The times., 1900-12-27


from the top, but all, with few excep-
tions, showed good net gains for the day
There was little news. London was not @
factor, that market being closed The
high prices of Monday in that centre had
good effect on New York. however Two
or three gross earnings statements were
published. and they were all excellent
! especially those of st. Paul and Northern
Pacific. The Tennessee Coal and Iron
statement for November was not particu-
larry good. Money loaned at per cent,
very low rate considering the season
of the year. 1t is now certain that there
viii be an abundance of funds after the
first Of the year, and the street is ex-
pressing no fear of stringent conditions
at any time this week.
After such tremendous squirt IL is al
ways probable that a decline will come
at any time on profit taking, and there
fore even the most enthusiastic bulls do
not believe that such break can be
avoided much longer. Yesterdays mar
ket, however, showed immense buying,
and the way in which the heavy realizing
sales were absorbed was most encourage
ing. 1t seems entirely possible that the
tendency may be upward during the re-
mainder Of the year, and that 1901 may
Sales yesterday again far exceeded a
million shares. More than 100000 shares
were traded in during the first hour.
There was tendency, quite marked, to
desert the railway securities for the in
dustrials. This had been expected and
predicted. few railway securities made
good net advances for the day, but the
general tendency after the high opening
Il,
steel securities, Peoples Gas, the New
York fractions, General Electric, and
other specialties were all particularly
strong. Instead of being a bad sign, as
some consider this, it is only right to
suppose hat the professional operators
are working after their usual manner,
taking up groups. one after another in
order that people may not get too excited
over any one group and spoil the market
by pyramiding.
St Paul was the most interesting stock
in the railway list. 1t opened with
great bulge to 139, or less than four points
below Burlington. Later in the day it
sold OF to 1876 3-4. but before the close
1t had almost regained all of this decline
and the net gain for the day was large
There were two or three reasons for this
strength in the stock aside from the ex-
cellent railway and general conditions.
The st. Paul statement for the third week
of December showed an immense increase
in gross earnings, S12l 500. This showing
indicates that the effect of the poor wheat
crop is over TO a large extent, and that
the natural increase in the business of
the company may now be counted on in
the future. London. too, is especially
bullish on the stock, aud on Monday adj
yanced theprice two points from the close
on this side on Saturday. -.--
Other grangers were all strong, though
they did not any of them make so good
a record as ST. Paul. Atchisop common
opened at 4S and soon went TO As "a, an
other new high price record. The talk of
so for this stock, which seemed absurd
TO many short time ago, is apparently
likely to be fulfilled this week The pre-
ferred stock was quieter. but held its own
better than the common. closing at the
top price for the day. SIS 3-s. Burlington
went TO 142 S-S at the opening, but later
sold off to 141 "a. 1t closed at 1i2 Is.
Rock Island went above 12o and closed
at I19 SIS.
Federal Steel and Tennessee Coal and
Iron were the features OF the steel group,
and also among the most prominent Sc
curities in the market. Tennessee Coal
and Iron opened with great bulge, jump
ing up 70 So l-2. Later the report of the
company for November came out and the
price dropped back five points to 81 1-2
The close was strong at 81. The report
of the company showed net earnings of
$3.50. 600, decrease of s15 900 for the
month, and ii was a disappointment as
there had been talk Of an improvement
during November after the dull summer
The dividend is being earned, however,
and better. and all the prospects for the
coming year are bright, so that there is
in reality every reason TO suppose that
the stock viii sell at a much better level.
Federal Steel was less erratic than
Tennessee Coal and Iron, and it's bulges
we're not so great, but it's course was up
ward in a much more consistent and
steady manner. IL closed at the highest
price for the day. 81 f-2 This is the
highest price since early in the present
year, when. at one time, IL reached 81 12,
and another time 81 3-s. The record price
on the stock, however is IS, and il is
said, with much show of reason, that the
is in much better and safer
condition now than 1t was a year ago
when this price was reached. The prom
ise of, the . per cent lump sum dividend
for the stock early in the year is re-
peated-
The rights on Metropolitan stock en-
title the holder OF 40 shares to subscribe
for shares at 100. This is about Is
shares for every 100, and VIXEN the stock
is selling al 40 the right is worth $3.50 on
every 100 shares. or / l2 points. Metro
politan sold Eek dividend ] "a yesterday
It showed no particular activity or
strength. Brooklyn Rapid Transit and
on the other hand. were both
Duoyant, the former getting as high as
At fvsR. and rttal lat n hfert,
rs 116 rs. The close in each case was |
less than point from the top. II was |
said that there was corner in both of |
hese securities and that the shorts were |
being made TO suffer No news was heard |
them except that well-informed |
people are talking of the probability of |
important changes in the officers of the |
Brooklyn early in January.
General Electric advanced to the 2GG |
mark yesterday. II got no higher and |
closed at 1875.
Western Union was one of the few weak |
Ieatures-o the list II sold off TO 50 1-2 |
and closed only an eighth above that fig
ire.
The regular quarterly dividend was de- |
,lared on American Tobacco stock yester-
lay There was an advance in the stock |
morning 10 ia 1-2. but later the |
price tumbied and at the close there had
been no gain for the day. Nothing new /
S heard regarding the affairs OF the com
Jany.
Peoples Gas made the best net gain for
he day. II closed at 102 last Saturday, |
opened at l03 yesterday morning. and then
steadily all day to 105 Ia. clos
ng at the top. The movement in this
stock has been predicted for several |