The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-27

been very heavy and that apparently there
| must be a continuance of this buying to-
day and perhaps for several days to come
1t has been this factor that the shrewd
people have counted on for long time
to support the market when the bear sell
ing should get heavy. But aside from this
factor it seems TO be well-nigh uni
versal belief that intrinsic conditions are
excellent everywhere and that they war
rant much higher prices.
The chief feature Of the market yester-
day was the two Southern Railway Sc
curities. A number of rumors were circu-
lated regarding the Southern and its stocks,
and although no one in authority could be
found that would corroborate any one of
them il is clear that something out of the
ordinary is occurring. The stocks were
both buoyant all day. under immense buy
ing by London, and by the most impor
tant interests on this side. II was said
that the Morgan people were among the
chief purchasers of the common stock. and
that Mr. Keene was the manipulative buy
er. An advance of two points was made by
each security, which is remarkable event,
as usually even the heaviest dealings do
not affect their price rapidly. Both went
to new high prices, the common to IS and
the preferred to &c 3-s, and the closing
prices were near the top. The story that
was heard oftenest is that the Pennsyl-
vania Iccple are to secure control of the
company by guaranteeing 4 per cent divi-
dends for the preferred stock. This, how
ever does not seem to account very we'll
for the advance in the common stock
which was even more remarkable than
that in the preferred. Another rumor was
that the common stock is to be reduced
nat lt in fa yir,pc nf = hn
company warrant much higher than going
prices on the securities, even II there Is
no truth in any of the floating rumors.
Sugar was the feature of the industrial
list 1t was trifle weak at the opening,
but later began to advance, and at one
time got nearly to 1856. It-closed at 1885,
showing fine net gain for the day. 1t
is believed by many that an extra dividend
Is to be paid on the stock. and one Bos-
ton gentleman Of some prominence is
known to have gone so far as to say
that he knew there is to be this extra
disbursement. The recent manipulation
in the price of refined sugar by the trust
and its alleged rivals have revived the
story that there is in reality no rivalry
at present and will be none
The steel securities were the weak fea-
lures of the market and Steel and Wire
common stock especially was disappoint-
ing all day. II sold off to AZ 3-S, and
closed at 45 5-S only. showing good net
decline for the day. The other stocks of
the group were apparently only held lack
by sympathy with Wire common, and de-
spite this they made slight net gains.
There was nothing new regarding Wire
developed by the gossip but ii seems to
ha hal ha ic
in the hands of too speculatively inclined
a crowd for its good. The public was
MIXED handsomely year ago in The
stock by the insiders and it lost a good
many dollars last week in the same way.
No surprise should be occasoned if the
stock fails to advance with the remainder
of the group, even though its intrinsic
merits may be great.
The Pacific securities were strong and
all except Northern Pacific common and
preferred made good net gains for the
day Southern Pacific advanced to Al 3-S
and closed near the top. Union Pacific
common advanced from II "a at the open
ing to ~ "a at the close, and Missouri
Pacific advanced from So rs 10 81 3-S, and
closed at 60 3-S. Tip" was sent out re-
garding Missouri Pacific, which seems to
have been acted on. Nothing new regard
ing the affairs of the company is known,
but it has been generally understood on
the authority of some of the insiders that
no dividend is to be paid on the stock
for the present
The gossip regarding the Northern Pa
cifc is still flooding the brokers' Offices.
One story came by the way of London
yesterday that Mr.. Hill, Mr.. Morgan, and
some of the German interests have Sc
cured control Of the company for the pur-