The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-21

apparently there was more money than
borrowers. The banks are said to have
lost some money TO the Sub-Treasury
since last Friday. but no one fears poor
bank statement or any bad effects from
one if it appears. There was little
definite news affecting security values
yesterday, and the buying for the most
part was commission business. tas d SIM
ply or the general confidence in the bust
ness situation.
The features of the day and the stocks
that showed very clearly ihe effect Of L.
side and pool buying were the Northern
Pacifics. The common stock opened at
6S 1-2 and advanced to 80 IS, closing at
80. It's close on Monday night was al
81 5-S, so that the net gain for the day
was more than 5 points. The preferred
stock advanced from so "a to Sc SIS, and
closed at S. 3-S, with net gain of nearly
. points. These high prices are, o.
course, the best ever reached by both
these securities. They have not even ap-
preached their present levels before. The
advance of the common in the past few
months has been phenomenal even for
such rapid market as the present has
been. Nc other railway stock en- the list
has nearly approached it. The preferred
too, has done nearly as we'll. Two rea-
sons are entirely sufficient to account for
the big advance. the pessimstic state
ment of President Mellen regarding the
poor business of the company and the ac-
t'ial excellent earnings. 50 very different
from anything that Mellen suggested.
The street went heavily short of The
common stock and forced the price down
far below the general average low level,
and Kept ii down after the remainder of
the market had begun to improve. Then
the actual facts regarding the excellent
business of the concern began to leak
out, and sharp recovery began. Even
then, however the shorts were unwilling
to give up their position. The annual
statement of the company was fine. ard
the voting trust was dissolved recently
because the business of the company was
SO good that there was no excuse for its
existence. The trustees made the state
ment when they took this step that there
was every reason to expect per cent en-
the stock in the future. All this seems
to suggest clearly enough that President
Mellen has been pursuing a very shady
course. The people who sold out their
stock on account of his untruthful utter
ances will be inclined TO ask what he got
for them. AS for the future Of these Sc
ourities it is probable that they will sell
higher yet. but at present they are rot
recommended by conservative people. ard
are likely to have good recession II the
general market goes off much. 1t will
be noted that the common stock yester-
day passed Union Pacific. and this has
been goal for ii among the manipulators
The other Pacific securities were sll
strong, on account of their own intrinsic
merit and in sympathy with the Northern
Pacifics. Union common advanced 10
~ Ia and closed at ~ is. Missouri Pa
eifc went as high as 81 3-S and closed at
81. and Southern Pacific closed at the top
price for the day AZ is. The election of
a Southern Pacific man. c. H. Tweed, the
chairman of the board of directors. to
the directorate of the Baltimore and Ohio
on Monday was matter Of much interest
to the street yesterday, but 1t had little
effect on Southern Pacific stock.
American Tobacco was one of the
strongest securities on the list. The In
siders have a large controlling interest
in the stock, and apparently they do not
see fit to allow ii to sell off at the present
time on account of the cigarette decision.
The short selling was probably large in
the stock, and ii was squeezed. 1t may
be given another twist today. Later the
stock will be likely to sell off as the news
is bad and in The long run should have
a bad effect on the stock despite the most
clever manipulation.
The earnings of the Southern Railway for
the second week Of November showed
decrease of sS.50S From July l there was
an increase of s720.s99. Southern preferred
was quiet but held its own WELL
The grangers were again strong with |
the Atchisons probably the features. The |
preferred stock advanced to 70 rs and |
closed at 73 ga The common went to |
IS "a and closed at that price. Burling- |
ton advanced to 1877 Ia, closing at the top. |
St. Paul advanced to lbs and closed at
the top.