The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-19

| stock Exchange. The grangers and a
few other railway securities went some
| what higher in the boom of the early Sos.
| The steel securities went higher year
ago on their first advance. These, how
! ever. are exceptions to the general rule,
| which is that stocks made record day,
| in some cases many dollars a share high
er than they ever sold before this move
ment. The Atchisons are selling in new
| territory. Che Sapeake and Ohio. the
| Southern Railway securities. Norfolk and
! Western common and preferred have new
| = sod as high as they are now. The
| high priced grangers are higher than at
any time in the past two Decades The
Great Western securities are at record
levels. Illinois Central is at the top.
Louisville is at n record price for recent
| years. Missouri Pacific is rot as high as
II once sold, but 1t is very much higher
lhan II even went before as non-divi-
dend paying stock. So the list might he
prolong,1 almost indefinitely.
This fact. however. is not a good argu-
ment for bearishness on stocks at this
time. 1t is quite as true that other con
ditions are record breaking. The actiyi-
ty Of the manufacturers and of the rail-
ways is infinitely greater than 1t was
twenty years ago, when the highest pre-
vioUs records were made. Money is FAR
more plentiful and far cheaper now than
ii was twenty years ago. Rates at that
time were s and 10 per cent in the West
and not much better in the East. Now
lntN are ABOUT nan tnit. MS. OF thufSt
has the most direct bearing ON the mar
ket value of stocks. Dividend paying Sc
cuTttics of all kinds always advance IN
price as interest rates go of. Money is
likely to be cheaper yet rather than dear
err The February export and import fig
ures of the country, as just published by
the Bureau of Statistics, indicate this
very clearly. Such marvellous trade bal
ance as is being piled in favor of this
country is certain to result in shipments
of gold to this side. There are many
optimistic people that advise the pur-
chase of stocks on the recessions quite
as eagerly now as they did a month ago.
They express the opinion that if there
is reaction of TO points this week or
again. According to these people, there
is still the outlook for ~ to 70 points adj
vance in prices generally.
The steel securities were perhaps the
features of the market after the first
froth of the opening was off. They were
taken up determinedly by their friends
and soon began to advance rapidly. Fed
eral Steel preferred went up four points
during the first hour and touched ~ 81
for a top price. The common went to
45 rs. Steel and Wire common went up
two points to IL IA, and the preferred
soon sold above par. getting as high as
100 rs Hoop common, the National
Steel issues and Tin common all
been looked for, and it is entirely
probably that It will go further. The date
set for the closing of the deposit period
on these stocks is tomorrow, and it is
probable that this may be made the sig
nal for a boom. The new steel securities
were also up yesterday.
Burlington continued its wonderful adj
vance, selling up to los during the day.
This level with the dividends and rights
recently declared on the stock made its |
price practically above 10. This level is, !
of course, far higher than any attained |
There a a
reaction in the afternoon. The following !
very positive statement from Chicago per- |
haps explains the buoyancy of the stock: !
The Chicago, Burlington and Quincy |
Railroad has passed practically into the |
hands of James J. Hin. This information |
comes from an authoritative source. Ar !
rangements are about completed whereby /
the Burlington system is TO be leased to |
the Great Northern and Northern Pacific |
Railroad companies, the latter guarantee /
ing per cent dividends on all the Bur
lington stock. The Morgan and Harri- |
man interests obtained control of the !
burlington road several weeks ago, and I
ii is with them that Mr.. Hill has been
for the lease
Rock Island doomed up also in a way
very gratifying to its friends after its |
recent dullness. 1t went to 129 rs AT
one time. The Atchisons both made new
high prices. though their advance was not +
rapid. The preferred went TO 81 and the
common to IS rs St. Paul was again
The coalers were held back by the
gloomy strike news. il seems very prob
able that this news, If il grows worse
during the week, may be the cause of /
the reaction that is looked for soon Read
Ing first preferred closed the day at ~ IL.
with net loss, and others of the group
did little better.
The tobacco securities fulfilled expecta-
lions. American Tobacco soon sold with
In one-eighth of loU, again the highest |
price on record for the present issue The |
boom has been predicted, and was not
a surprise. The gossip is still very bull
sh on the stock on account of the many |
favorable matters in its business
Some of the specialties were dull and |
even showed a tendency TO react from
the hrst. To great extent this was !
where sharp advances were
made last week. The Wabashes were on
as were Ontario and Western. Chesapeake
ana Ohio, and Norfolk and Western.
Washington stock EXCHANGE
Col