The Washington times., 1901-12-05
Government Bonds.

L. S. as, 1907. Q. J............. II2x Il3
7. s. 4's, h. l925......--.--....... 1894 ls:A
| I. ) IS, I, lsZ5----.-..--...----. 1874 1879
L. s. IS. r, I9OI................ l07'4 1J5A
L. E SIS, c. 1901. O F.-.......... l074 l0Ta
Many Wall Street people that discussed
the stock market last night talked hope
fully of the outlook for a higher range of
prices as a result of the good effect of
the Presidents message. coupled with
the excellent business situation through
out the country. 1t was said that the
message undoubtedly VIII have n wide
! spread effect in confirming people in their
hopeful views, and that a result much
of the immense sum of money TO be dis
tributed at the beginning of the coIIihg
year in dividends and interest will GER
tafnly be put back into stocks and bonds.
1t is realized that the floating supply of
railway stocks is already very limited
and the not unreasonable suggestion is
made that when this big block of new
money comes into the market it will ele-
vate prices
The beginning of the year is now only
three weeks OFF. One view of the imme-
date outlook is that the professionals,
| and, TO a certain extent, the investors
also. will begin to discount" the Janu-
ary disbursements this month. This fire.
| luently occurs, and, indeed, it has hap
pened more than once that the December
advance in prices has been much more
! important than the January boom or
even that there has been no January
boom.
Blocks of stock to Sell.
One Of the marked features of yester-
days stock market was the clear evi-
dence of support given to the railway
list and to some OF the industrials by the
important interests. As a matter of fact,
it was the buying by these interests that
caused the beginning of the general ad-
vance in prices. The covering by the
shorts helped the upward movement
along. This inside support may not mean
anything in particular. but, on the other
hand, it may be OF much Importance in
its Significance. The insiders have stocks
to sell, vast blocks of them, new and old,
and If with the help OF the message and
of fine business conditions and of the
coming dividend and interest disburse-
ments they could cause a big boom in the
stock market there is little doubt that
they would do-so.
Whether they will make the attempt or
not will depend. of course, on what they
consider their chance of success. All
things considered. it would seem that
the investor in stocks has right to look
forward with reasonable degree of con-
Hhi-uCt tOI d merry tuIiSlultS
Pennsylvania and Rock Island.
Pennsylvania and Rock Island were
two of the most interesting stocks in the
railway list. Rock Island jumped up
from 147 at the close on Tuesday 20 15lk,
total OF nearly ; points. 1t closed the
session at 1909. Pennsylvania did not
make quite SO large an advance. but it
h i e..
closing at 15lis, only an eighth of from
the top quotation.
Several facts and rumors were favor
able to these securities. Perhaps the most
important was the showing of earnings
made by both in their monthly reports
These reports. and especially that of the
/ Penn sylYania. caused surprise even to the
most optimistic. The increase Of nearly
million dollars in the net earnings of
the Pennsylvania in one month. compared
with month last year which was Won
derfully prosperous, IS worthy of more
than a casual thought.
Pennsylvania TO Control Soft Coal.
One of the rumOrs of the day was that
the Pennsylvania is planning to control
the entire soft coal output OF the country
The story was floated in connection with
the report that the Norfolk and Western
was purchasing the Pocahontas Coal Com
pany yesterday.
The Pennsylvania already has tre-
mendously strong position IN the soft coal
trade. Its own haul Of coal is immense.
That of the Baltimore and Ohio is mil
lions Of tens annually. That of both the
Norfolk ami Western and the Chesapeake
and Ohio is the chief item OF their annual
freight haul. And nearly every day recent
ly has had rumor that either the Nor
folk or the Chesapeake is buying up coal
lands and mines.
No Clark Rock Island Deal.
There has been rumor for day or
two that Senator Clark and the Rock
Island Company are arranging deal for
transcontinental railway but the story
is denied. and more important perhaps
does not seem reasonable. On the other
hand, there was rumOr yesterday that
negotiations which have been pending for
a month or more have been practically
consummated by which a controlling in
terest in the Rock Island has passed from
Chicago owners to interests affiliated with
the Pennsylvania. This is the old story
revived, and there is no very good
evidence that it was not revived simply
because both of these securities were
strong.
The Manhattan Pyrotechnics.
Manhattan advanced to 142 before noon.
a gain of points over night. Later It
went above IA. The price of the stock
is now a long way higher than it has ever
been since 1888, when a dividend
of per cent was being paid. The street
believes that there will be an increase in
the dividend rate in the near future but
II is hot likely that it will be more than
| TO per cent Under the circumstances
conservative people are advising caution
in buying the stock at any higher level,
despite the fine prosperity of the com
pany and its outlook toI good business
during the coming year. The only possi-
bic reason that could justify an advance
above 145 for the stock would be con-
solidation with New York Central.
The AmaIEamated Dividend.
Amalgamated Copper was one OF the few
weak features Of the morning, selling per-
sistently around II and Y. The street
was extremely bearish over the outlook
for the stock. but some support was evi-
dent, and il seemed quite probable that
the street would be wrong again. So IT
proved. as there was sharp recovery to
above "A before 1t closed
The directors meeting for the declara