The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-13

do not deserve TO sell higher on their
merits. The advice given by careful trad
ers is 10 buy stocks on this reaction.
Settlement day in London may have an
important influence on the stock market
in New York. LoEdon is supposed TO be
heavily short of americans" some state
menfs making the amount of shorts as
much as 100000 or more shares II Lon
don becomes frightened and begins to buy
heavily. to cover, the further break here
may be avcrted and prices may be doomed
handsomely even today. News yesterday
was rnimpor.ant. the gossip agencies gen.
orally conGEinE their talk to advice to
buy stocks. Money was loaning at 4 and
) per cent during the greater part of the
day. i coed bank statement is expected
this week and there is no legitimate rea-
son for a squeeze In rates. If the insid-
ers sell out their stocks in the near flu
ture or if they are already pretty we'll
sold cut and wish for a little reaction I'M
douStedly they will manipulate the money
market up TO .-cure 1t.
The carly market yesterday, and. in
deed. thrce-fourths of the day. saw boom
ing prices in the greater part of the list.
The steel securities, Sugar, Tobacco, and
other industrials, and Pennsylvania. the
grangers. and one or two other railway
securities were the conspicuous features
of this advance as they we're in fact of
the following decline. The steel securi-
ties were especially interesting. Federal
Steel common advanced to 81 1-2, and
later dropped to 40. 1t closed near the
bottom level. Wire common doomed up
to AZ 5-S and then dropped to As SIS at
the close. Tennessee Coal and Iron jump
ed up 20 ~ 1-2 from an opening at 20. and
then receded to 20 ga at the close. 1t was
one CT the few stocks in the entire list
that closed higher than they opened. Colo
RADIO Fuel and Iron advanced from AZ 10
AZ 1-2, and then dropped to As at the close.
The reaction in this group is not expected
to be a bad one. The insiders are not
selling it as they are some other stocks.
They believe that there is to be a much
higher level for all the steel stocks dur
ing the coming few months, and intend
to do much toward making 1t themselves,
in fact. The advance in steel prices the
other day by the magnates is regarded as
forerunner of other advances quite as
important. There Is now talk of an even
higher rate for steel rails than the $26
the railways were protesting against
few weeks ago.
Much gossip centres around Brooklyn
Rapid Transit. Nearly everyone in the
street believes that the stock is to have
a big bulge in the near future. perhaps
to as high a price as that of two years
ago. certainly to par. But there are at
least two theories as to how this advance
will be accomplished. Some enthusiasts
will not listen to the suggestion that
there is to be reaction in the stock be-
fore the boom. Others say that the Me-
sharply in order to squeeze out some of
the present promiscuous holders. and per-
haps also to allow them to get longer
lines themselves. although 1t seems en-
tirely likely that they have virtual con-
troll already Such a deal as that .or the
control of the Brooklyn Rapid Transit
system is not one lightly to be analysed
by an outsider. 1t might be stated quite
positively with no knowledge of the situ-
alton whatever that the market end OF
the deal would have a considerable COM
plexity and numerous surprises. TIE
Third Avenue deal did. The Metropolitan
crowd defended something very like de-
liberate lying in this deal last year by
saying that it was necessary to hide their
hands in such big undertaking.
One Of the complications of this situa-
ton is the fact that Tammany holds big
DlOch VI bIOohiyh, poAShooSN @AOeAu
1t is suggested that this stock may be sold
at somewhere near the present level and
that the Metropolitan crowd may be count
ing on this selling to drop the price tenn
porarily. The Flowers also hold big
block of the stock STILL. 1t is understood
that they have held 1t during all the
breaks. The Metropolitan people may con-
template letting them remain in or even
may be figuring on having them lead the
boom in the stock, as Governor Flower did
in the first great fireworks.
One Of the pieces Of gossip yesterday re-
fecting the gentle ways of the stock mar
ket was that the professionals have de-
cided that the effervescent ]. Overton
Paine must be wiped out Of existence. 1t
was said that this gentleman is heavily
short Of one or two stocks and long of 9TH
ers and that he is to be roasted both ways
by contrary sharp movements. SUGAR -
Brooklyn are the stock tast be- has a--
dealing in chiefly. and Ne a. HrrU=. ...T
informed the public as tc his @ srI'-
ing h0th