The Washington times., 1901-11-22
Government Bonds.

| staEnatiOu with prices simply holding
! their own, and with the professionals
alone doing the small amount of business
| transacted The public and the large in
! tc:ests seemed to be waiting for easier
money conditions or something more
/ definite regarding the railway situation
in the Northwest
With little warning boom began in
New York Central that jumped it from
163 to 16S and fraction. the buying being
| Cf the most important character Other
| Vanderbilt stocks followed the lead of
| Central and n short time the entire
market was changing color from dullness
| to sprightly buoy2ncy. The close of the
! Gay was at near the best level and the
outlook for an active and advancing mar
| ket was much better than it had been at
! any time during the week.
Manipulation by Insiders.
Such a change of tone is always the re-
suit of manipulation, of course. The
public does not ever come into the market
together after keeping away for two or
three days. and when there has been no
news to cause sudden enthusiasm. The
public does not act in concert. 1t follows
the leaders always. The room traders
very seldom work together, except when
some important announcement has been
made.
The important reople. the big pool
manipulators. working for themselves, or
for the insiders, are alcne able 10 pro-
duce results on q large scale in short
time such as the boom of yesterday aft
ernoon.
The interesting question regarding yes
teTdays boom is, Of course, what is the
intention OF the big interests in making
the squirt. Some people said yesterday
that they are simply taking up one group
of stocks after another in order to hold
the market Up while they sell stocks An
other view is that they consider condi-
tions now sufficiently good for an i'm
pUrtant advance and are beginning bull
oampaigr in earnest.
THe Prosperity Arguments.
Locked at from the outside the argu-
n.ents all seem to be in favor Of the
theory that the market will improve dur
ing the coming winter. whatever may be
its immediate course. Business conditions
continue good; hut more than that-they
continue to improve. Railway earnings
are larger this month than they were
last, and hence larger than they ever
we're before.
As Mr. Morgan is reported to have said
dance of gold. if not almost a superabun-
a1ce. The iron and coal trades are
booming, and the reports do not suggest
that there will be Guy diminutiCn in their
pre- -perity throughout next year. The
same activity IS noted il nearly all lines
OF business.
And in addition to this excellent argu-
ment there is the other that Mr.. Morgan
and his friends, ana the Harrimans and
rh. Fyi1 do l.r- Of
ties, new and old, that they must dis
tribute some day. ana the sooner tie bet
ter, OF course. These securities can not
be sold 10 the public in q day or week.
and they cannot be sold in year unless
the market is broad and active. because
the public Will not buy in any other kind
Of market.
The Old Vanderbilt Rumors.
The old runors were renewed regarding
the Vanderbilt plans. but the street heard
little new regarding them. The story was
told again that there is to be 4 Wander
bilt holding company. similar to the Penn
sylyania company, or to the Northern Sc
curities Company, and that the New York
Central VIII benefit by the new deal ma
JeTiaily.
Another class Of rumors had to do with
y
the possibility that the dividend OF the
may be increased materially, OF
the surplus be divided in some other way.
II Is beyond dispute, as has been pointed
out heretofore in this column, that the
Lake Shore surplus must be considered a
direct asset. and one Of immense value TO
the New York Central.
The entire surplus could be given to the
Central stockholders before the end OF the
present year if such plan were desired.
But even while the money continues in
the name of the Lake Shore, it makes
every share Of Central stock so much
more valuable intrinsically.
Manhattan Jumps Five Points.
Next TO the Vanderbilt securities. Man
haitian was the feature of the market The
stock advanced points, to 1864, and
closed at the top fraction for the day,
making the record price since 1893. Met
rcpoltan and Brooklyn Rapid Transit
were strong. but made no such advance as
Manhattan.
The boom in the one stock to the
neglect Of the others somewhat dampens
the ari0r OF the theorists that have been
talking OF a combination of the New York
traction companies. 1t gives added weight
on tie other hand to the talk Of the large
earnings Of the Manhattan, and the out
look fer stiH further increases in business
when the new electric power Is installed.
Bull Talk ON Reading.
Rumors OF important developments In
Reading were heard in many quarters
yesterday afternoon and persistent heavy
buying Of The securities OF the company
the street to credit them, in a
measure at least The statement of
Wednesday that control of the Lehigh
Valley has been secured was reiterated
Another story was that the Jersey Cen
tral dividend is 10 be increased, which
would add materially to the revenues of
the Reading OF course.
The prosperity Of the Reading company
is sufficient to explain much strength in
It's securities, however. II is said that
the October statement Of the company
viii show a handsome increase over that
Of last year, and friends Of the company
say that a dividend on the common stock
IS among the possibilities Of next year.
The other coal securities were all strong
ana all closed practically at the Lest
prices Of the day.
May Join the steel Trust.
One Of the stories yesterday was that |
interests closely Identified with the |
United States Steel Company are com |
5ining the steel plate concerns Of eastern |
win q uiav, 70 their ,,lti. !
mate purchase by tho trust Ii is said. |
however, that q new company viii be |
formed al first, with a capital OF $25. Coo |
JgC, ana that the business viii be run for |
a time independent Of the United States !
steel concern.