The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-27
The gossip over this statement WIS
varied and interesting. Itleas apparent

United States Steel preferred.
varied and interesting. ft1kas apparent
Immediately Ihat some inssfsers h III be,4l
buying and selling stocks already on his
information when the staten ent APP
peared, as the various securities had b en-
tending rapidly toward this ela1,e De SIS
all the morning, and indeed curing the
afternoon of Monday. The pro essi on IS
continued this reacjustment duri. he
day until the close. 1t was noted very
quickly that the Moore prOperti have
been better treated than any others, COM
pared with the previous market price of
their securities lt was whispe- ed tn [
the Moore people had driven hard bar
gain with Mir. Morgan by retus to
come into the deal until they Cbt4 ne
their terms Another noticeable thing
about this statement is that while W.re
preferred stock is valued relatively much
higher than the Federal Steel pr ferred,
the Wire common is almost the cheaLest
in the entire group. This is atrib tel u
Mr. Gates careful work in his own in
tersst II is supposed that he must ha e
sold out most if not all of his coml-<,n
stock and bought in the preierrei- m
such an event. of course, Mr.. Gates is n
the man to care what may happen TO the
holders of the common stock.
The statement is taken by the street
to mean that the deal is practically COM
plcted, and that il is "A sue cess as Tar a
getting the majority stockholders OF the
various companies to come in Mr.. Nor
gan, 1t is said, would not issue any such
statement until the controlling intt fes S
had been seen successfully. 1t is PROB
able. however. that it may be some time
before the financing of the deal and the
other big arrangements In come ction
with Il can ne completed. Until another
and fuller statement Is made there vi |
~stil be many matters in doubt. One OF
these Is TO whether the stockton lei
in the present companies viii be 70 cod to
sell out. One statement made is that the
charters Of the various companies al
- lot faf
majority Of the stock shall be final in re-
gard to selling out to another concern.
This would mean. of course, that as the
controlling interests are already pledged
forced to sell out or trade for Tn ted
States securities. Il is possible. howev r,
though not probable, that the old securi-
ties may remain on the market
The trading in the United States securi-
ties .'on the curb was begun vest rday.
There was also some trading in the
rights of present holders of old secud-
ties to exchange them for the new st Jcks.
The United States common opened at 80
and advanced TO 40. The preferred was
al 81 to So The rights were quoted at
100 bid and 100 offered All of these prices
suggest that the present level of most of
the steel securities is considered "A little
too low by the professionals.
The grangers were the most interest
ing group among the railways St Paul
sprightly a fashion during the big
boom OF month or more ago II went
above 153. or five points up from the
opening, Jas II, and closed at 1853. only
fracuonally off from the top. Burling
ton advanced to li5 10. but sold off
later, and the others of the group also
sold of from their high prices. The ru-
NOR was circulated pretty generally that
there win be a dividend rate Of per
cent established at the next meeting of
the directors.
Also it may be stated that there are
MANY people that believe the st. Paul
deal is not off yet. The story told by
people who ought to know is that Mr..
smith, the large holder OF St Paul, was
the stumbling block to the success of the
deal at first. Mr.. Morgan had. perhaps,
forgotten him when he told his friends
that the deal was as good as closed. Mr..
Smith. however did not like being FOR
gotten and decided that he did not wish
to sell out when he was finally APP
preached. Now il is said that the talk
Of the substitution of the Burlington for
the ST Paul in the deal has caused Mr..
Smith to change his mind. OF course
there is nothing Official IN this. IL is
perhaps quite as likely thar the Burling-
ton is really to go into the deal in
stead OF the St. Paul. Another thing that
helped st. Paul yesterday was the gross
earnings statement for the third week
of February. which showed AN increase
of s5i.0oo
Inc AtcnlSOD statement Tor the month
Of January was published late yesterday,
almost too late to have any effect on
the market. 1t was handsome state
ment, however. and IT is probable that
both the preferred and the common stocks
will be advanced on account of II today.
The net earnings show an increase for
the month OF s2s5.Sl3, fully up to the
rate of increase during the first half of
the fiscal year. This increase is at the
rate OF per cent on the common stock
over the earnings of last year.
The tobacco securities were bulged
handsomely almost all day, and closed
at their top prices. American Tobacco
common was especially buoyant during
the last fifteen minutes OF the day, adj
Vancing 10 i2l and closing at the top.
There has been a tip that these secIri-
ties would have d good advance for
body that bought on IL had sold out be-
fore the advance came. 1t is not known
what the boom was based on.
The Southern securities both made new
high price levels. the common getting as
high as "a 3-4 and the preferred as high
as II rs The dividend on the preferred
stock is to be advanced, according to all
the street gossip. but this would not
seem TO be n sufficten. reason for the
pronounced strength of the stocks at ali
times.
Washington Stock Exchange
Sales-Nashington Traction and Elec-
trio 4l-2s: s.. 000li6G 1-2. 81, O00G6G "a,
81. 00olls7; Union Trust and Storage: soa
lbs IL, 4ONl6S 1-2-buyer 30. l0alOS 81
buyer 30; Capital Traction: 20a1o5 L. 226