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

Tennessee Coal & Iron. 59h 62a 50 61S4
Union Pacific. s5A SOS 8S sIal
Union Pacific pfd....... 81 SA SSs Has
/ L. S. Leather-.-....... 1879 1874 1sh 1873
u. S. Leather pfd....... I4& I44t I4rs l3A
u. S. Rubbcr.....-..... 30 2o3s leis lpis
1 Wabash pid............ IS 2S12 2IA ISIS
Western Union Tel....-s4 s4ls sS12 SSA
Amalgamated Copper. SOS 9lA SOS 81
Ere Ere ara: 81 s Es: s ssis a
The market for the closing day of the
week should be considered entirely sat
isfactory to the bulls. Prices did not ad
vance steadily all day, but nearly the en-
| tire list showed gains at the close, and
some securities were quite buoyant Dur
ing the first half hour of the day there
was bulge, and again in the last hour
the shorts covered heavily. not wishing
to carry their stocks over the two holt
| days. The interest was we'll distributed,
the Atchisons, the Southern securities,
the Union Pacifics, and Burlington be-
/ ing the features of the railways. and Sus-
| ar and the steel securities the most active
and buoyapt of the industrials. For the
| most part the closing prices were at or
near the top for the day and the week.
So much for the market movements. 1t
is undoubtedly true that the advances
were largely contributed TO by the cover
ing of the shorts, but 1t is also true that
tHtic was SOOu bug Aoi many AA4ipOA
ant interests, such buying, in fact. as
there was month ago, when the January
boom was at it's height. The public is
not yet in the market to any extent.
With these facts to base predictions on,
it was general opinion among conserv-
alive people at the close yesterday that
the market next week will be a good one.
The opening on Monday should be strong,
and later in the week still higher prices
should be made in the steel securities and
in many of the railways. The public will
come in later if the boom continues next
week. Then it will be time to talk of
another reaction, temporary or perma-
nent. At present there is little indication
of anything of the kind, the market crit
les say. If this view OF the situation is
the correct one, it will be seen that the
predictions made two weeks ago--that
there would be a traders market for
time and resumption of the advance in
February-were exactly correct.
The news yesterday was all good The
banks are estimated to have gained from
81, 750, 600 20 s2,5O0,000 in cash for the
week. and il is likely that the statement
today will be an excellent one. London
was a bu-er of stocks yesterday, though
it Is understood that there was some sell
ing of Southern Pacific. The Londoners
seem more disposed recently to buy
Americans than they have been at any
time before. The financial people do not
expect that any more gold viii be shipped
to Europe the reduction OF the Bank of
England discount rate having made this
entirely unlikely Money rates are at
their lowest on this side. The earnings
statements continue excellent. The
Louisville statement for December show
ed large increase in net earnings. The
stories of the deal among the steel in
terests is repeated with persistence, and
this time it has better foundation than
heretofore. AS has been said, II is much
more probable that such a deal will be
made than not. The people in the steel
business are quite as shrewd and far
sighted as those in the railway business,
and, in fact, TO a large extent, they are
the same people. What is good for the
railways is quite as good for the steel
business. The rumors of railway deals
yesterday were quite as prolific as at any
time heretofore, and there can be little
doubt that many OF them will be full
filled in the near future.
One of the most Interesting stories yes
terday and one which accompanied the
most remarkable advance Of the day was
TO the effect that the Union Pacific has ac
Qured the Southern Pacific. The story, as
IL was lOiu Dy one news DuTthu, "db
that interests identified with Union Pa
cific" have secured control OF the South
ern Pacific. Union Pacific stock sold at
81 5-S at the opening, and 1t was strong
all day, but during the last hour made
tremendous squirt TO 50 3-S 1t sold of Z (!
the close 10 81 a.. The preferred stock
was also strong. Curiously enough South
ern Pacific, which opened strong at 40 IA,
was very weak in the afternoon, quite dis
Pracing its new mother.
Another story gives the Southern Pa
ciGc TO the Southern Railway. In both Of
these rumOTs the name of j. p. Morgan is
prominently mentioned. Perhaps neither
of the rumors may be right. II is not I'M
possible that both may be true. The most
plausible theory is that these rumors, like
many others recently, have been started
because the big railway people generally
are buying stocks in each others lines. for
the purpose of the community Of inter-
ests." that is revolutionizing plans and
prospects in the railway world.
A clique is said to be buying Louisville
and Nashville heavily and promising a
much higher price for il. The net earn
ings OF the company for December we're
Se69,914, an increase Of Sl4i7S7.
The Texas Pacific Company has in
creased the dividend on its second pre- |
ferred stock from ] 1-2 10 per cent. The |
Texas securities we're strong yesterday.
burlington jumped up to 1916 aud held !
strong after that top was reached. Bur- |
lingtcn VIII sell EEK" on Thursday OF next !
week St Paul went above 1872. Rock ISL |
and held it's own only The Atchison Sc
curities were very strong. the common |
getting to above 80 and the preferred |
nearly above Sc. II seems 10 be generally |