The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-20

The steel IndustriaIs Again Enjcy n
busy Day-Activity i'm the Railway
LISA Very strong Tone Under
living the Natural Reactions.
NEW YORK. March BIN today
dealings in the stock market there were
recorded I'm some stocks the highest quo
tations ever made and as regards the
general market the average range OF
prices was lifted to the highest level IN
twenty years or more. The very pro
nounced upward movement was hlie
more than a continuation Of the uninttr-
rupted rise Of the last ten days. OF per
haps. 10 speak more logically, OF the up
ward movement dating back to May OF
1897
Todav's situation was wholly wanting
in new developments Of Importance. a
large number Of traffic returns Tor inc
second week Of the month were reported
and practically all Of them were exceed
ingly strong showings. The money mar
ket continued easy and sterling exchange
was firm. London furnished a higher
range of prices for American stocks, ana
foreign houses traded actively in this
market. their purchases today on balance
being in about the same volume as were
their sales Of yesterday, namely, about
$4,000 shares
II could scarcely be said. however. that
London was an important factor IN TINS
market inasmuch as the dealings for Tor
eign account were altogether overshad-
owed by the tremendous local trading
Interest was again exceedingly well di-
versified. and while the general upward
swing in prices was punctuated by occa-
sional natural reactions, the undertone OF
the market could be described only as eN-
ceedingly strong. AS was TO be expected
also. in such a heavy speculation, the
market was not wanting in some appear
ances Of irregularity.
It NAV be noted that Southern Rail
WAY. common and preferred, and the
Atchfsons. sold at the highest prices ever
recorded for those shares. and that LOUIS
Vile and Nashville. for the first time IN
many wears. crossed par. Other con-
spicuous features of the market were the
Atchisou issues. Missouri Pacific, Union
and Northern Pacific, and the grahsers.
Particularly sharp advances appeared
in Rock Island and Burlington ana
Quincy. As regarded The last named, per
sistent reports were in circulation that
interests at present dominating the Great
Northern and Northern Pacific properties
had acquired a controlling influence IN
the stock Denials of these reports were
forthcoming IN some detail, but they did
not shake the belief of the street In their
credibility.
As might be expected. there were cur
rent during the day a great number OF
orber r1lrn0rs OF deals and arrangements
Of one kind or another. but they harulS
deserved TO be dignified by special notice
Some quarters of the railway nsI were V,erf
comparatively wanting in animation.
Thus. Norfolk and Western, and Cnesa-
pe-tke and Ohio. were neglected, as was
Southern Pacific.
Coruuaratively dull: but very little pres
sure appeared in that quarter, nolWlth-
standing the uncertain issue OF the laoor
situation in the coal regions
There were irregular and uncertain
movements in the local traction stocks
The absence az any immediate conhTlnL-
ton Of yesterday reports OF a NeW tCI i
Central guarantee upon Manhattan STOCK
led TO quite heavy selling OF that issue
Brooklyn Rapid Transit, on the other
hand was decidedly firm and Metropoh-
tan Street Railway was dull
The dealings among the specialties de-
veloped no interesting features. Iennes-
see Coal and Iron and Colorado Fuel and
Iron were however quite firm. There
were further material advances in all of
the steel Industrial stocks concerned IN
the pending annals nation PartlculaIly
sharp rises took place in all OF the pre-
ferred stocks.
The rise I'm this quarter Of the market
was doubtless in q large degree Influenced
by authoritative statements regarding the
rate At which the steel stocks were be-
ing deposited for exchange into the United
states Steel Corporation stocks. Tomor-
row will be the last day on which regular
deposit for purposes of exchange VIII DC
allowed hut il was said today that nearly
70 per cent of all me issues concerned had
already been turned in
The movements elsewhere in the INDUS
trial quarter were wanting in interest and
suecial Significance