The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-23


important seIiinEs OF stocks Many new
high prices were reached. and some
groups of stocks were consistently strong
all day. The buying in some quarters
was quite eager and important as 1t
has been at any time. Whether the ad-
vance Will be continued or not is a mat
ter of much interest. The market is not
yet a broad one. The public is not inter-
ested, or at least not to the extent of
being buyer of stocks. There has been
more than a professional market, how
ever. A number of important interests
have been heavy buyers at the recent
low level and have continued to absorb
stocks on the advance. If they pursue
their buying II seems not in the least I'M
likely that they may interest the public
In the course of the next few days. 1t
need not be pointed out that with the
strike situation becoming less black, with
the crop news growing more hopeful, and
with money easy and railway earnings
superb the news Developments are not
unfavorable to an advance.
As was pointed out by one of the finan-
cial papers yesterday, there are many
reasons why the big interests should de-
sire strong stock market. The Greater
Missouri Pacific deal is not yet launched
and 1t is quite certain that there may be
stock to be fioated in connection with the
plan. The Illinois Central is understood
to have plans for the absorption of allied
lines. The Baltimore and Ohio will take
UP the financing of the Pittsburg and
W Western the II is
stood. The soft coal deal is not yet de-
veloped. The people behind the Southern
Railway are understood to have plans
for its extension in various directions by
absorption and otherwise. Many people
believe that there are yet to be shown
important developments with regard to
the St Paul and Atchison. Such a list of
railway financial plans might be extend
cd much further. without trouble. 1t is
not certain that all of these plans are
under contemplation, but ii is quite GER
tain that number of them are. And il
is equally certain that such plans would
have to be given up in case of bad
break in the market, or even a weak and
declining market. on the other hand,
such boom period as attended the big
of last spring makes rail-
way financing comparatively easy mat
ter. The chief question for any observer
of the market at present should be. not
prices are to go higher ultimate
", but whether the present advance is
the beginning, of the movement or only
sporadic bulge mainly the work of the
and simply helped Incl
dentally by the absorption of stocks by
the insiders. 1t may be taken for grant
ed. almost. that If conditions are fairly
favorable the insiders will cause higher
range of prices this autumn and winter.
The coal stocks were the leaders of the
market Yesterday. if both the soft and
hard coaiers be included in the group.
Among the anthracites the Readings all
made new high prices for the present
and closed at the top level Tor
the day. the first preferred at 1914. and the
Fries all advanced. though not more than
and also closed at the top.
Delaware and Hudson advanced from l66
to ltg and closed at the top ontario ana
Western advanced fractonally and closed
At the top. Among the soft coalers the
story was about the same. Baltimore
was the leader of the group. booming up
to 104 from par and closing at the top.
though not so buoyant, ad-
vanced fractionally and closed practical
y at the best level. Chesapeake and OHIO
and Norfolk and Western both made
gains. II seems to be considered probable
hat these securities will be among the
eadors, if they do not take up the greater
part of the attention of the market for
The present The soft coal deal is under
and Developments may be
expected in IL at any time The earnings
If all these properties have been superb
as exhibited by the statements recently
ssued, and leaving the soft coal deal out
Of the question entirely. continuance
Of big earnings is well nigh assured. An
advance of 10 cents ton on anthracite
coal Is to be carried into effect on Sep
ember !, making a total advance for five
months of 90 cents.
Especial attention was paid to the boom
in Baltimore and Ohio common, which
was more spirited and important than
any other movement that has occurred
n the market recently. Very heavy buy
ng occurred in the stock, which was at
ributed to the insiders. one reason as
signed for this buying was the rumor of
an Increase in the dividend rate to per |
,ent There is little expectation of any |
pie. although the company is earning |
Yearly IL per cent on the stock at present. |
rhc Pennsylvania management is not In |
he habit of pushing dividends ahead in |
any such way. However, the fact that |
he dividend rate is not to be advanced |
Toes not prevent Baltimore and Ohio |
'tock being very fair purchase at par
considering the earnings of the company. |
rhe other reason given for the advance |
: technical one. II IS said that the |
Will finance the Pittsburg and |
\ estern reorganization with common |
'tock and that Cor this reason they wish |
% make the stock appear as attractive |
IS possible.
The Western securities generally were |
lot so active as hitherto, the speculative |
fraternity apparently turning their atten- |
ion to the coalers as the stocks most
ikeiy to be taken Up by the insiders In
particular activity, prices continued
around the highest level yet attained
Southern Pacific went no higher. perhaps
because the official statement has been
made that there will be no dividend at
present. This announcement. however,
should not prevent any intending investor
rom buying the stock. The company is
aarning per cent, and If il does not pay |
I out In dividends it Will pay it in better
nents. The outlook for the company
s excellent. The crop news continued
good. Price Current says: There is
title change in any feature OF crop |
promise or movement. The outlook is
ully maintained. Pasture and forage |
Indicate favorable returns"
Amalgamated Copper was doomed I'D |
during the afternoon to ll9 the |
opening price having been lis and a frac- |
ion. There. were ruInors OF immense in |
ide buying and of a probable big further |
Idyance in the stock which could not be |
raced to any good foundation.
A little boom IN Missouri Pacific 10 l4IK |
ina the close of the stock at the highest |
lrlce OF the day started again the story |
hat the Greater Missouri Pacific deal f. |
o be taken up. Other members OF the |
Gould group. although inactive, We're |
airly strong.
The steel stocks were more active than |
hey were the day before and the street |
described the idea from the floating gos |
zip that the strike Is near an end. Later |
discussion of the news shows that the !
rust is gaining. but It is not yet safe TO
FAY that Shaffer will give up and ac- |
knowledge defeat in the immediate future. |
The opinion prevails. however, that the |
syndicate does not intend to desert tho !
Steel securities If they need its support |
For this reason many people consider |
hem fairly good purchases on the de- |
lines.
The rumors of the absorption of the |
and ST. Louis by the Illinois |
Central are persistent and probably have |
some foundation. A director of the for |
ncr company & quoted as stating that at |
recent meeting OF the directors propo- |
;ition from the illinois Central to guaran- |
zee per cent on the stock was declined. !