The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-19

stock Exchange. The grangers and Il
few other railway securities went some
what higher in the boom of the early Ses
| The steel securities went higher a year
ago on their first advance. These, how
ever, are exceptions TO the general rule,
which is that stocks made 4 record DAY,
in some cases many dollars a share high
ct than they ever sold before this move
meut. The AtChisOnS are selling in new
territory. Che Sapeake and ohio. the
Southern Railway securities, Norfolk and
Western common and preferred nave new
y sod as high as they are now. The
high priced graugcrs are higher than at
any time in the past two decades. The
| Great Western securities are at record
levels. Illinois Central is at the top.
Louisville is at a record price for recent
years. Missouri Pacific is rot as high rs
it once sold, but it is very much higher
than II even went before as a non-dlvi-
dcnd paying stock. SO the list might be
prolonged almost indefinitely.
This fact. however, is not "A good argu-
meut for bearishness on stocks at this
time. II is quite as true that other con
ditions are record breaking. The acuVi-
ty of the manufacturers ana OF me ran
ways is infinitely greater than II was
twenty years ago. when the highest pre-
NiOUs records were made Money IS Iar
more plentiful and far cheaper now than
il was twenty years ago. Rates AT thdi
time were and 10 per cent IN the west
and not much better in the East NOW
they are about half that. This. OF course, e
has the most direct bearing on the mar
ket value of stocks. Dividend paying Sc
cuIitits of all kinds always advance IN
price as interest rates go of. Money Is
likely to be cheaper Vet rather than dear
er The February export and import IS-
uTeS of the country. as Just published by
the Bureau of Statistics, indicate this
very clearly. Such a marvellous trade bal
anCc as Is being piled in favor OF TINS
country is certain to result in shipments
of gold TO this side. There are many
optimistic people that advise the pur-
chase of stocks on the TeceSSionS quite
as eagerly now as they did month ago.
They express the opinion that II there
next it viii be time to make purchases
again According to these people. there
is still the outlook for 10 TO % points ad-
vance in prices generally
The steel securities were perhaps the
features of the market after the first
froth Of the opening was off. They were
taken up determinedly by their friends
and soon began to advance rapidly. Fed
eral Steel preferred went up four points
during the first hour and touched "a 81
for a top price The common went to
IS rs Steel and Wire common went up
two points to 81 IA, and the preferred
soon sold above par, getting as high as
100 IS. Hoop common, the National
Steel issues and Tin common all
doomed. This advance is what has
been looked for, and it is entirely
probably that IL Will go further The date
set for the closing of the deposit period
on these stocks is tomorrow, and it is
probable that this may be made the sig
nal for boom. The new steel securities
were also up yesterday
Burlington continued its wonderful ad-
vance. selling up to l65 during the day.
This level with the dividends and rights
recently declared on the stock made its
price practically above 10. This level is,
Of course, far higher than any attained
by ii for many years. There was sharp
reaction in the afternoon. The following
haps explains the buoyancy of the stock:
The Chicago, Burlington and Quincy
Railroad has passed practically into the
hands of James J. Hill. This information
comes from an authoritative source. Ar
engagements are about completed whereby
the burlington system is to be leased TO
the Great Northern and Northern Pacific
Railroad companies, the latter guarantee
ing per cent dividends on all the Bur
Hngton stock. The Morgan and Harri-
man interests obtained control of the
Burlington road several weeks ago. and
ii IS with them that Mr.. Hill has been
negotiating for the lease"
Rock Island doomed up also in a way
very gratifying to its friends after it's
recent dullness. 1t went to 129 IS at
one time. The Atchisons both made new
high prices, though their advance was not
rapid. The preferred went TO 81 and the
common to IS rs. ST. Paul was again
somewhat Of a laggard.
gloomy strike news. il seems very prob
able that this news If it grows worse
during the week, may be the cause OF
the reaction that is looked for soon. Read
ing first preferred closed the day at y -
with net loss, and others Of the group
did little better.
The tobacco securities fulfilled expecta-
Jions. American Tobacco soon sold with
in One-eighth OF LOO again the highest !
price on record for the present issue The
boom has been predicted. and was not |
surprise. The gossip is still very bull |
ish on the stock on account Of the many
favorable matters in its business.
Some Of the specialties We're dull and
even showed a tendency to react from
the first. To a great extent this was
noticeable where sharp advances were
made last week. The WaDashes were of
as were Ontario and Western. Chesa peake
and Ohio, and Norfolk and Western.
Washington Stock Exchange.