The Washington times., 1901-08-27

forced to take on more stock, pretty near
| ly everything that they had not bought
| in May. These are the facts regarding
| the purchases by insiders during the past
| six months, briefly stated At the pres
| ent time the public has almost nothing
| and the millionaires have everything.
| This is IA very different situation from the
F, one desired by the millionaires. The en-
! tire policy Of the inside interests during
| the past two or three years has been to
| unload everything on the public at good
| prices. 1t has been believed almost that
| the present great era of prosperity has
| been created for this express purpose.
| The intention of the benevolent control
| lers of railways was frustrated before it
| was quite carried to the point of fruition
| by the untoward break of May and by
| the steel strike and corn crop damage.
| But the miiiionaires do not despair They
| still believe that the public can be per-
| suaded to buy every share of stock that
| ent boom in the market is believed by
! many to Indicate the beginning of the
/ second attempt to unload.
Several conditions are favorable to such
plan. Even if there is to be turn in
the tide of prosperity. it is not likely to
show itself before the end of the pres
ent calendar year. The railways are GER
tam to do an immense business during
the next two or three months with the
great wheat crop to haul and with gen.
cral business active. The effect of the
corn crop damake will not be felt before
the beginning of next year to any i'm
portant extent. The settlement of the
strike will come now before very long
and 1t Will be bull argument of impor-
lance. The insiders will have a number of
plans for consultations and community
OF interests agreements of vast impor-
lance to give to the public in the near
future. With all these matters it will
be very strange if the market cannot
be made to advance in an important way,
and II the public cannot be persuaded to
become enthusiastic over the outlook
9 theory of of he
most careful market critics in this city.
IN ms opinion prices are likely to advance
handsomely in the next few months.
There was some heavy realizing in the
stock market yesterday afternoon and
prices in a number of securities went off
10 level not showing any Improvement
from the close on last Saturday. 1t is
doubtful IL this selling of stocks to take
profits, mostly by the professionals
should be considered TO indicate the end
OF the recent nne advance in prices. Some
people in the commission houses yester-
day expressed the opinion that the adj
vance had reached its climax and that
the tendency from now on will be in the
other direction. Some of the professional
bears expressed the same opinion. The
developments of the day were entirely
natural and. 1t may be argued, were en-
tlrely in harmony with the theory that
the insiders intend to put up prices to a
much higher level during the coming few
weeks In the morning there was BOOM
and inside manipulation. The profession
ais considered this the right time to take
profits. even although they might expect
to see prices go higher in the immediate
future. The professionals are welded to
the theory that profits should be taken
often. The selling caused the small at
ternoon reaction, after the opening com
mission buying orders had been filled. 1t
is not in the least unlikely that the in
siders may have helped to make the re-
action. If the idea is correct that they
wish a strong market this autumn it is
very safe to venture the prediction that
they will not permit a runaway market
Immediately, for it is impossible to keep
up such boom for long.
1t was noticeable that after the little
recession yesterday afternoon there was
a distinctly better tone before the close.
This is most significant fact. 1t might
have been expected that after such
boom as the market has seen when prices
once began to decline yesterday afternoon
they would close at the bottom without
any rally. The fact that there was
rally suggests very forcibly that the in
siders gave the market their support in
no uncertain way.
The Steel stocks were the strongest on
the list yesterday. taking the entire ses-
sion into consideration. They opened at
a high level. and during the afternoon
they continued to advance, closing at the
high prices of the day. The common
closed at 45s4 and the preferred at s5ls.
The clique continued to buy both securi-
ties heavily and there was also some
commission house buying on the theory
that the strike is near its end. 1t Will
be interesting to how the end of the
strike will effect the immediate market.
There Will be some heavy realizing by
the professionals undoubtedly, but on
the other hand the public will be likely
to send in flood of buying orders, and
the clique, too, if it wishes to create a
large public market. Will be likely to
Tar ant al a a IN r
defence. On the whole. the stocks both
look attractive to many people familiar
with the Keene tactics in the recent won
derful campaign.
The coal securities generally were the
features Of the railway list-the Erics, On
tario and Western, Norfolk and Western
Pennsylvania, and, to Il certain extent,
the Readings. showing heavy buying and
a tendency to advance in price, despite
important realizing by profe ssional inter-
ests. Ontario and Western went above
IS and closed near the top, the highest
level of this movement. The Fries all
made new high prices, the common 43l5
and the first preferred a. Pennsylvania
went up to l4S. 1t is said that Mr.. keene
is devotng a portion OF his time to
these securities as well TO the steel
stocks. There are many matters that
make the group attractive as invest
ments. earnings being very heavy and the
outlook very rosy. The rumors regard
ing the Erie connection with the Morgan
Elll tranScontlnental line are hedru IN
the street repeatedly.
One of the theories lately developed is
that the Pennsylvania is to be allowed to
acquire an interest in the Wabash in re-
turn for allowing the Goulds TO buy into
the Norfolk and Western. II is said that
the recent buying Of both these properties
indicates some important plan in which
both the big interests are working 1t can
he understood with little difficulty that
some such scheme might be of great bene-
fit to both Norfolk and Western and Wa
bash, and at the same time might be
made TO harmonic all difficulties regard
ing the Wabash entry into Pennsylvania
territory. People VINO believe that there
is a Wabash deal of some kind are buy
ing the preferred stock heavily and pre-
dieting that its price will go much higher
They point to the advance in Missouri
Pacific few months ago to a level which
most of the professional critics of the
market considered absurd and yet which
now is not thought to be in the least out
OF line with the general market.
The granger stocks were irregular in
their movements. st. Paul and Union Pa
ciiic seemed to be under heavy pressure
all day and they closed with no net gain
On the other hand the Atchison securi-
ties we're very strong. the common getting
as high as 500 and closing at the top. and
the preferred as high 1915 and closing
at SO. The July report Of the Atchison
company is expected in day or two, and
IL Is said that it will show wonderful
Increase in both gross and net earnings
The New York Curb Market.
NEW YORK, Aug. 26.-The outside mar
ket was strong in the early trading, but
later reacted In sympathy with the move
ment on the stock exchange. Many is
sues that have for a long time been ne
elected were traded in today generally
at material advances American Can was