The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-11

any time by even the most enthusiastic
bulls Despite excellent basic ccnditiCn MS,
in the shape of railway earnings, divi-
dends increased and promised easy
money and superb public confidence. 1t
has been seen that at soEle time there
must come a break, owing to the tech
nical situation. The market has advanced
more steadily and persistently than it
ever did before, but this did not augur
that it would never relapse. On the con-
trary. every day that the advance con-
tinued made more certain a sharp break
in prices. The market is a big enc, and
! Wall Street has gotten into the habit of
calling il a millionaires' market with
much reason. The critics do not believe
that the top prices of the boom have been
reached yet by many dollars a share, but
they do look for violent reactions from
time to time. The break may extend
somewhat further. Probably the most
important people in the market do not
! know what will occur today. 1t is i'm
possible to form an estimate when the
public is in the market so heavily as it
is at present. Careful brokers advise
cautious buying of the low-priced securi-
ties and of one or two of the better priced
railways on any further reaction. Many
consider the steel securities good pur-
chases, too.
When 1t is said that the break was a
surprise to no one, it is not meant that
the idea should be conveyed that nobody
lost money yesterday. 1t is said that
many local traders were heavy losers.
Despite the conservatism that has beeeu
shown by the public generally in the re-
cent advance, there was some pyramiding
and some people lest all they had as
consequence.
The actual news of the day was excel
lent. II is the ironical method of the
market to decline when the best of news
is coming out. The Louisville dividend,
for instance, was advanced to per cent
per annum, matter of the utmost i'm
portanee, because it shows the confidence
in the future that the shrewd people man
aging the property have. Money was easy,
too, and there is nowhere any fear that
the supply of funds will not be ample for
the needs Of the street The bank state
ment will be an excellent document. show
ing large gain in cash, according to he
financial experts. The gossip regarding
the plans of the Missouri Pacific people
was of the most optimistic nature.
Louisville was one of the features of the
list On account of the news of the in
creased dividend. II was very strong as
ii had been on Wednesday. The high
price of the day was 80 SIS and the close
was at 80 3-s Railway experts say that
the stock of a > per cent dividend payer
of the Importance of Louisville should
sell at par The earnings of the system
are something like 10 per cent. The
Southern Railway securities also held
well, partly in sympathy with Louisville
and partly on their own account 1t is
said that the Pennsylvania system is ac-
curing very large block of the stocks,
and that the common in particular is like
ly to be one of the stocks to start the
next advance in prices.
St Paul was the weakest stock on the
list and at times il was very weak The
apparent or rather alleged cause for its
break was rumor that the deal for the
acquisition of the line by the Great North
ern has met with an obstacle and may be
postponed indefinitely. The stock went off
to 152 3-S during the morning hours and
seemed likely to decline further before
the end of the day. It was sold heavily
and not supported, but il is not under
stood that the insiders sold much if any
of the stock. 1t held its own around that
level, but may go lower this morning.
Northern Pacific was fairly strong after
a break to 81 L. II closed at SO 3-S.
Both of these securities are expected to
sell much higher in the near future.
The somewhat ambiguous giving OUT
of the Sugar meeting on Wednesday did
not seem to brighten the holders OF the
sock, and all day yesterday it was
strong.
Another matter that caused some IN
easipass and profit taking was the talk
fnra ta Cfa
ness. There Is really no known reason to
sell the steel stocks, and they will be
bought on small reactions with conf
dence. They have had less advance than
almost any other group on the list. They
were among the strong stocks yesterday.
The Federal Steel Company will probably
get per cent dividends in lump and
l Ia quarterly this year.
Missouri Pacific was the strongest stock
on the list, advancing a point or more
while the general market was tumbling
badly. II touched its highest price. 81.
The talk of a dividend for the stock comes
from such good quarters that il is prob
ably to be relied on. II is said semi
officially, too that the company will issue
Sc GOO. GOO in bonds for Improvement work
and that this will allow the greater part
of the earnings of the company to BE-
disbursed to the stockholders in the fu-
ture The statements of earnings show
something like s per cent.
The advance OF Western Union on
Wednesday was a good augury OF the break.
Professional operators say that when this
stock spurts 1t is time to get out of long
stocks and go short. and for the margin
trader this is frequently good advice. The
advance continued yesterday, and the
highest price OF the movent ut was made,
81 rs. The close was at 81 1-2. The
tipsters talE of further good gain, but
what their reason is does not appear as
yet.
Rubber stock went below 90 a new low
record for IT, Leather held It's own fairly
well movement in this stock would not
be surprising if only TO let the insiders
out.
The coalers were weak generally. Read
ing first preferred went off to II 1-2 and
closed only at 70. Mr.. Morgan is out with
a denial that he has purchased the Della
ware and Hudson and the Ontario and
Western.
Washington stock Exchange.
Sales-National Safe Deposit and Trust
Company, 1919; Capital Traction, 4Cd
IO4 SIS. 2OG104 rs. 170d104 "a; Washing