The times., 1901-04-19

! dollar corporation has hung very heavily
! over the market. OF other news there
was little. London sold American securi-
ties and. with the exception of the Fries,
the London prices We're off. The Bank
of England discount rate remains at
per cent. Money was easier yesterday,
as it was on Wednesday. Definite Off
Cial announcement of any phase of the
! Burlington deal is withheld from day
TO day, although day after day it is prom
iSed by the wiseacres. Careful people
continue to assert that whatever the an
nouncCment may be, when made, II can
not show Burlington to be worth its pres
ent prices, intrinSically. The supposed
completion Of the deal is causing much
comment as TO the retaliatoTy measures
that may be adopted by other large inter-
ests in the West. the st. Paul and the
Northwest among them.
Opinions regarding the market are nat
urally much AT variance. There are many
confident people advising the purchase of
stocks all over the list for much further
gains. and others talk of q crash being
imminent. Ii is probable, however, that
neither Of these extreme opinions is near
the truth. Many stocks are too high
measured by any standard of actual val
ues, and in the end these securities are
sure to get back to their proper level. In
the reaction they are even likely to go
| below their legitimate level Other Sc
curitics may have further advance.
1 The people that have been manipulating
the recent market are not likely to al
| low any violent break if they can pre-
vent il.
The latest statement regarding the
terms of the Burlington purchase is that
the stockholders of the company viii be
given $2oo in per cent bonds for each
share of stock. This is 4 slightly better
deal than $220 or even $225 in 81 per cent
bonds. lncOnceivable as it may seem it
is stated that the Burlington controlling
interests refused the offer of 500 in 3I2 per
cent bonds. AS has been pointed out in this
column heretofore, the Burlington COM
pany has not, at any time in its history,
earned enough to pay the interest ou this
bond issue. Burlington stock was some
what reactionary yesterday, it failing to
advance with other railway issues.
1t is stated in authoritative quarters
that the controlling interests III the Chi
cago and Northwestern Railway are con-
sidering plans for counteracting the effect
of the Burlington deal. An extension to
the Pacific Coast has been much dis
cussed. il is said. A rumOr along the
same line is that the st. Paul people have
similar ambitions not to be outdone by
the Northern Pacific-Great Northern
Burlington consolidation They, too, are
said to be figuring on a line to the Coast
II seems likely that some plan for joining
forces may be adopted by these two sys-
TENS. Perhaps the Union Pacific may be
acquired by them or an alliance may be
made with it which viii prevent the
necessity of new construction. The North
west is a Vanderbilt property, and the St.
Paul is regarded as Rockefeller system.
The Union Pacific is in friendly relation
with the Nanderbilts, but 1t is regarded
generally as a uhn-Loeb-Harriman syS-
ten. union of these three systems
would be a mighty one A fine boom in
Union Pacific yesterday was attributed
By some to the possibility of an alliance
Of this kind The stock advanced two
points ia few minutes TO about &c.
Rumors of an increase in the dividend
on the stock also had some effect. st.
Paul was strong.
The Atchison securities were very strong
after the opening quotations. The com
mon advanced TO above 60. Tips were in
the street that it viii soon sell at 50. The
reason for the buIlish feeling regarding
the stock is undoubtedly to be found in
the rumors that the Pennsylvania people
are buying the stock heavily with the in
tention Of securing control Pennsylvania
was also strong. The Pennsylvania SyS-
TEN. if ii buys the Atchison, will be in a
position to compete in the West with the
great combinations. The rumor is not i'm
probable.
The Gould securities were again strong,
Missouri Pacific and Missouri Kansas and
Texas being the features. The street is
looking for a Gould deal this week or
early next, and is telling of much higher
prices to be expected in Missouri Pacific.
]. Oyerton Paine, the New York stock
broker that turned a small beginning into
two million dollars in few months a
year or two ago and that has made him
as an interesting and picturesque writer
on the market, was in the city yesterday
making arrangements for a branch office
here He viii open at 1881 + Street in a
few days with NJ. D. Jacobs. of this citv
as his manager.
The Southern Railway securities were
both buoyant yesterday, the preferred es-
pecialiy getting as high as SO and closing
practically at the top. The recent heavy
buying of the stocks in Iondan has
GI FafT nj a1r1ra
look Tor an advance in them as a result
OF Mr. Morgan's work on the other side
Both are selling at relatively low prices
compared with much of the remainder of
the market.
The fractions were taken up again yes
terday The tips TO buy these stocks have
been persistent. There is no known rea-
son for their advance except the manipu-
latlon OF insiders on the strength of the
general market. Metropolitan at one
time reached 175 and It closed with a
good net gain Manhattan and BROOKLYN
had smaller gains.
United States Steel common advanced
to ~ and the preferred advanced TO
S3r4. Both closed near the top prices for
the day. II is suggested that Mr. Morgan
may have cabled his lieutenants that
strike must be avoided at all hazards a nd
that the result of this cablegram proba-
bly, was the much more conciliatory atti-
tude OF the magnates yesterday. The
views OF the magnates, are very small If
they are not nil. The steel securities are
considered by many to be among the best
on the list at the present level of the
market They are not high compared
with earnings. or with the dividends that
have been promised by the insiders TO
their friends. On the contrary they are
fairly cheap. In such a market as this
with prices away above actual values Sc
curities that viii pay from to 10 per
cent on the investment must be consid-
cred an excellent speculation
Colorado Fuel and Iron and Tennessee
Coal and Iron were both buoyant early
yesterday. but later both sold off some
what. They closed with good net gains.
however. The Colorado stock went as
high as % and closed al 81 Both of these
are regarded by many as on the gold
brick order
Sugar had a break from 15OA to 1475s
and il closed at the bottom. The stock
had little or no support apparently. No
ness was heard.
Washington stock Exchange.
Sales Masonic Hall IS, 100pGl07 Amer
lean Security and Trust Company 4G2293,.
1aZ3l: Ild230. Bank Of Washington I0T
as. National Metropolitan Bank, l0GS90
West End National Bank, lG4l20 Capital
surance Company, 6M72. Peoples Fire In
surance Company 2Gn6. Washington Gas
3JG572t; I11M51ss. Mergenthaler Iinotype
l0HlG2k-sellcr 60. Lanston Monotype 35f1
144s. After cail-Washington Traction ana
Electric 4ik's, 7,000fI6Sh. MergenthaIer
Linotype. 26IiC2%; Union Trust and Sforl
age, lGNi0Sk. Lanston Monotype I00dI4%
Chesapeake and Potomac Telephone 50dTj