The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-23

food, if he needs it; but on
little at first.
Wei send you a little try If YOU like.
| OFT & BOVINE, 90 Pei -.re,- ~
|
another buoyant period interviewed that
| took prices to a new record level and had
| no symptom of weakness or hesitancy.
| During the last hour there was a weak
| market on immense realizing and an at
| tack by the bears. AS result OF the
various different currents the net move
ments for the day We're particularly irreg-
! uldr. some being good gains and others
| rather serious losses. In general, perhaps,
| the railway securities that have been
buoyant recently We're the worst sufferers
| by the reaction of the last hour. Other
| railway stocks were strong. and at the
! close showed net gains. The industrial
! list, for the most part, held its own also
There is nothing on which to base any
new estimate as to the outlook. There
may be a reaction of half a dozen points
this week, ana on the other hand, the up
ward movement may continue after the
opening today. In the news of yesterday
there were no discouraging features, but
on the contrary most of the small devel-
| opments We're entirely satisfactory TO the
bulls. The argument that prices are too
I high cannot be urged with any more rea-
son than il could last week, and it had no
| effect then in stemmiag the tide OF
| buying. Conservative people, therefore,
| continue to advise selling out the high
priced issues, because very evidently they
have reached a dangerous level, but do
not advise selling stocks short, because
no matter how dangerous the level is, 1t
may he 20 points higher before there IS
much OF a break. There is still buying by
careful market people in the lowcr-prlced
securities. Such buying had its effect
last week in the Atchisons, the Southern
Railway securities, Norfolk and Western,
the Union Pacitics, Chesapeake and ONO,
and many of the Gould securities. II had
it's effect yesterday in Southern Pacific,
Pacific Mail. and some of the stocks be-
fore mentioned.
1t might be inferred from the action of
St. Paul yesterday that its bubble has
been pricked again. The stock advanced
handsomely TO Ito and then began tuIn-
BILE of more than six points TO 1884,. at
which low price it closed. At the same
time Union Pacific dropped from high
price of l02I near the opening to 80 at
the close, and Northwest dropped from
2CH to POI, but recovered to 20i at the close.
Manifestly. however, IT is not safe TO
place too much faith in appearances in
this case. Burlington on several occasions
during its advance showed great weak
ness and later a more strenuous buoy
ancy than ever.
Two or three theories regarding St Paul
esting If not necessarily any of them con-
vincing. 1t is said that the Moore broth
ers. who sold out all their steel securities
week or more ago. have been buying
the granger railway securities since that
time and that yesterday was their day OF
liquidation. II is known that much OF
the selling of these securities yesterday
came from Chicago The people that push
this idea forward also say that Mr.. Gates
has been selling out his railway stocks
This theory, of course. places the recent
advances in these securities, except those
i'm Burlington. on a purely speculative
basis II is not a theory TO give one con-
fidence in the market. The story that
there are to be two or three important
deals in the grangers on account OF the
Burlington deal has been discussed in tins
column There is nothing new to sub
stantiate this idea except that st PAU
and Union Pacific and Northwest all
moved together yesterday as If the same
people were interested in them. The third
story is that Mr.. Hill wishes to secure the
stin working with this end In view. 1t
was said in substantiation of this idea
yesterday that Mr. Keene was a heavy
buyer of the stock and that he was pre-
dieting par for it.
The story that the Pennsylvania people
are buying the Atchisons was corrobo-
rated Yesterday by an authority that can
hardly be questioned. But the securities
both went off in the afternoon persist
emily and closed the day with a consld-
the preferred at 96ik The preferred was
the more steady of the two. 1t is consid-
cred one of the few stocks not too nigh
to buy by the conservative market people
The New York traction securities were
active and buoyant for the first time in
several days yesterday morning BROOK
lyn advanced two points to $50 and then
dropped to S62, Metropolitan advanced
10 1867 and then declined to ia. and Man
haitian advanced TO 1874 and went on to
12sh. The gossip regarding the group was
ali most bullish. The only rumor ap-
preaching to definiteness, however, was
one regarding Brooklyn Rapid Transit
dividend II was said on the authority Of
the controlling interest that the affairs
of the company are now in such shape
that the dividend question may be taken
up Immediately, Another large stock
holder stated that a dividend will be de-
clared within two weeks.
Sugar was shot up to $50 in the morn
ing, and many people bought II, thinking
that the boom was on in earnest. Later
il was allowed to sag back to 14s, and 1t
closed near the bottom. The story that
accompanied the advance was to the effect
that the price Of refined sugar is to be
advanced shortly, and put as high as 6
cents during the summer months. No
gossip accompanied the decline.
Tobacco was one of the weak stocks.
The report of the meeting of the company
held last Saturday contained nothing
startling IN the way OF SOou news Sucn
as many had looked for. II was "A good
report however, and the stock probably
has as good chance of advancing any
that is manipulated in the way that il is.
The charter of the company is to be mOdi-
fed to allow the purchase Of the plants
that have been negotiated for recently.
The Gould securities were again very
strong yesterday morning. but, like the
general list they went of In the last hour
Of the day Missouri Pacific at one time
sold as high as llG bur closed at Jos.
Texas Pacific advanced to 4Sa4 and then
declined to AZ. Missouri, Kansas and
Texas took a downward course all day.
closing at 65L. near the bottom. and two
points off from the high. The gossip re-
garding the Gould reorganization was all
bullish If the evidence that there is such
a deal is good news The directors of the
Missouri Pacific at their meeting yester-
day resolved to issue $50. COO 900 of new
capital stock. This issue of course. is to
be used in purchasing the stock of other
lines in the greater system. the Texas Pa
cific. the Missouri Kansas and Texas, and
the Rio Grande securities. An announce
ment regarding this deal is expected any
day.
II is said that an announcement regard
ing the Burlington deal viii be made to-
morrow Burlington was frmer than al
most any other railway stock on the list
Yesterday afternoon. II closed at 1874
showing net gain for the day.