The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-12

| ing every effort to Keen the TO-, tsvrfr
/ going through. 1t was said very posi-
| lively that up to the present time no
| agreement has been reached, and that
| there is much doubt if any can be. The
| only thing tnat an outsider is justified
/ in doing in such case is to keep out
| of the securities involved. and to sell
! them at their present high level if he
owns any of them. Burlington opened up
| yesterday morning to the highest level
/ yet reached by it. 1924, and it began to
| tumble soon after the opening and did
not stop until shortly before the close.
The low price reached was 1S7, and the
| close was point above that level. North
ern Pacific was quite as weak, dropping
! off from above 90 to 81. and closing prac-
ucally at the bottom.
The new deal rumor yesterday was to
| the effect that the New York Central,
| Lake Shore, Union Pacific, and North
western are to be combined into the long
! predicted Vanderbilt transcontinental sys-
! TEN. It was suggested Dy the cynlcally
! inclined, when this story was pushed Tor.
ward, that il vas to take the place OF
the Burlington deal-this theory being
based, of course. on the idea that the
burlington story has now served its pur-
pose and is to be retired ON a pension.
Some day the Nanderbilts will have
transcontinental system without doubt,
and perhaps that time is near at hand,
but it is an interesting fact that Van
derbilt deal stories like Vanderbilt securi-
ties are frequently bought out at the END
of a boom to help support the market
while the insiders unload. Northwest
was wonderfully strong yesterday, getting
at one time to 2l2. price far higher than
any ever attained by it before. The stock
receives q @ per cent dividend and there
has been a rumor that its dividend rate
is to be increased TO per cent at the
coming meeting of the directors. The
speculative fraternity may take its choice
OF believing that the advance Is caused
by the dividend rumor, by the talk of
Vanderbilt deal, or by rank manipulation.
The stock broke nearly points from its
top price, but still closed well above any
previous record. Union Pacific and New
York Central were both strong during the
early part of the day, but both sold off
badly and showed rather heavy net losses
at the close.
The story that the Pennsylvania is buy
ing Rock Island and Atchison was also
heard in the street yesterday, but it re-
ceived little attention. These stocks all
advanced in the morning and We're off
in the afternoon, with the general mar
ket.
The outlook seems better for settle
ment of the trouble of the Jersey Cen
trail with its employees without a strike.
but there was little to reflect this in the
actions of the anthracite securities yes
terday afternoon. The group was mac
tive, in fact, and sold off rather than the
other thing, though the movements in
either direction were very small There
was not one transaction in Jersey Cen
trail during the day.
The steel securities were strong in the
morning but weak in the afternoon, under
very heavy realizing. The common stock,
after selling at high 1914, went off to
A. and the preferred went off from 96A to
9ial. NJ. Morgan has reached Europe and
there was, general feeling In the street
that his arrival might be the signal for
a boom in these securities. 1t was said
that be, will probably sell big blocks of
the stocks in Europe, as well as make ar
rangements for the completion of num-
Der of other important deals, in which Eu-
rope Is largely involved. Perhaps all hope
OF bulge in the stocks on this movement
need .tot be given up yet, but at the mo-
ment, the chances seem to favor al least
a period of rest
Whether Mr.. Gates has secured control
OF the Colorado Fuel and Iron Company
or not, the insiders seem to be determined |
to advance the price of the stock. 1t was |
one of the most buoyant on the list yes |
terday, getting as high as 75iI, and clos |
ing with q good gain at 749s. Mr.. Gates |
said on Wednesday that he was the con-
trolling interest in the company, was |
stated in The Times on Thursday morn
ing. Yesterday Mr.. Osgood, the presi-
dent OF the company. came out with |
statement that Mr. Gates was mistaken |
about being in control The stock is a |
the best of circumstances, and. with Mr. |
Gates in control. or trying to get con- |
troll, the situation will not be improved |
any.
Sugar had another bulge yesterday, get |
ting at one tirno to 1s6&s, the best price |
attained by it for many months. II sold |
on somewhat later, but closed with an |
excellent net gain for the day The talk |
OF a probable boom in the stock continues. |
1t is said in the street that the Stand |
ard Oil people have secured a large in |
terest in the Peoples Gas Company. and |
VIII have voice in the directory in the |
future.
There is one theory to account for the |
tremendous advance in a few securities |
IN the past month while the general mar |
ket has done little, a theory that ex- |
pains much and that is not inherently |
This is that two or three |
groups OF capitalists are working against |,
each other for control of the various |
western systems. The Morgan-Hill group |
rs one. The Vanderbits may be another, |
the pennsylvania another. and the GouIds |
another. According to this theory these
cliques of railway kings are racing for
the control each of a trans-continentaI |
System. They are not in harmony and each |
Is. to a certain extent. attempting to /
thwart the plans of the others Hence |
the buying Of the securities of Burlington
ana Northern Pacific and Atchison and |
Rock Island and the Goulds in manner |
that has been very mystifying from the |
beginning. Hence, too, the neglect of the
remainder OF the list owing to the fact |
That the market leaders are so absorbed |
in their special plans Something of an |
this is undoubtedly true, though TO what |
extent II is impossible to fathom. THE
result OF the contests, where there are
is to initiate prices to far beyond |
their legitimate level. and 1t would seem
certain that in the end the breaks In these
securities must be proportionately big.