The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-03

the cause of sharp drive at prices gen
| orally during the last half hour. other
wise it could be said that the market FOL
| the day was entirely satisfactory as tn,
| morning business was buoyant and III,
buying of an excellent character. Wha
the drive may signify is interesting tu
there is no way for the outsider to dis
| cover this until events develop. Som'
| people take the gloomy view that the long
lookedfor break is on hand. and otheri
consider the little furry only an inciden
! soon to be forgotten in the big uyini
which they expec. to see today 1t ma,
be said with truth that the break in Sugar
and the advance in the call money rate
| are unimportant in themselves. Sugar i:
manipulated rankly in the way that ii
| likely to get the most money out of tht
| public. Money was manipulated, too. yes
! terday with the same idea, and it is Out
of the question to suppose that high rates
can exist for long. 1t is possible, how
ever, that the public may be frightened b!
| these matters and may sell enough stock
to cause further decline. No more thar
four or five point break is looked for in
| any event. and there will be excellent
| buying before even such a decline has
reached the end of its course.
The banks have gained 81 900, 900 since
will be good one as far as can now be
foretold. This fact with the certainty
of big supply of money as soon the
January disbursements get back to New
York in any volume make the advance OF
call money to 10 per cent seem a very
fimsy pretext. 1t is probable that the
Morgans and others viii be on hand today
with all the funds needful to get the rate
down to 4 or per cent again.
The sugar situation is interesting, but
not novel. The price of the stock had
been marked up SO share in two
days, 20 1i9, on the rumor of an entire
settlement of the sugar war and of an an
nouncement of this event to be made yes
terday. Instead of any such an announce
ment, there came the statement that the
Sugar Trust, followed by the Arbuckles.
had lowered the price of refined sugar 10
points. This took the bulls by sur
prise and there was q scampering of the
little holders OF the stock to get out of it.
The next move is not made yet and there
fore. is still Stygian mystery, but as the
street is now again bearish on the stock,
perhaps the most likely guess is that it
VIII advance today after the opening.
Many new top prices were reached for
the present movement yesterday and. of
course, a number of them were the best
on record again. Pennsylvania vent
through $50 as had been predicted and it
was very strong all day, closing within
small fraction of that price Nothing
new was heard regarding the stock, but
the cold weather was one bullish factor
and the repeated talk of per cent for
the stock another. The buying is said
TO be of the best character.
Other anthracite coal securities were
buoyant early in the day on account of
the cold weather perhaps The Readings
made new high prices. the first preferred
getting to " SIS. There were sharp breaks
in Delaware and Hudson and Jersey Gem
trail at the close, the former going off five
points to 129. The Erie securities were
all bulged up TO new high prices at tie
same time that st. Paul was making its
big advance. The double incentive of the
fine coal situation and the talk of a COM
bination of some kind with the St. Paul
and the Northern Pacific is making these
securities great favorites with an excel
lent class of buyers. -
The grangers were again among the
notable features of the list, and again St
Paul was tremendously strong and Bur-
lington and Rock Island failed TO keep
pace with it. st. Paul bulged up to I49
at the opening, and it sold as high rs
149 IL later in the day. 1t closed at
14S Ia. Burlington sold up to IA. and
then tumbled to 142 at the close. Rock
Island sold as high as 122 Ia and then
accompanied, Burling ton down TO 100, clos
ing at 100 as. AS far as these two Sc
curities Fe@coneerRed- the day was viz
tually repetition of Monday. 1t IS be-
lieved by some OF the best people in the
street that Burlington will probably close
up to gap between il and St Paul in the
next few days There is no reason to be
pessimistic regarding St Paul at this
price. however, for its advance has been
due to the best possible cause buying for
investment and for control by some OF the
leading railway interests of the country.
A recession of a few points is always
possible, but the permanent level of he
stock is likely TO be above the present
one. ST. Paul is going TO an investment
basis. Atchison preferred made another
new high price record above 80. The talk
OF par for the stock does not seem nearly
so foolish TO the bears who sold it short
at 20 as it did when. they sold 1t. With
earnings of per cent on the preferred
and 6 per cent on the common stock pres
ent prices are still cheap intrinsically.
The steel securities at one time in the
had q bulge which filed their
friends with hope, but later they lost all
heir gains. Federal Steel made a new
nigh price, So and Steel and Wire sold
Is high as AZ 1-2. Tennessee Coal and
IRON and Colorado Fuel both followed the |
same course with high prices and sub /
iequent declines. Car Foundry common !
was the exception 10 the rule in this |
group. making a sharp advance at the |
lose Of the day to above %. Yesterday |
was the day for action on the dividend |
IN this stock. and the rumor got around |
Il some quarters that the payment will |
De continued. The company is earning |
he dividend of 2 per cent and much more.
)ut not long ago it was said that it might |
De passed.
The Pacific securities were all strong |
Union common made squirt to SO Is, a
lew high price record and closed at
2 is, with a good net gain. Northern |
Pacific common went almost to Sc. but |
alter declined TO 81 ga Southern Pacific
vas taken up for the first time in sew
raj days and advanced to i5 Ia 1t was
aid that the buying was for Mr.. Keene |
md it was not considered so good as that
# the other Pacific securities. The stock
declined to below its opening price before
he close 49,
Washington Stock Exchange.
sales-Capital Traction As: S10O06107;
Lincoln National Bank: 3Oa12O; Union