The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-15

ones. Inc lnduStrial STOCKS were weak
early in the day with few exceptions,
but they recovered later and were more
or less of a feature in their activity and
strength. No particular reasons were ap-
parent for the weak tone of the railway
stocks and it is to be attributed to the
technical causes that have been at work
for a week and more now. There is
liquidation of some of the heavy holdings
OF long stock, and stop loss orders are
being reached as prices go off. 1t is out
of the question to predict how far this
movement will go before it is checked
by renewed buying in large volume. 1t is
still the opinion of some of the best in
formed people that the boom of this win
ter is not over yet and that be the re-
action for a few points or for ten points
more there will be sharp recovery at
some time in the not very far distant
future, and higher range of prices than
those already attained Many stocks, per-
haps. have reached their top level, but
the majority seem likely to advance from
five to fifteen points from the best pre-
vious tops. Money was easy yesterday,
| and the talk Of gold exports had no bad
| effect on sentiment. Call loans were
made at per cent.
The activity of the steel securities
| caused much comment. American steel
and Wire common stock continued its
| big tumble of last Saturday early yester-
| day morning, and at one time sold as low
| as 49, In sympathy with this stock Fed
eral Steel common sold off to SO 1-2, and
Tennessee Coal and Iron to 81. Late in
the day there was a sharp recovery in the
entire group, Wire advancing to Al and
Federal Steel common advancing to Sc IL.
and closing at Sc Is. There were various
theories put forth to account for the new
interest in these securities. 1t was said,
for instance, that the break in Wire was
due to cut in the wages Of portion of
the hands of the concern, and by another
crowd it was said that the selling of the
stock was simply to get the price off, SO
that the insiders might accumulate. The
outlook for this group is undoubtedly ex-
| oellent The long story printed in the
New York Tribune" on Sunday that Mr..
| Morgan is getting all the steel concerns
| together in community of interests may
not have much positive foundation at this
| time-although it was printed with much
confidence on the first page of the paper
but ii is certain that such plan is be-
| ing worked out slowly by the purchase of
stocks in the various concerns by the CEN
| trail coterie of capitalists. The movement
| in this direction is quite as important to
the steel securities as the same movement
in the railways has been to their stocks.
cred to be an especially good purchase.
1t is known in this case that Mr.. Morgan
and his friends already have a very large
block of the stock. The Federal Steel
meeting is understood to be scheduled for
today. The best information obtainable
is that a per cent lump dividend will be
declared on the stock and that something
will be said of a further dividend in the
future.
The coal securities are rather stronger
than the general railway list. For this
there is the excellent reason that al
though the anthracite deal is fastened up
and assured with all its resulting benefits
the advance in the group has not been
SO great as those in other parts of the
list The Fries. Jersey Central and Della
ware and Hudson have doomed, but the
Fries seem likely to go higher still and
the Readings have not had their fair
share OF the advance. The buying of Erie
first preferred was considered excellent
yesterday, and it went as high as g. ga
and closed at sc rs with a good gain for
the day. There is a Tip" that the COM
mon stock is to be advanced this week.
The statement is made that Mr.. Morgan
paid 1e0 for the Jersey Central stock he
bought and that other stockholders can
secure the same price IL they wish 1t.
The sharp bulge in the New York Trac-
tion securities led by Manhattan, last
Saturday, was not in evidence yesterday.
the entire group sagging nearly all day.
Manhattan from a high price OF 126 on
Saturday went down to 119 IA at the
close yesterday, that being also the low
est price for the day. Brooklyn Rapid
Transit and Metropolitan closed at 81 1-2
and 1s7 liz, respectively, both prices be-
ing the lowest for the day. There is still
talk of a deal of some kind in this
group, but many believe that the bulge
of last week was simply a manipulative
squeeze on the shorts.
American Tobacco was one of the fea-
lures of the list yesterday, making high
price of III 1-2 and closing at lie. with
an advance of a point or so. The reason
for this strength and for the buoyancy of
the Continental securities also was the
announcement that the deal has been
completed for the acquisition by the trust
of two of the greatest New York cigar
manufactures.
The announcement that the Norfolk and
Western has secured the Cincinnati Belt
Line caused much comment yesterday.
The deal thus eonsummated is not by any
means the least of the railway deals of
the present season of big deals. This line
encircles Cincinnati and controls almost
all the terminal facilities of the city. By
it's acquisition the Norfolk and Western
gets direct trackage over the Big Four to
Chicago. a thing that the road has wanted
for a long time. Both of these securities
Norfolk and Big Four, were strong. the
latter having big squirt early in the day
| to 81 and closing at 10 "a, with a net
gain of more than points.
The grangers all went off rather badly.
| the street seeming to have come to the
| conclusion that the upward movement in
them is over for the present. st. Paul
| went below $50 at one time and closed at
| ISL Is only Rock Island and Burlington
got back to their levels before the recent
bulge, and Atchison preferred went as
| low as So 1-2. Atchison preferred will
probably have another advance in the
near future It is still selling much be-
| low it's value. The one exception to tie
general weakness in this group was Chi
cago Great Western, which spurted to
| is 3-S making its first move of the season.
| Washington stock Exchange.
Sales-U. S. Reg As: $10.o00G114 Is;
| Union Trust and Storage Co.: 10d101 "a;
Riggs Fire Insurance Co: 50@7 SIS; Capt.
tai Traction: s6d104 So, 12Gd104 1-2:
Washington Gas: 25GsS IS: C. and P.
! raIapbopa. o0nT2. Maroanthaler IinotyDp.