The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-22

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closing level of Saturday. and during tie
first half hour Eof The day lower prices
were made than at any time on Saturday,
but before II o'clock there began rally
that lasted ap day and carried the level
up from half a point to four points in The
active securities. The close was at the
best prices of the day. The explanation
of the rally seems TO be that the insiders
came into the market first to support the
list, and later, when they found this so
easy, to advance prices. The first break
was due to the Illness of the Queen, and
consequent selling of stocks for London
account. but the street seemed to take
the view that the death of the Queen
would not be any reason for selling stocks
on this side and the buying was good. 1t
was said that the Morgan brokers' the
Gates crowd, and the Standard Oil people
were heavy buyers of stocks nearly if
not quite. all day. The great strength OF
Missouri Pacific all day on what seemed
to be inside buying against the shorts had
a good effect on the general market. This
buying may not have been for the Rookie
fellers, but all the evidence was in that
direction. News yesterday was not I'M
portant or particularly interesting. Money
was loaning at almost nominal rate tn
call and the financial situation is all that
the most enthusiastic bull could ask for.
Both sides of the present market find
numerous champions, but the more eau
tious element is now advocating the pur-
chase of stocks on the declines instead
of further short selling on the bulges.
The break has been a big one and the
floating stocks are in better hands now
than they were two weeks ago. The COM
mission house margined accounts have
been pretty thoroughly weeded out. In
trinsic conditions are still excellent
everywhere.
The boom of Missouri Pacific was again
the feature of the market. The stock.
which has refused to sell off even point
or two during the entire recent general
break, was buoyant in the extreme, making
a price level well above any heretofore
reached by it. The opening and lowest
price of the day was IS IA, and from that
level it advanced nearly. six points to
30 3-4 and closed at 80. The rumors that
accompanied the advance were, OF course,
numerous. 1t was said in one quarter that
the Missouri Pacific and the Wabash are
to be combined and this was promptly
denied Another story was that the divi-
dend is to be declared in few days. An
other was that there has been an issue
of stock on the quiet. and that The in
sders have secured this, for what purpose
IL was not stated. Mr.. Rockefeller was
said by still another story, to have Sc
cured 100 600 shares of the stock, though
whether this block was the new issue
did not develop. 1t seems possible, at
least, that the stories were all put out
by the clique in the stock for the pur-
pose of elevating the price. 1t is certain
that there has been an immense short in
terest in the stock, and it is very nearly
certain that the insiders have been nurs-
ing this interest with the intention OF
squeezing it badly at the right time. The
question whether the top has been reach
ed yet is an interesting one. Some
people say that the top will be as hign
as par at least.
The grangers were particularly weak at
the opening, as were all the other inter
securities, on account of the i'll
ness of the Queen Later they were
bought heavily and all advanced hand
somely. st. Paul went up from low
price of l42 to a high of 147, and 1t
closed above LAG. Rock Island declined
early in the day to III 1-2, and then ad-
vanced to 119. closing at 11S ga. Atchi- |
son preferred went off to 50 IA, and then
to 81, CLOSING at the top price |
was less active, but it closed |
at 1872 the best price of the day 1t is
by many that these securities |
have seen their lowest prices and that |
they should be bought now on all de- |
clines. The outlook for the railway bust |
ness in the West during the coming year
is fine one. and, with earnings already !
far above dividend requirements, it would
seem that the present level of prices is |
an exceedingly modest one. Atchison pre- |
ferred is looked on with especial favor. |
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