The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-04

me baltimore ana pTlO securities were
both advanced rapidly during the after
noon. the common making one of the most
sensational spurts in its pyrotechnic career.
| The opening on the common was at 81. and
the high price touched was SIS 1-2 The
close was at Sc 81 The preferred opened
at 81 IS advanced TO 50, and closed at
So 12. People who know the condition of
the Baltimore and Ohio thoroughly and are
not disposed to discredit its recent mar
velous earnings statements in the least,
nevertheless believe that The price of the
common stock is entirely too high at its
present level. The company is earning
between and 10 per cent en- the stock
after the payment Of the full dividend on
the preferred stock. Fake stories to the
contrary notwithstanding, however. there
is no prospetc Of a dividend on the stock
this year. This is learned on excellent au-
thority. The company has immense i'm
provements 10 make on its lines. IL is
issuing bonds for this purpose and it is
eXpending surplus earnings also. There is
every reason to believe that it will con-
tinue to 10 so. The management of the
company will have sufficiently fine record
behind it at the end of this year if it has
paid the full preferred stock dividend ana
expended immense sums in addition on the
necessary betterments. For system so
lately in the hands Of the receivers such
record is a wonderful one
What the meaning of the great squirt in
the stock is traders may judge for them
selves. Apparently 1t is clique manipula-
ton of very rank kind. And no matter If
the stock goes higher ii would seem certain
that its tumble in the near future must be
big one. Even in the unlikely event.
that stockholders are to be given rights"
of some kind in connection with the rails
ing OF funds for betterments Zone of the
stories circulated yesterday such rights
would seem TO have been much more than
discounted in the advance Of the stock
from 60.
The coalers were active and buoyant
yesterday afternoon. Reading first IRE
ferred advanced TO 60 81 and closed at
% 5-S. with a net gain of three points.
Jersey Central advanced to 100 and other
securities Of the group were all strong
The movement in these stocks has been
expected and predicted for several days.
Il is extremely probable that it is not
over yet but Reading first preferred has
way of dropping back nearly to its
former level. after such an advance. even
when it is strongest. which is most dis
couraging to people who buy it on the
I bulges. There are tips in the street 10
buy Ontario and Western for 30
The gross earnings OF the Burlington
for the month of February were So 3S7, 355.
an increase over February OF last year
Of $3.50 $50. The net earnings for the
month were $l,l63s11 an increase Of
s6S 1876. The grangers were again buoy
ant yesterday. reaching 10 new high levels
for this movement II. Paul sold at 126 IS,
which with the dividend paid two
weeks ago would make the price 12g.
Rock Island sold as high as III is,
which. with the dividend. would equal
l15 3-S. Burlington got no higher than 1873.
The close in all these stocks was near
the high price of the day. The Atchison
securities were somewhat neglected
The net earnings OF the Mexican Cen
/ trial for February show an Increase Of
| $50, coo. The Wabash statement for the
| fourth week Of March is the first TO APP
! pear. II shows an increase OF gross earn
/ iugs Of So GOO.
Z