The times., 1900-12-23

going to the dogs rapidly. Mr.. Keene
bought calls. Mr. Gates bought calls.
Very likely President Mellen bought calls.
too. The game was pretty one, If a man
does not scruple as to his means to an
end.
The features of the early part of the
week were the Northern Pacific securi-
ties and to a less extent the other Pa
cihcs. the anthracite coalers, and num-
ber of the Vanderbilt stocks. These stocks
all contirIed buoyant up to the close
yesterday, but later in the week Sugar
and yesterday the steel stocks and other
industrials became prominent From
weeks end to weeks end, therefore, the
gains have included nearly every part
OF the list from the railways to the in
dustrials and from the low priced stocks
to the 'gilt-edged." The shift to the in
dustriais yesterday is not necessarily
bad sign. Some people express the opinion
that il means the end of the boom. but
this does not follow. 1t was certainly
natural that these stocks should be taken
up They have been dull up to now and
are the stocks now selling furthest below
their intrinsic value.
The Sugar boom has been quite after
the manner of the old time advances in
the stock. For many months it has b. en-
neglected, since the reduction of the divi-
dend to per cent, and even the advance
to per cent had little effect. This week
there has been immense buying and
boom of 10 points. The movement is un-
doubtedly based on the story that the
sugar-coffee war is over, and this story
IN turn can be traced to the withdrawal
OF the Arbuckles' suit against the Wool
son Spice Company. Many shrewd people,
who knew quite as much about the ending
OF the fight as they do now, bought SUI ar
last summer in the confident belief that
1t would have good advance this winter
One OF the interesting rumors regarding
the immediate movement in the stock is
that 1t has been caused by big buying
by the bucket-shop coterie. The central
bucket shops have been badly hurt by the
boom IN the general market and ii is
said that they advanced Sugar in this
sensational way to recoup their losses.
II is known that heavy buying orders in
the stock for these gentlemen have been
executed during the past two days But
"sether this story is true or not. the
advance was certain to come, apparently.
The steel stocks were taken UP yester-
day in significant fashion. the buying
orders in them being immense. and the
result sharp advance all along the line
Federal Steel common. Tennessee Coal
and Iron, Colorado Fuel and Iron, and
Wire common were the features. These
stocks have been neglected as much as
sugar has been, and the new activity in
them is only natural. They are selling
far below their intrincic value. as indi-
Gated by dividend returns in the past and
the prospect for business in the future.
There has been little new in the gossip
regarding the group. 1t was said yester-
day that the Wire Company has decided
to advance the price of its steel products
TO point al least as high as they were
before the sensational Gates reduction of
a year ago. The tendency of prices is
steadily upward, bat there is no particu-
lar reason for supposing that any such
sharp advance viii be made. The COM
panies are all receiving big orders, and
at good prices. The reports of the great
er number of the important companies
will be published early in the new year.
1t is probable that the recent inside buy
ing OF the group has been in anticipa-
tion of the brilliant showing then to be
made.