The sun., 1900-03-28
Financial.
BroadIDeaB in Railroad Stocks
the Characteristic Of the =
Security Market.
READING 1ST THE FEATURE
Baiti'uore and Ohio Isssses Are Re-
laxing---Big Demand From
New York for Reading.
Gossip of the
Street.

DIoauening OF deanngG IN railroad
stocks continued to be the striking
characteristic OF the security market yes
terday. This buoyancy reached even
those stocks which have been laggards
during the late spell OF activity. The
consensus of opinion even among the
most bullish followers of the market is
that the rise has been too fast, and that
a substantial reaction will have to come
before conditions will be at all safe on
the long side. Increasing irregularity
from now on may be looked for, and
those who have not taken profits on
railroad shares are advised to do so very
soon.
Reading 1st, preferred, was the feature
Yesterday. 1t opened at 60, went to SIS
and clos d at 64 6 s. Reading general
closed at SS9. Southern Pacific was up
I. to 43; Union Pacific to 57I; L. & N,
81; Atchison, preferred, 71s; Reading,
common, 19a. Baltimore and Ohio issues
are relaxing.
There is nothing on the railroad lis
which ls cheap at these figures and fo@
the most part these stocks are selling ON
a false level reached only by the most
energetic manipulation Of bull pools.
Baltimore 4 Ohio common is the most
fiagrant case in point. The official
denial that any dividend will be paid
Tor year to come leaves the stocks with
out solid leg to stand on, for no one be-
lieyes the Pennsylvania control rumor.
1t is believed that short sales from this
level up will. yield handsome profits, for
manipulation even under so astute
a general as Mr.. Keene cannot prevail for
ever.
There was good short interest in
Peoples Gas yesterday. There was no
hurry to sell any of the Pacifc's as all
were expected to go much higher.
A three-point rise in Welsbach Com.
mercial, followed by sympathetic ad-
| vance OF 4s on the preferred, attracted
attention.
The American Tin Plate Company will
advance wages Of about $4,000 employees
, a per cent. April |.
! Philadelphia banks have $144, 164, COO
> outstanding in loans.
big demand came from New York
for all the Reading stocks. Blocks of
one to three thousand shares of the COM
mon were taken at the top price, and the
first preferred reached new high range
for the year.
S Touching upon the doubtas to whether
n the iron and steel market is increasingly
Y strong, or whether a break in prices is
c threatened, President Gray of the Fed
+ eral Steel Company, says that last week
: he made a contract for 10000 tons of
steel rails at $50 ton, price So better
n than last years average.
Thirty-seven railroads reporting gross
g earnings for the third week of March
e show an Increase of $495 332, or 1924
g per cent. over the same period of last
year. In addition, the Southern railway
shows a gain of $75,006, and the Pitts
burg & Western Sl6,S ,S64.
J. Notice has been served by the Wabash
Y Railroad that it will 40 longer be gov
d erned by Rule of the Western Passen-
e ger Association concerning party rates.
o Passenger agents say that it may lead to
d the abolition of party rates by all Vest
e ern roads. The notice was given on Feb
T. ruary II, but for some reason did not
reach the Western Passenger Association
until March IL. In view of the fact that
the Association was about to consider
the action of the Government in de-
Il manding the benefit of party rates and
that the st. Paul lines were endeavoring
N to settle difficulties over labor rates.
I. General Passenger Agent Crane, of the
! Wabash, was induced to withhold his
': notice for some time. When, however,
ID he was asked to further withhold it un-
D. til the Executive Committee could con-
e. elQcr tDe matter Oh party rAteS III con-
At nection with Government business he
+, refused and publication of the notice was
If forced.
G. U. p. Huntington, president of the
IL southern Pacific Company, has arrived
IS. in San Francisco to attend the annual
es meeting of that corporation, and inspect
m ts various lines.
is Despite the tendency of last Saturday
for easier money in the local market, nc
er perceptible change has yet taken place
n. Opinion seems evenly divided as to ths
d. future of the market. Time loans art
ng A to per cent, and call money to 4!
he per cent. A slight abatement in the de-
Ic- mand for commercial paper was reported
he Quotations are Al to per cent.
N. Dividends have been declared as fol
,ct lows: Havana Commercial Company
re- preferred stock, II per cent. quarterl.
ill payable April 16.
is Parkside Apartment House Company
ro- per cent, payable April Ii.