The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-26

| of eleven points In a day. the opening
! on Wednesday having been below par. IT
sagged off somewhat from the best level,
/ the same tremendous volume as that of
| Wednesday, and in the two days ii is
certain that number of shares equal
to the entire capital stock of the COM
pany changed hands. Such buying stag
gers the Imagination, even after the Won
derful things that have occurred in the
| market already. Wednesdays sales of
this single stock. 65O,0o0 shares, represent
65OJO,00J and more.
The insiders of the Union Pacific make
| emphatic denial of the story that the
| Northwestern is buying the stock for con-
troll or that there is to- be a lease or any
other form of alliance. 1t is probable
| that they are telling the truth There
may be some buying for investment in
the boom. though probably not much.
| StupendoUS as such a maneuvre is, there
is the best of reason for believing that
I 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
the insiders fine stock to put up in
n sensational way. There was talk yes
terday of the probability that the stock
viii be put to 100 but even after its eX-
hibition of extreme buoyancy it is UNI
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 APP
! parently on the theory that the alliance
/ between the Union Pacific and the North
| western, if there is to be one will 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.
/ IL soon sold above 81. the best record it
! has yet made. The talk of a 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 contem-
! plated at present. a story was circulated
! yesterday to the effect that the Southern
Pacific stock is to be bought in by the
| Union Pacific people at the rate of two
| shares for one of new Union Pacific stock.
| No foundation could be discovered for this
story, either.
Baltimore and Ohio was doomed nearly
to l03 in the first fifteen minutes of the
| session. Ii sold below 80 Wednesday
| afternoon few minutes before the close.
so that an advance of about nine points
| was made in less than half an hour of
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 4
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
| St Paul 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 1883 again. The Atchisons were
| both buoyant, the preferred selling as
high as 80, or only-a 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 so strong that
/ il has been able to 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
| 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
will be mailed to stockholders in few
days" The statement contains nothing
new, but 1t makes the thing official and
| mr. a
| 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 usual thlng.
| 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
! POO the top price being 1879. II closed at
1861. Northern Pacific was especially
bouyant. reaching nearly to los, but sold
off later.
The Erie securities were advanced dur
| ing the day, apparently on account OF
the announcement of the Hill deal Mr.
Hill says that his deal does not contem-
plate the acquisition of the Erie, but the
street believes. nevertheless. that he Will
own il before very long, II 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 all day. closing frac-
| tionally above the opening. Tobacco
| made a better gain, but it. too, may be
said TO have been rather discouraeing 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
l-2; Union Trust and Storage Co, 120lt
| no 1s 10TIf9 Ia. CarfitaI Traction IOff