The times., 1901-04-26

! deTful things that have occurred in the
! market already. Wednesdays sales of
$65,ooOo0J and more
The insiders Of the Union Pacific make
emphatic denial of the story that the
/ Northwestern is buying the stock for con-
trol or that there is to- be lease or any
! other form of alliance. Ii is probable
! that they are telling the truth. There
/ may be some buying for investment in
/ the boom, though probably not much.
/ StupcnGoLS as such maneuvre is, there
is the best of reason for believing that
( the boom OF the stock has been the work
OF clique almost wholly. The stock was
/ not high enough in comparison with the
! remainder of the market last week by
] several points. and il was recognized by
! q sensational way. There was talk yes
/ terday of the probability that the stock
! viii be put to 800 but even after its eX-
I nlbJon ot extreme buoyancy II Is un-
/ doubtedly safer to sell long stock and
/ take profits than it would be to buy.
! The Chicago Terminal securities were
doomed at one time during the day ap-
/ parently on the theory that the alliance
/ between the Union Pacific and the North
! western, if there is to be one, viii be an
/ excellent thing for this property 1t is
/ understood that the same interests own
the control on both the Union Pacific and
/ the Chicago Terminal
Southern Pacific was also strong. in
! sympathy with Union Pacific probably
/ II soon sold above "a, the best record il
has vet made. The talk OF q dividend for
the STOCK Is premature, to say the least.
; Some OF the people likely to be best in
formed regarding the intentions of the
company say that no dividend is c0ntem-
plated at present \ story was circulated
yesterday to the effect that the Southern
Pacifc stock is to be bought in by the
Union Pacific people at the rate of two
shares for one of new Union Pacific stock.
] y hl for ;.
story, either.
Baltimore and Ohio was doomed nearly
to lG3 in the first fifteen minutes of the
session. 1t sold below 95 on Wednesday
afternoon a few minutes before the close
so that an advance OF about nine points
| was made in less than half an hour of
I TWO market DAYS The stock had been
sold short in immense blocks and there
seemed no good reason why this should
be when the general market was so much
higher comparatively. 1t is receiving
per cent, and although there is some
doubt as to whether the dividend will be
continued its payment at present makes
the stock below par out Of line with other
securities Of a like nature. One of the
bull cliquCs seems to have decided that
the shorts could be dislodged with com
parative ease, and the event proves that
its Judgment was good The stock held
its own well. but made no further gains
after the first bulge
ols taul was taken up handsomely at
the opening and nearly reached III early
in the day, several points above the close
OF Wednesday night. Clique buying and
covering of shorts induced by the boom
IN Union Pacific seemed to be the reason
of the movement Later the stock de-
clined to 159 again. The Atchisons were
both buoyant the preferred selling as
high as 49, or only point away from the
par that has been SO long predicted. 1t
closed near the top.
The Steel securities continued firm. but
made no advance until the last hour,
when they were advanced sharply. The
insiders in the Old companies are realizing
on the new stocks as rapidly as possible,
but the. Morgan clique is 50 strong that
il has been able 10 prevent any slump.
This rather confirms the idea that both
the preferred and the common will be
advanced later. Perhaps this may occur
in the immediate future.
The directors of the Burlington yester-
day gave out the following statement
regarding the Northern Pacific PROPOSE
ton: a proposition has been received
for the purchase of all or any part, not
less than two-thirds, of the capital stock
at 500 per share payable in the joint
4 per cent bonds of the Great Northern
and Northern Pacific Railway companies,
with the option TO stockholders to receive
a part of the payment in cash If they
SO desire Full details of the proposition
win be mailed to stockholders in a few
days" The statement contains nothing
new. but It makes the thing official and
probably means. TOO. that the required
two-thirds of the Burlington stock has
been turned in already. Such announce
ments are not made until the deals are
closed with the insiders. as a usual thing.
The effect Of the announcement on the
Burlington and the Northern Pacific and
Great Northern securities was naturally
good. Burlington again made high
price record, but again failed to reach
200. the top price being 1879. 1t closed at
1863. Northern Pacific was especially
bouyant, reaching nearly to 10S but sold
off later.
The Erie securities were advanced dur
ing the day. apparently on account of
the announcement of the Hill deal. Mr..
Hil says that his deal does not contem-
street believes, nevertheless that he will
own il before very long. If he does not
now. According to the street theory, the
Erie is to be the Eastern end of the
trans-continental line. 1t is not unlikely
that these securities may be buoyant in
the immediate future.
Sugar was dull ali day. closing frac-
tionally above the opening. Tobacco
made a better gain, but It. too, may be
said TO have been rather discouraging IN
its lack Of movement
The Official announcement is made by
the banking firm having the Amalgamat-
ed Copper deal in charge that the re-
quired two-thirds OF the Butte and Bos-
ton and Boston and Montana stock has
been deposited.
Washington Stock Exchange.
Sales-C. & p Telephone SIS. 5.000d106
II; Union Trust and Storage Co, 120G