The Washington times., 1901-11-12

ises from the inside as to when an official
announcement will be made. Despite
these unfavorabIe factors, the market
held its own handsomely, and in many
cases showed excellent advances for the
day. The secret Of the buoyancy OF the
market lies in the fact that the public
has been persuaded to begin to buy
stocks and is now eXertinS an immense
influence in favor of higher prices. The
same influence is certainly likely to cause
q further advance Immediately. and even
If there is slight decline today or to-
morrow on re; realizing. it Is probable tnas
the public Will soon stop IT by purchases
on the recession. This condition has been
long waited for. 1t is of the utmost nm
portance to the future Of the market
II may be stated without eNaggeratloh
that this factor is of as much moment 10
the trend of prices during the coming slX
months as all the -t,ther influences tHat i's
may be eXerted together. ConserNaiNe
people are most hoDeful in their preuic-
tions.
At the high opening yesterday morning
I there was heavy selling of stocks ny the
professionals that have been booming
prices during the past month. AS mas
been said the public bought stocks. SOM
OF the larger professional operators were
! also buyers, apparently on the theory
! that. with the help of the public n DIE
November boom may be engineered me
insiders were believed to be buyers also.
but it was difficult to trace purchases to
! them directly. Price movements were
irregular, some1 stocks, like -. Pdul
/ and Union Pacific being strong enough
/ but not buoyant, while other securities
! that have not been taken up before We're
! jumped to n higher level rapidly. Some
/ of the recently weak industrial securities
I were also buoyant for the first time rms
! phase of the market is not bad sign;
! 1t looks rather like the usual tactics OF
an important upward movement when
! groups are moved up one after another
and not the entire list at once.
/ Baltimore and Ohio common was very
strong, getting mp to 10 at one time. The
stories regarding this stock were that
important developments will be an
nounced after the stockholders meeting
next Monday one story persisted IN
strenuousy is that the dividend on the
stock will be increased to per cent. rms
does not seem entirely unlikely, as the
earnings of the company for this stock
are as large as those of almost any other
system in the country. fully 10 per cent.
Another story is that there will be a
considerable issue Of new stock, which
Will be given TO stockholders at par, max
ing valuable right, especially if the divi-
dend is to be advanced. A careful ac-
count of the various matters likely TO be
taken up by the stockholders meeting
next week was printed in The Times yes
terday.
The feature of the afternoon market
was Union Pacific preferred. 1t advanced
or points, while the common barely
held its own. There was rumor in
the street that the preferred Will receive
exactly the same terms in the Northern
Pacific deal as the common stock, and
that for this reason the preferred should
sell very nearly, if not quite, as high as
the latter.
Nothing new was heard regarding the
Northwestern settlement. but the public
is beginning TO sec the possibilities of the
that the earnings of the railways of the
entire Northwest will be increased, not
only Immediately. but permanently. by
! this deal If it is a success, as now seems
certain There will be an end of cut
rates and of competitive railway build
ing, the two things that have done more
to destroy net earnings than all OTHER
factors combined. And Furthermore, it is
not to be doubted that this good system,
/ once well established in such an import
ant way will be adopted all over the
country with equally good results Great
Northern stock was active and strong
( yesterday around 200. Northern Pacific
preferred 9lso was strong in the after
: noon 1t may be pointed out that, aside
I from the great deal the earnings of these
! two systems for October are quite suf-
i hcient TO make conservative people bull
/ ish on their securities. There was an in
I. crease in each case OF more than 100000
in the gross receipts for the month.
Pacific Mail was one of the active and
buoyant stocks Of the day. selling within
fraction of 30 at one time. The talk
in the street is that President Roosevelt
{ will have something favorable 10 say of
the ship subsidy plan in his message 1t
is suggested that Mr.. Morgan and his
friends have been buying ships for sew
cral months in a wholesale way. and that
they would not have been 50 anxious 60
buy unless they had had an advance tip
/ of the President intention. Notwith-
standing the excellence Of this argument,
/ there is no reason to believe that Mr.
Roosevelt has announced to anyone his
intention 10 ADVOCATE ship subsidy. one
man who is close to the President goes
so far as to say that the age Will
have nothing whatever 10 sa.' regarding
a subsidy for ships.
The Atchison securities were advanced
to new high levels in the morning, but
only held their own late in the day. The
system is earning per cent for the com
mon stock.
The rumor of a day or two ago that
there was likely to be trouble with the
miners in the anthracite coal regions
seemed to meet with little encouragement
Yesterday in the street. The Erie securi-
ties were especially buoyant and the en-
tire group went up during the DAY on
what seemed to be good buying Ihe
earnings Of the group are immense. There
is much bullish talk regarding ontario
and Western.
People's Gas was strong In the morn
ing but sold off somewhat later in the
day The talk of a cut In the dividend
on the stock is. to say the least, prena-
ture The dividend declared recently has
not vet been paid and there will not be
another to act on for some time.
The earnings Of the Illinois Central are
ospecially good The October gross earn
ings show an increase OF $4,000 over a
phrnomenally heavy month last year. The
earnings for the four months from the
beginning of the fiscal Fear show an in
creas,. Of 81 G45 0IO. The net earnings Tor
three months ending September sho" a
marvellous increase, nearly Ay1mo or
I nearly 50 per cent over the same months
of last year The stock of the company
is selling a long way below other securl-
ties on which the showing of earnings Is
not so good.
All the steel securities were active and
strong Yesterday. The United states
Steeis made new high prices and held
| tbeu1 well. despite heavy realizing II IS
said that the public Is huylhS thtSe stpth7
I heavily Tennessee Coal ana IRON @ @dItG
PenfihIic steel both advanced well, and
sy1erican Car Foundry common and pre-
feyrei were buoyaHt. The sharp ad-
,,anse in the latter stocks seems to be
- "a the immense demand for cars an
o,'cr Tho country and the high prices
! Ubat tbe company is obtaining. Inc gut
! ~ business on the railways has made al
| most "A car famine, and TINS Is resulting
| In heavy and importunate car ORDERS
Advances were made in Sugar and IN
| Conner IL was said that The buying IN
| ~ cae.s was largely for the short IN
! t.rest There has been much snort a-illns
| in sugar and the general strength OF ihe
market for msny days IN suGct S2ioi. Sil
1-,.rns TO have frightened the gambling
element
III, +tat there is n good prospect