The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-24

swing in the movement of prices. The
break extended from to 20 points al
over the list. and this should be consid-
cred sufficient: but it is not always the
case that the thing happens which is ex-
pected. Intrinsic conditions are excel
lent, but the smaller movements of prices
do not always follow intrinsic conditions
The people that sold stocks on account OF
| the illness of Queen Victoria are now COW
ering but il does not always follow that
the occurrence of expected bad news
causes the end of break. It is perhaps
enough to say that there has been the
change of sentiment, whatever its cause
and that the outlook is for higher prices
today than any yet reached this week
AS for the larger movement Of prices, the
general swing of the market. the best
people have been confident that the reac-
ton would be followed by strong bull
movement. They have not been willing
to say when the turn would come, but
they have been buying stocks on the re-
cessions confidently. These people do not
believe that the top prices for the early
part of 1901 have been reached as yet.
The steel securities were unquestiona-
bly, the features of the market They
were very strong in the morning making
good advances. Late they sold off sharp
". but during the last half hour OF the
day renewed aggressive buying appeared.
and they went to prices higher than those
of the first advance. They closed at the
top prices for the day in most cases.
There are not wanting market people to
predict that the upward movement in this
group has begun in earnest at last
Mr.. Gates is without doubt at present
the controlling influence in the steel Sc
curities, as far as their market prices go.
He has come out very positively with
bullish interview. He may have put this
out to get the public to buy stocks before
selling out himself, but the evidence SO
far is that he means what he says. 1t is
very likely, in fact. that he expected the
public 10 distrust his utterances and go
short of the group. He could hardly be
blamed if the public refused to believe
him and went wrong in consequence. AS
for the actual situation in the trade there
can be no question that it is better than
il has been at any time heretofore. One
of the best OF the trade authorities states
that there will be a demand for several
millions Of tons of steel more during This
year than was manufactured last year.
This will mean factories full of work and
high prices.
There is much talk of the dividend &C
ton to be taken by the Steel and Wire di-
rectors at their meeting next month. One
story is that the dividend Will be passed
Another places the rate at per cent.
The insiders have not yet made any state
ment regarding the matter. A reduction
of the rate to per cent should not be a
surprise, and should not cause the selling
of a share of the stock held outright or On
r fair margin. But in view of Mr.. Gates
interview it is highly probable that the
rate may be continued without change
There was another tip to buy Southern
Pacific yesterday, and its source made
many watch the stock carefully. An up
ward movement is not unlikely. German
buying is said to be large in the stock.
There had been some talk of an increase
of the Big Four dividend rate from 3 per
cent to per cent at the meeting OF the
directors yesterday. The usual dividend
was declared, however. 1t is possible
that there may be some selling of the
stock.
The New York traction securities were
active at times yesterday and there was
another tip to buy Manhattan for
good advance.
The proposed reduction of the tobacco
tax is making friends for both the Ameri
can and the Continental Tobacco Company
securities. They all made net gains yes
I'D aIa rha rrsna c