures
steady high prices and no competition
Already the earning of the new trusts
have been handsome. but the new move
Will make them even larger. Some people
ma! say that they are large enough
already. and that any further advance is
an injustice and an imposition, but this
has little to do with the question of the
market value of Federal Steel during the
coming three months.
Ontario and Western was bulged UP q
point 10 % Ii yesterday. while the re-
mainder of the market was going off. II
was said that the insiders were buying tAe
stock, in anticipation OF an announcement
of the division of the issue into common
and preferred, and the declaration of
dividend on the preferred.
The earnings of the Southern Railway
for the first week of November showed
small increase, s56s The increase since
July / has been s7292G7 Southern was
tairly strong yesterday and the buying was |
good in it. but it closed a; so 1-2. half a |
point below the top for the day.