The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-05

prevented from Duy1nE STOCKS all the time
and finally wrecking he bull movement
For that reason the reactions are con-
sidered healthy" Buying on the reac-
tions is advised and short selling is con-
sidered dangerous. There ale few stoc IS
on the entire list that have not teen help
ed to higher levels during the past three
months by the covering of the shorts at
heavy losses. Indeed The most mpor ant
sharp advances have been directly due to
squeezes OF the shorts.
News yesterday was unimporlant. Tie
Street discussed the Union Fa,ii South
ern Pacific deal and limited at other deals
but mad no definite news of any. The bans
statement seemed TO have no bad effect
on the market. though undoubtedly it was
disappointment 10 many As a matter
of fact the figures of the statement proba
bly, mean that money is being borrowed
Tor speculative purposes, and this is
bull argument rather than a cause for
hearishress. Money was plentiful, and
both call and time loans were made at the
lowest rates. Some money was loaned on
call att 81. London was buyer OF Amer
lean securities yesterday. and it is con-
siGered probable that that market will alb
sorb more stocks in the coming month,
money conditions being easier there, too.
40 Was % -lLlNS USCu expected after the
announcement of the great Union Southern
Pacific deal, the securities of both these
systems were active all day yesterday.
Union Pacific common advanced to a new
hgh price. above 30. in q fine squirt during
the morning hours. Il held its own excel
lently and closed at 50 SO The preferred
advanced to So. and closed at IS IL South
ern Pacific opened well above the close Of
last Friday, but it was heavy all day de
spite the London buying and the scattered
buying on this side due to the announce
meat of the deal. This weakness CT the
stock is the cause of some surprise, though
for iCng time il has had the reputation of
being disappointing TO the bulls. There is
clique Of very clever professional opera
tors in it, that takes all the money it can
get from the public at all times.
Pacific Mail opened of two or three
points. and, though it recovered from its
extreme lew level, it cannot be said to
have been strong at any time. The close
was at As IL. The Pacific Nail Company
rs "A property of the Southern Pacific now
becomes a part OF the great Vanderbilt
trans-continental railway and trans
oceanic steamship system. This fact should
be good for the stock in time. At present
the minority stock will probably make the
market price and this will be manipulated
IN connection WIN the SUBSIDY Dill, so that
il VIII be dangerous for the outsider TO
speculate in. Perhaps it might be bought
on sharp reactions with profit
The railway securities rext to Union. Pa
cine common to make imDOrtal advances
were Atchison common and preferred, and
Louisville and Rock Island. Atchison com
mon doomed up in an entirely unusual way
to SO IS, and closed at 50 10. the clos
ing price of las; Friday having been 80.
The preferred advanced to SO 81. and
closed at 50 Is. There are hints of a deal
connecting this system in various ways
with the Rock Island and with other sys-
tens. but nothing very tangible regarding
them is forthcoming The earnings and
business prospects Of this system are an
all-suficient reason for hullishness regard
ing its securities. The SHOWS in the South
west are good thing for the crops in the
Atchison territory Rock Island advanced
from 1876 to l2S IL
Louisville and Nashville was doomed to
SO IL and closed at 9S Ia, the net gain
for the day being more than two points
The direct cause of this boom was I'M
clique buying, but there is a
good outlook for a higher dividend rate
and the earnings of the company are ex-
cellent.