The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-21
HEAVY BUYING IN STOCKS
Uncertainty Largely Removed by
Yesterdays Transactions.
Wall Street Prophets Wrong in
Their Predictions of a Reaction
Railway List - Northern Pacific
Strong-Sharp Rises in SPecinlties.

NEW YORK, Nov. 20.-The futility of
attempting to arrive at conclusions in
regard to the general tendency of the
current stock market from one days
dealings has been shown upon a number
of occasions within the course of the past
fortnight Wall Streets professional
spectators were in a state of no little
perturbation after the close of business
yesterday afternoon, and the large ma
jority of them were ready to declare that
the upward movement in prices had finally
eliminated.
Their views In this respect were based
wholly upon the uncertain tendency OF
yesterdays market, and the fit of pro-
nounced weakness shown in the final deal
ings. There was also the usual mysteri-
Gus talk always TO be heard upon :imillr
occasions of good selling and inside
liquidation"
Whatever may have been the character
of yesterdays selling, in a broad specu-
lation like that now prevailing. the ordi-
nary rules are no longer applicable. With
out regard also to the character OF yes
terday's selling, it may be safely as
serted that the heavy buying of stocks
which made its appearance today was OF
no uncertain character.
The advances which took place in the
Northern Pacific issues, the Atchison
shares. Missouri Pacific, the granger
stocks, and in other quarters of the rail-
way list. could not possibly be accounted
for except upon the self-evident theory
that the buying was conducted by indi-
viduals of tremendous resources, and
that the operations in question were
based upon information of impending de-
velopments satisfactory to the principals
in the buying
The advances in Northern Pacific COM
mon and preferred were especially strik-
ing. Great Northern preferred also ad-
vanced rapidly. The street is now con-
WINGED that close identity of ownership
In these two companies has been estab-
lished, but is slow to believe that even
such an important development could ex-
plain the days extraordinary rise in the
stocks concerned. Whether the sugges-
ton be premature or otherwise there is
certainly nothing improbable or Illogical
in the idea that the retirement of tie
preferred stock of the Northern Pacific
Company is under Amusement, which ac-
ton. If taken. would leave the common
stock TO enjoy the full benefits of the
company's large surplus earnings.
As regarded the extensive advances in
was little or nothing in the way of news
or gossip attending them, although with
general conditions as at present exist
ing it would not appear that any direct
explanation of the rises in question was
necessary.
While attention centred largely upon
the railway list and particularly on the
cases cited. there were also some striking
movements in the remainder of the mar
ket. The industrial quarter, after having
been rather sluggish ard irregular in the
early dealings advanced rapidly under
the lead of Sugar Refining. Federal Steel,
and American Steel and Wire.
Among the specialties. Colorado Fuel
and Iron advanced rapidly on the he ief
that the stock would soon be established
upon a dividend basis. Peoples Cas- re-
covered sharply from an early depression,
while thcre was, among the lower priced
shares, a pronounced advance in North
American. The local traction shares fur
nished their quota to the days note
worthy developments, Brooklyn Rapid
Transit being particularly active
Foreign arbitrage houses traded upon
an enormous scale in today's dealings,
and prior to the close of business il was
difficult to obtain any reliable estimates
as to the result of these transactions en-
balance. Aside from the inevitable ru-
mors which might be counted en- TO grow
out of such transactions as those noted
in Northern Pacific and the other Pacific
stocks. there was little special news or
gossip attaching to the course OF particu-
lar stocks.
Money on call was in ample supply
throughout the day, and rather more
active enquiry for time loans was re-
ported. The dealings up TO the close were
characterized by all of the animation and
wide fluctuations which attended them
earlier in the dav