The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-31
MARKET RECORDS BROKEN
Wall Street Bewildered by the Cen
tinued Tremendous Advance.

sharp Gains in High-Priccd Invest
mcnt issues Notable - Favorable
Business Conditions and Adroit
manipulation Both Aid the Boom.
NEW YORK. March 30.-The stock mar
ket this week has been of character TO
surprise the most experienced habltne OF
Wall Street not only on account OF the
breadth OF the speculation and the sue
cessiyc advancing movements in prices,
in many cases to the highest point IN
The market history. but because of the
unusual activity and violent advances in
a number of very highest priced invest
meut shares. While there has been
good deal to bear out the arguments adj
ranced in favor of improvements in the
securities of certain properties, as for in
stance the understanding that the Bur
linEton will be leased to form Il link in
an important chain of trans-continental
railway lines and the absorption of lines
in Colorado by Missouri Pacific interests,
a great many stocks have risen sharply
upon pure conjecture, excited by adroit
manipulation. The point is wen maze
that the substantial strength that mas
been shown by the most important prop
critics is based upon actual solid FAVOR
able conditions as well as encouraging
prospects, which have been more clearly
appreciated by the more powerful and eN-
perienced financial and railroad interests
than by the rank and file in Wall Street.
The case in money and the apparent In
difference toward the comparatively light
reserves OF the New York City banks can
be explained In two ways. one is the
enormous Increase In material wealth Of
..s,1n ora
sted and the COM iCtiou that the UMPIRE
cedenicdly large gold holdings OF the Gov
ernmeut cSn be awaited OF whenever ANY
danger Of StrtUScncy in the money mar
ket may appear Bank cle0rings continue
TO increase oNCr the recurd hEurcS OF last
year and Lrts = true cf railway earnings.
The SJccS market SoSi2y wNs active ana
in the maia strong. with moro OF the cN-
ccptional price movements in special
stocks that have been q feature every O'N
Of the week. Here S1d there realizatioas
were apparent.
In the railroad list first place in regard
to activity was secured by Rock Island.
which. on transactions Of over -StE7
shares, closed SIS points higher and v ithlil
point of the best figure. The movement
in the stock was partly attributed TO
few OF the larger professional traders, but
rumors were circulated of probable IN
crease in the rate of dividend on the
stock to 4 6 per cent basis. The sympa-
thetic effect of the sharp upward move
ment in Chicago Burlington and Quincy
doubtless had some bearing upon the cd-
vance in the other granger mentioned
The last named was considerabl less ac-
tive than recently and after some irreg-
ularity left on with a gain of 5 per cent.
The Denver and Rio Grande shares
were neglected in spite of the official an
nouncsment that the company had de-
Cided to exercise its option for the pur-
chase of the Rio Grande Western. The
local traction stocks were more prominent
than of late and Metropolitan Street Rail-
way and Manhattan Railway closed at
net gains of II and :; per cent, respect
lively. The extreme advance in Manhat-
tan was y. points.
In the high-prieed inactive stocks. Chi
cago and Northwestern closed 2h
points higher. Delaware and Hudson
opened at the high record figure.
and subsequently rose TO l14$t, but reacted
and closed a shade below yesterdays
final figure. LaciSawanna opened at 220.
an advance of per cent reacted 3 per
cent. and close at a net gain of nearly
per cent. on the sale Of single hundred
shares Omaha common scored net i'm
proyemcnt Of point
A number of special movements other
than those noted occurred. Texas Pa
cific common was more active than for
action from the best figure ended IL
points higher. Lake Erie ard Western
common. on expectations of an increase
in the dividend rate made an extreme adj
vance OF 3ia points on the day, and closed
with q net gain of 3I4 per cent.
IN the industrial list there was con- !
ttnued activity in United States Steel I
Corporation stocks and they closed a |
shade higher Advances in the trust GER /
tificates of various iron and steel issues /
occurred. extending to per cent in Ma I
tiOnal Tube preferred. Tennessee Coal I
and Iron. and Sloss-Shelfield stocks re- /
corded gains, extending in the first named 1
10 ga per cent On reports Of a combina- !
ton Of Southern iron and steel compa- |
MES. Colorado Fuel and Iron advanced /
10 points. Pullman Palace Car rose - |
on sales Of 100 shares. and Morris and Es- !
sex gained -. per cent. International {
Power left off a shade higher. but Sugar |
refining. the Tobacco, and United States |
Rubber issues were reactionary.
The bond market was active with bust |
ness well distributed Among the features !
were advances in Brooklyn Union Ele- |
waited firsts, Missouri, Kansas and Tex |
rs 1rsts. IS. and St. Louis Southwestern /
first and second As. Wabash debenturcs |
reflected further realizing sales
In the curb market strength was die |
played on fairly large dealings in Ameri- |
can Bridge issues, Distilling of America 1
common and preferred, and Seaboard Air |
Line issues. Standard OIL rose 8 per cent. |
National City Bank stock advanced thir- 1
teen points to 800. and Bank of Commerce |
twelve points To 49,
The statement of averages of the as I
sOciated banks was entirely out Of line |
with previous expectations. An increase |
in loans of over 100000 was shown in !
stead of the decrease that had been look |
ed FOR and an increase Of S3,Gi, 800 in de- |
logits reduced the apparent loss IN law |
fui money to Sl,is5.10l, In the face Of pre- /
li.niuaTy indications of a decrease Of !
result was a decrease In the surplus re-
serve Of s.. f0l ,925, bringing that item to
s.. $50. 200 as compared with a surplus 2
year ago OF -, SsG. $50. The publication Of ,
sioGs. but the tone at the close was in
Ire main strong