The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-17

NEW YORK, Dec ia wave of buoy
ancy controlled the stock market turing
the latter part of last week. and it vas
still ascending at the close yesterday. as
far as anyone could judge. Current Lulu
activity in stocks is due to the develop
ments in connection with the extension
of the community of ownership tendency
among the railroad companies. The
Pennsylvania Coal Company deal has con-
WINGED the street that other big financial
undertakings are maturing, and 1t is gen.
orally believed that important financial
interests are accommodating stock in order
TO further their plans of comp!ete rail-
road harmony throughout the country.
Wall Street is not slow to scent the CO.
ings Of the great railroad and banking
powers. 1t is not slow TO follow thu
lead of prominent interests. Sometimes
1t makes mistakes, but this apparently
is not one of those times.
A few days ago the street was bearish,
owing to the expectation of higher money
rates, but the developments OF the last
few days have so completely overshadow
ed the money market that bull sentiment
has again become general. There are n
few people, however, who believe that
prices will go lower before the January
rise. Ii may be vel! for buyers at this
level to provide large margins.
The evidences are almost. indisputable
that the largest of Wall Street interests
are heavy buyers of stocks and that their
buying vas responsible for the beginning
at least of the present upward movement.
They are buying the good stocks and the
shares of properties that have been affect
ed by recent deals, both announced and
unannounced. and they are buying with
out apparent regard for prices. J. p.
Morgan and his followers, J. j. Hill and
his friends, and James r. keene and his
contingent are the big factors in the mar
ket. Surely nobody could ask for better
leadership than this. And the stocks that
led last week were St. Paul. Northern Pa
cifc, Baltimore and Ohio, New York Cen
trail, Great Northern. Manhattan. and 9TH
er high-grade issues. When such men as
have been mentioned are aggressive buy
ers OF such stocks as these no one need
worry over the character and stability of
the market.
II any demonstration as TO the attitude
of the larger interests were needed il was
given yesterday by the bank statement,
WHICH undoubtedly reflected the manipula-
ton of funds for the purpose OF keeping
the money market quiet. Despite the fact
that the banks have been losing money
steadily all the week the net loss as re-
ported was only si,000,0G0, and in the face
of even this the surplus reserve item was
increased by s525, GG0. II is useless to try
to analyze the report, for analysis is i'm
possible. The trust companies and out of
town banks have been kept supplying the
loan market. while the local banks have
been drawing in their funds in preparal-
ton for the January disbursements. And
by this process money has been kept be-
low per cent. while the banks have de-
creased their loans by nearly 81. 600 900.
All this indicates but one thing The big
men who control the money market more
than they do the stock exchange are de-
terinincd thai nothing which they can
prevent Will happen TO lead to a downward
movement in stocks
The call money rate in this city has at
tracted money from nearby points to the
local loan market. and with the exception
OF shipments of money to the South the
centre. as reflected in the rates of do
nestle exchange On New York. Pension
payments will begin TO be heavy this
week and with the payment OF Govern
ment interest on bonds. amounting 10 ever
s.. coo enO there should be a material in
crease in bank holdings before next Satur-
day. The money market is in no danger of
collapse. Big margins may be necessary in
the stock market before the end of the
year. but from yesterdays course of val
ucs il requires considerable courage to
predict any important decline in prices.
Good stocks are worth buying at the cur
rent level They are worth holding for
better quotations for at ruling figures
there are few dear stocks in the market