The Washington times., 1901-10-12

market. and both have been confident and
both have had good people on their side
| If the general gossip may be believed.
| The bears have talked of much lower
| level for the market as certain. The bulls
| have contented themselves for the most
| part. with the assertion Of their belef
that the decline was about over and that
| stocks might be bought on further reces-
| siOns for a better condition of things later
| in the year. Both parties were entirely
wrong as far as the immediate market
was concerned. On Thursday there was
a notably strong market under good buy-
ing in many of the railway stocks, ana
yesterday all day prices advanced sharp
ly and in some cases sensauonaIy Net
gains for the day were to points or
more in the most active securities Inc
volume of business was much increased.
The buying of some stocks was phehom-
enally heavy. and of such persistent
and aggressive character as seemed 10
preclude the possibility that any but the
very largest interests We're concerned.
The close Of the day was at the hlghest
prices attained and the buying defnanu
! when the gong sounded was apparently
not in tie least abatcd. 1t was railway
market and the granger and Pacific Sc
curities were the features. but many other
groups of railway stocks We're prominent
and the industrials. too, were fairly strong
and active all day.
| Apparently il is impossible to take any
ether view Of the market than that the in
/ siders have again begun a campaign for
| higher prices. For some time past there
/ mas heen lttle evidence tnitl lntE were III
! the market, and indeed the only rumOrS
| that were heard were of certain of the
| large people being on the short side.
! Prices went off badly in some issues, the
| industrials especially, but there was little
| activity and probably no great amount of
liquidation except in the few securities
| Immediately affected by the bear raids.
| During the past two or three days, now
| ever the market has been entirely differ
ent in character, not only in the move
ment of prices but in the volume of bIisi-
ness and in the magnitude of the orders.
| Yesterday hundreds of orders for thou
| sand share lots Of different securities were
| executed. Such business is never the work
| of the professionals. The change in the
| character of the market will be likely to
| have a good effect on the public 1t may
cause a considerable activity in the com
| mission houses. If this occurs and If the
| insiders are really anxious to cause an
| important advance in prices 1t Is not IN
the least unlikely that the coming few
| weeks may see quite a BOOM
Several matters are considered to be
favorable to such an advance IN the I'M
mediate future in addition to the general
conditions that have been dwelt on by
the opti'nists during the past two or
three months. For one thing il is prob |
able, that the flow of money to the in !
terror has nearly if not quite ceased and
that the monetary coalitions in New
York from now on will be easy. The |
bank statement today will be good one |
If the experts are correct in their prog
nOstications. 1t is stated that there will |
be an important reduction in the loan |
account and that the cash holdings of the |
banks will either show an increase or |
only small decrease. 1t is believed. |
therefore. that the surplus reserve will |
be Increased in a most satisfactory way |
The Government corn crop ngures were |
not especially favorable, but they were |
not unfavorable. compared with those of |
month ago, and therefore had a good |
effect on the stock market. The action |
of the Atchson directors in declaring |
a 2 per cent semi-annual dividend on |
the common stock of that line was, of |
course, considered bulltsh item in the |
situation.
But while all these matters We're cheer
fu in their nature ii is doubtful If there !
combined influence would have teen SUI !,
ficient TO cause any great change in the |
market if it had not been for the new |
story that the Hill Morgan people are
completing their deal for the financing of |
the BurlingtOn-Northern Pacifc-Great
Northern combination and if this story |
had not been followed Yesterday by per-
sistent rumors tnat there is also a St
Paul-Union ific-Northwestern deal
along much the same lines These two
stories, coming as they did from what |
should be considered excellent sources,
and being accompanied by heavy inside
buying, had what almost might be called
an electrical effect. The spectators be-
came confident bulls instead of persistent
bears. The shorts covered all day and
more and more feverishly as the advance
continued. The public, even toward the
end of the session, became quite an i'm
portant factor.
The Northern Pacific-Burlington story
did not attain TO any greater positive
ness yesterday The statement was made |
directly and fairly that the Hartman in
terests had given out the story On the /
other hand, Mr.. Hin gave quite as
straight denial of the entire rumor The
public sided with the Hartman people in
the matter, perhaps only because prices
continued to go up in the securities af-
fected. 1t may be noted, however. that
Mr. Hin has denied other similar stories
quite as positively in the past, which
later proved 10 be true Perhaps looking
al the matter quite without bias. his
denial should not be considered an in
surmountable barrier to the truth of the
rumor.
More interest centred yesterday in the
ampliflcation of the first story to include
pretty nearly all the railway interests in
the Northwest. 1t was said that not only
are the Hill-Morgan people arranging to
foat a new company to own the securi-
ties of their railways in the w sst, but
that the Hartman and Standard Oil peo-
pie are building a combination of the St
Paul and Union Pacific. Not content with /
this, the opumist suggested that the re-
suit of the different deals will undoubt-
edly be the securing of the long wished
for and lOng-deferred general harmony
and community of interests
This story was more potent in it's ef-
was the star OF the day. making one of
the finest advances in its history from be
low 160 to l67. 1t was bought in thousand
share lots all day and advanced with
great steadiness. Union Pacific was only
less buoyant, getting above par and clos
ing at the top price for the day. Along
with thes securities Rock Island Atchison
common and preferred. Missouri Pacific
and Southern Pacific were all buoyant in
an entirely unusual way.
The anthracite coal securities were per-
haps next in favor to the granger and Pa
cific stocks. Two causes were alleged for
this. Il was whispered in some quarters |
that the Erie is to be included in the
Morgan-HilI consolidation plan and that
the Erie securities are likely to be active
and buOyant for some time to come. The
fine condition of the anthracite coal trade
was also much discussed. The annual
effect on the market, although ii showed
a much less inspiring condition of affairs
than had been expected by some people.
The surplus Of the system for the year
was only 81 300. 600. This should not cause
any anxiety. The report is for a year
and Il covers no month later than last
June. The advances in the price of coal
did not begin until May, and none Of the
effect of the total advance of 80 cents a
ton has yet been felt when the year end
ed The business of the system in Sep
tember and October is said TO have been
fine. The strike Of the anthracite miners
occurred last year also and caused large