The times., 1901-04-09

superb conditions now existing in the
business world.
The dearth of news all day was one of
the singular features OF the session. Ru-
morS were largely absent and official an
nOunCementS wholly SO. This may be TAX
en- rs an indication that the insiders are
willing 10 have the market break. if one
insists on drawing a conclusion. But the
TACT that there We're no rumors of disas-
teTS and no denials OF pending deals
might be considered quite as certainly TO
negative such an idea IL is certain that
every day that the Burlington deal is not
offlcially announced is bear argument
on this stock and on Northern Pacific.
II Is wonderful when one considers the
matter calmly how little foundation there
has been, in any official or seml-ottlclai
statement, for the story of the Burning
ton-Northern Pacific-Great Northern deal.
The money outlook attracted more atten-
tion than anything else outside the ac-
tual buying and selling OF stocks and the
rapid fluctuations The demand for funds
was heavy and the insiders restricted the
supply for the first time in recent weeks,
so that the call loan rate for a time was
6 per cent This was the occasion of some
OF the heaviest selling after the first re-
covery of the morning. 1t seemed appar-
ent that the Morgan Clique had changed
Its tactics, at least to the extent of not
caring To make money rates easy longer.
IT IS likely that for some weeks to come
less favorable money conditions will keep
the market from any such buoyancy as
that Of last week. 1t is said that heavy
shipments Of gold to Europe are entire
ly probable during April. The shipments
to the interior continue on a large scale,
as was shown by last weeks bank state
ment, which was worse than had been
locked for. Another statement like that
of last week with the loan item a little
favorable, would entirely wipe out the
surplus reserve held by the banks.
The worst declines yesterday were those
in the graugers-Rock Island Burlington,
and St. Paul. Rock Island at one time
sold as low as 1fll5, or ID points below the
top of the previous market day, last
Thursday. 1t recovered little, closing at
1A3. Burlington sold as low as 1875, and
closed at 1S234. St. Paul went off to 151A
and closed practically at the bottom.
Rock Island was at no time in the day
strong, and at times it seemed as
if everybody that has been interested in
it recently was wild to sell either long
or short stock The abandonment of the 4
story that the Rock Island and the Atchi-
son are TO be combined explains why the
slump occurred, once the downward move
ment began. The people that bought
Rock lsla nd did SO almost wholly because
Burlington and St. Paul had gone up, and
il was thought that this stock also should
have an advance, This is literally true.
despite the fact that the advance was .
points in a day or two. 1t is believed
that both Burlington and Rock Island |
should be sold on ali rallies. Even IL the |
Burlington is TO be guaranteed per cent |
dividends. which is an extremely improb- |
able thing, it is selling high enough.
The threatening strike situation on the |
Jersey Central and the possibility that |
the strike may extend to other Eastern |
railways may have had some effect on |
the general market, but it was not allow !
Cd TO cause any break in Jersey Central. |
The stock was almost untouched during |
the entire session. the one sale recorded |
being at 156. Other coal securities We're |
fairly strong, rather better than the gen |
erai market in fact. Reading first pre- |
ferred sold as high as 76I5 and closed at /
7532. Delaware and Hudson broke from
lS012 to Ia. Ontario and Western broke /
~ points and the Eries went off |
somewhat. the preferred to S. The |
coal securities, if there is no strike |
should be among the best on the
list 10 buy. They are not selling too high |
for their outlook, if one or two Of the
high priced issues are excepted. 1t is
said that the outlook for the Fries Is espe-
clally good The dividend on the first
preferred will be paid in June, and prob
ably dividend on the second preferred |
as well.
Sugar was one Of the few securities on
the entire list to show buoyancy yester-
DAY II advanced during the morning |
and only went off in the afternoon to |
around the opening price. The top level |
reached was 1873 and the close was at |
ltlts. The manipulation of this stock in
dicates, some of the experts say that
there is likely TO be an advance In it in
the near future.
The steel securities We're allowed to go |
on with the general market, the common |
TO 461z and the preferred to 94i4. The !
close in each case was near the lowest of
the day. The belief Is strong in some of
the competent quarters that the manipu-
iatlon OF these securities is not over yet |
and that they will be given a further
advance in the near future, on the next
upward movement. 1t is certain that the
insiders have iquidaJed very little of
their stock as yet.
The story that Tennessee Coal and Iron
Is to be taken into the United States Steel
Syndicate, or controlled by it. was heard |
YESTERDAY II has been theory of care
ful observers OF events for some time
that this would occur The stock is a
dangerous one to speculate in, even If one
has q sure tin on il