The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-01

/ The persistent strength OF the market fills
/ the bulls with renewed hope that an i'm
! portant upward movement has been inau-
| gurated. 1t is probable. in fact. that the
/ declines in the future Will be unimTortant,
/ and the advances each time 70 higher
level. The sellers are not the people that
B hold important blocks of stocks, but the
/ bears who sell short aud the small people
: who wish to take profits. This selling is
net of the character that induces breaks
in the market WREN there is steady invest
ment buying and frequent bull manipula-
icn. The market first showed its great
strength when it refused to break on the
announcement CT the Queens death. on the
STATEMENTS that the st. Paul deal has been
abandoned, or at least postponed, and
! when the bears gave out the erroneous
I idea that the Wire dividend was to be
passed at the meeting Of the directors. 1t
became stronger and even buoyant when,
the bad news having failed. the good news
of the Mobile and OHIO deal came out. and
tho annual statement of the Steel and
Wire Company was made public. But there
have been numerous other reasons why
there should be a good rally, the fine net
earnings statements. the ease of money
the general trade conditions. To-day is
the last market day of the week, Saturday
having been declared holiday out of re-
spect for the late Queen. There is likely
TO be evening up of accounts on both sides
OF the market today over the double holi-
day.
The news of the lease of the Mobile and
Ohio by the Southern Railway was the
most important positive Information of
the morning. AS will be remembered. the
! probability of this lease was announced in
this column several days ago. II is a most
| important deal for both the Mobile and
| Ohio and the Southern, but perhaps par
ticularly significant to the public, because
of its influence on the Southern. The Penn
sylvania Railway of the South adds an
other important link to its wide reaching
system. 1t obtains a short line from st.
Louis and Cairo to the Gulf, which will
be OF great value to it. The purchase is
another step toward making the Southern
the great railway OF the South, and one of
the greatest systems of the country. The
Southern securities were advanced all day
on immense buying. II is entirely prob
F.! able that they will go much higher in the
near future. Mobile and Ohio jumped up
ten points in quite startling way. This
I stock is guaranteed per cent for year,
/ and then s, and finally per cent dividends,
/ and ii will undoubtedly make good show
| ing during the coming two or three years.
| But after the big bulge yesterday 1t does
not seem particularly attractive as a spec
ulation for immediate profits.
The steel securities were all buoyant
at the opening and during the entire
morning hours. They held their own
later. Some people expect to see them
Sell off now, but there are not few care
full people that look for much higher
prices for the group. 1t is the fact that
To-, 10 hoy
the most attractive on the list. Their
prices are unwarranted by anything in
the situation or anything that can be
imagined for the future. The Federal
Steel statement Will, it is understood. be
quite as good as the Wire statement.
President Mellen, of the Northern Pa
cific says there has been no deal con-
sidered by his board for the acquisition
OF the st. Paul In any way. He states
further, however, that the securities of
both these systems and of the Great
Northern are closely held and that deal
of any kind for the mutual advantage of
the systems could be arranged easily.
The grangers were fairly strong yes
terday St Paul advanced to above 152
and then seemed inclined to sag. Rock
Island held its own. Burlington. which
had Jagged behind Atchison and Rock ISL
and for a DAY or two, was strong and
closed at the top. Great Western, the
little granger, advanced to above 10. The
Atchisons. however, were the features of
the day. The common stock made a won
derful squirt to the highest price on rec
ord, 40, and closed at the top. The pre-
ferred advanced to 81, where it was prac-
ticaIly as high as at any time before. If
the recent dividend of 1-2 per cent is
considered. There is much bullish talk
on Atchison Common, the prediction being
that a dividend is to be paid, and that 1t
will sell at 60 in the near future. The
preferred is better liked by conservative
investors.
One OF the rumors yesterday was to the
effect that the Atchison, the Rock ISL
and, and the Alton are to be the sub
jects of another deal of some kind that
will bring them into much closer rela-
tions. There was nothing in substantial
ton of the story in the news of the day.
but it had a good effect on all these Sc
curities without doubt
Southern Pacific made a new high price
record, above 40. 1t was purchased in i'm
mense blocks, and probably more of the
stock changed hands than Of any other on
the list. In this connection, and as COM
mentary on the strength of the Southern
Railway securities, too, there was a rumor
in the street yesterday that the Southern
will secure control of the Southern Pa
cific in the near future. 1t is said that
Mir. Morgan is now working on this plan,
and that there is very little doubt as TO
his success.
Pacific Mail had most sensational
slump yesterday, from a. to Al in three
or four quotations. 1t was rankly
manipulated break. as far as anyone on
the outside could see. The stock recov-
cred the large part of it's loss before the
close. The talk of the big fight that is
still contemplated against the Subsidy bill
was the ostensible reason for the break.
The tobacco securities were fairly
strong yesterday, but did not advance in
the sensational way that their friends had
predicted
The New York traction securities were
very dull, a solitary transaction in Metro
politan being the limit in that stock. There
were small fluctuations on small dealings
in Manhattan and Brooklyn, and the close
showed only fractional net movements. 1t
seems entirely likely that If the strong
market continues today these stocks will
be taken up.
Norfolk and Western common was sold
yesterday by few people, and it went off
a trlHe. There was no good reason for
the weakness Of the stock, but the bears
pretended to keen disappointment over the