The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-15

handsome advance was made during the
| first hour. After a decline of a point or
| two later there was another advance In
the afternoon and then another decline
| at the close. The day showed net gains
! in nearly the entire list, however, de-
| spite its irregularity. The street now
| looks for traders market for week or
two and perhaps until after the adjourn
| ment of Congress, The advance has been
| rapid and stocks must be digested at the
| higher level. Some of the market leaders
| are away from Wall Street also. which
Will tend to prevent an active bull move
| ment. 1t seems likely that during this
! period prices may get somewhat lower on
| the dips, although no bad break Is eN-
| pected by conservative people. Attention
| is turning to the steel securities and one
| or two other industrials and to the low
| priced railways for the moment at least
| These securities are considered pur-
chase on the breaks. News yesterday
there was none and the market fiuctuatod
almost entirely as result of the profess
sional tactics. The outlook for the bank
statement is that ii may not be very
good one, but money is easy and the street
| is entertaining no fears regarding the
financial situation.
The steel securities were again a fea-
much of their loss of Wednesday. Some
people, however believe that these Sc
curites may not be advanced as steadily
and rapidly at present as WIS at first ex
pected. One reason for this change OF
plan, If there has been one, is that the
insiders may not wish to make too fine a
showing while Congress is in session 1t
is also possible that Mr.. Morgan and his
friends do not intend to consummate the
steel deal until after March 4. At any rate,
it is very certain according to careful OBJ
servers, that there will be much higher
prices for the stocks in the near future
whether il be before or after the adjourn
ment of Congress. Much will depend on
the formal announcement of the deal II
this should come today, for instance, 1t
would be considered a most bullish argu-
ment on the steel securities. One OF the
statements yesterday was that the new
| company is 10 be holding company TAX
| ing the securities of the present concerns
| into It's treasury and issuing its own stock.
Western Union was again a very strong
! stock. During the first hour after an open
| ing bulge many securities went of sharp
| ly before they began to advance again.
| Western Union was not one OF these. 1t
| sold at no time in the decline more than
| one and one-half points below the top
| level 81. There is talk of par for the
stock, but the movement is professional
one, for the most part, and should be
watched carefully ii one is specializing in
the stock. The story OF the deal between
this company and the Postal is heard
again.
Peoples Gas was also a strong issue.
The statement of the company issued last
week has made many friends for the stock
and it has caused the bears many uneasy
moments. 1t is not in the least unlikely
that if the market is to be strong this
stock may have big squirt.
Atchison common stock is being bought
heavily by London and it was again one
of the strongest railway stocks on the list.
1t went off to SO 1-2 and then began to re-
cover handsomely, at one time selling at
81 81 only IA off from the top price. The
preferred had little break either yesterday
or Wednesday. 1t is one of the safest Sc
curities on the list for conservative
traders Rock Island showed some weak
ness, notwithstanding the tips sent out
recently that the dividend is to be in
creased and that the stock would be
pushed upward rapidly. Burlington also
was rather weak, but it closed above the
close of Wednesday.
There is again the tip to buy the New
York traction securities. They were all
strong yesterday. The Manhattan state
ment showed net earnings for the quarter
ending December 81 increased $4,000 and
surplus increased 800 900. 1t should be
noted with regard to this statement and
also that of the Metropolitan published a
few days ago, that they show increases,
although only small ones. compared with
the period in the previous year. when the |
Dewey crowds thronged New York. These |
crowds remained in the city for many days |
and added immensely to the earnings of |
the traction companies, making that quar- |
ter the most prosperous ever seen by |
them up TO that time.
General Electric was the most buoyant !
stock on the list as far as the bigness of |
its advance was concerned. Il had one of |
the most tremendous bulges ever made |
by a stock in one day in the history of the |
exchange starting at 1873 "a, and selling |
as high as 2I5. The close was at 211 1-2. |
The bulge is explained by semi official |
announcement that the company will de- |
clare a stock dividend of 80 per cent. The |
business of the concern during the past |
year has been tremendous, and 1t is stead |
lily increasing. /
The coalers generally were strong dur |
ing the afternoon, and they did much to |
keep the tone Of the general market |
strong. very likely. The cold weather |
made the friends OF the stocks confident. |
Reading first preferred went as high as |
20 rs, and closed at IS Ia. Jersey Central |
advanced 10 1873 and closed at the top. |
Delaware and Hudson doomed from 15f TO |
I5S and closed at the top. Other gains in |
the list were general. This group is one |
of those that has not advanced its full !
share compared with the remainder of the /
market. One or two of the stocks are per- |
haps high enough, but others, and especial |
ly the Readings. look to be worth consid- |
erably more than their present prices.
The Erie securities were active, and they |
made good net gains for the day. The |
statement was put ont unofiicially that |
dividend of 4 per cent is to be declared |
on the first preferred stock.
The ST. Louis and San Francisco securi- |
ties have had remarkable advances during |