The Washington times., 1901-12-08

ing the entire week there was selling
OF railway and other securities to protect
holdings in il. purchased in some in
| stances thirty and forty points above the
present level. The public was compare
lively a small holder OF Manhattan. and
where the stock was held very ldrsv
profits were shown on it, so that the
slump or Friday and yesterday did little
general damage. At the sane time the
advance in the stock was SO tremendous
and the slump so rapid that it attracted
the attention Of the entire street.
The Clique Has Liquidnted.
1t is not possible to know with any GER
tainty what has occurred in the stock, but
it is fair to presume that the clique which
manipulated the advance did so on the
basis that the stock was worth more than
it was selling for a month or two ago. The
movement obtained momentum as IL ad-
vanced. and toward the last the outside
buying was sufficient to allow the clique
to sell out and take its very large profit
and land a few people with stock
purchased at a high level Mean
while the advance probably went further
than there was any legitimate basis for
or viii be for some months to come. The
outlook for the company is very good,
and in time the stock may be worth 40
or 1j0 or even more on earnings and divi-
dend disbursements.
There is much interest in the Steel Sc
cUTities and in other stocks of companies
allied with the steel and iron trade in any
way. Conservative people in the trade
and in the street are Of the opinion that
these securities are likely all to sell at
a considerable higher level during the
coming year. The earnings OF the United
States Steel Company have been published
fully In this column from time to time.
The showing is one of the best ever made
by any Industrial company. or course
the total Of earnings is larger than any
ether company ever made. but even COM
pared with its size the concern is un-
doubtedly prosperous in = handsome way.
L. &. Steel and the RniIwnys.
one most important feature of this Nor
gan amalgamation OF steel concerns is
that it is in the closest OF relations with
the railways OF the country-Mr. Morgan
is the greatest railway financial manager
in the country as well as the greatest steel
fnancier He and his friends control the
steel business and they also control the
greatest railway systems. Every import
ant railway man in the country owns
steel securities. The steel people own
railway securities.
The United States steel Company there
fore is certain to get the railway supply
business. or as much OF it as it can
handle Moreover it will get high prices
for its rails and bridge steel and other
materials. The railway managers-MT.
Morgan and his fricnds-wll not feel too
anxious to economic in their steel bills
when they are taking money out OF one
pocket to put it into another This is an
excellent argument on the steel stocks.
Mr.. Bcruind and Atchison.
Mr.. Berwind. who has been conspicuous
at times as a purchaser Of the Atchis0n
securities. says that he is buying for him
self alone and that he IS in no way an
agent OF the Pennsylvania people This
statement coincides with that OF the Penn
sylvania people and may be considered
the truth. with a reasonable degree of
certainty.
Neither the Atchison securities nor the
Pennsylvania stock need be sold out on
this account. however. Many careful peo-
pie consider Pennsylvania much more
worth its present price than New York
Central. The Atchison earnings are very
heavy. and are far in excess Of the div
lend requirements. There is every pros
pect that they will continue so. The pres
ent prices on these stocks, therefore, are
considered in conservative quarters to be
not in the least excessive.
An Oil Transportation Co.
The organization Of the Beaumont Oil
transportation Company. which was /
brought about by a number of Southern
CONTINUED on Fifteenth Pags.)