The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-07
these people is to buy stocks on the sharp

| The advance in prices seems to be due to
buying fer inside interests and short
| covering. Speaking in the language of
| the street, the important interests are de-
| tCrmined to make strong market dur
ing the coming months IN order that they
| may sell ont the new securities that have
| been created. This only tells part of the
| story. Bull movements are, of course
engineered by the insiders, and undoubt-
| eddy they do sell stocks when they be
| lieVe top prices have been reached. But
nevertheless the advances should be at
tributed rightly to favorable intrinsic
conditions. like big earnings. and in
| creased dividends. ana good prospects.
The great financial interestszdiffer in one
essential particular from the profession
ais. They do not attempt to control the
market in opposition to intrinsic condi
tons. hut in harmony with them.
There was little news yesterday The
banks are said to have lost money this
week, but the experts may be wrong, as
they were last week. At any rate, money
continues to loan ut the lowest rates, and
there seems to be little danger of a strin-
Eency, on account of the steel deal or
Tor any other reason. London traded
rather heavily in American securities
yesterday, with more purchases than
sales. London seems likely to be a heavy
purchaser of Americans during the COM
ing months if the Boer war is brought to
a conclusion and the-South African mines
| again become productive. There was
| much gossip of deals. but definite
or official news was received by the street
| There is a revival of the talk of probable
| labor troubles in the coal mines next
month, and perhaps the outlook here is
me least promising anywhere. But Mr..
Morgan is powerful gentleman and he
may have a solution of these troubles at
band when the time comes.
Railway earnings reports continue ex-
ceiient. The completed returns Of gross
! earnings for the month OF February are
now coming in and they are uniformly
good, as those for January both gross
and net. were. The Texas Pacific gross
earnings for the fourth week of February
| increased S6l,S55 The increase for the
month was SlSS,523 and the increase from
| January l $il9 ,000. The increase in the
| earnings of the Norfolk and Western for
| the fourth week of February was sSS,000
! for the month was Si779lO. and for the
| period since July ] was 81 .391 636.
The grangers, and especially Burlington
| and the Atchisons, We're the strong fea-
| lures of the market yesterday. Burling-
| ton went as high $50 1-2, the highest
! price IN the past twenty years, and espe-
| cially notable price when it is remem-
bered that 1t is selling Eek the dividend
| and the rights only a short time. Since
| 1899 Burlington has never sold higher than
! the boom of 1899. On the other hand, it
sold as low IS in 1895. and is now very
| nearly 100 points up. The gossip in the
street yesterday regarding the company
and the stock was that the trans-conti-
mental system deal will include this line.
There were also rumors that more bonds
are to be refunded. The stock seems like
~ to so much higher If the market con-
tinues strong this spring, but a reaction
at the moment would not be a surprise
The predictions two weeks ago that this
stock would sell above St. Paul inside of
thirty days We're recalled yesterday The
gap between the two has been cut down
to two points and fraction.
The Atchisogs were both buoyant but
especially the preferred. which advanced
from 80 5-S. a high opening, to 81 3-S. The
close was at %. This price was two points
higher than any ever reached by the |
stock before. The prophecies that it will |
sell at par in the near future are renewed. |
The common stock got as high as SIS IL |
at which it sold on the last bulge "A short |
time ago. Rock Island and st. Paul were |
laggards, both closing at q lower level |
than they opened despite strength shown |
at various times during the session. The |
talk of per cent dividends for Rock Isl |
and has not yet been effective on the |
stock, but it is thought to be entirely |
probable that it Will be taken up by the !
insiders on almost any day.
The coal stocks. as a group. were weak |
though the Baltimore and Ohio securities /
We're both buoyant in the extreme The |
present wage scale, agreement with the /
anthracite miners terminates on April / |
and the selling of the coal group seems
to he in anticipation of trouble. AS has |
been said. Mr.. Morgan may have a |
remedy TO apply to this situat ton when it |
is needed 1t would seem improbable that |
vent one when all of his interests seem |
to need the lever of a booming market to
help them TO eonsummation.
Baltimore and Ohio preferred advanced
to 81 and the common TO 95i4. The close
in each case was somewhat off from the
top, but the net gains were handsome.
One story to account for the strength of
the preferred was that the courts are
likely to allow the payment of larger
dividend than per cent. But this would
tValH ss-t.
stock, when was quite as buoyant. An
other rumor was that the Pennsylvania
has secured controlling interest in the
company. The Pennsylvania holdings
have been very large. but they have not
amounted to control.
Pennsylvania which was SO strong on
Tuesday, was inclined to lag yesterday.
There was good buying of the stock on
the slight recession.
There was no activity in the steel Sc
curities yesterda" but the prices went
off fracuonally. There were no develop
Inents in the deal except that stock
holder of the Wire Company is complain
ing of the terms offered this concern by
Mr. Morgan an has retained counsel TO
defend his rights The outlook seems
in the near future Tennessee Coal and
Iroa was actively weak yesterday, selling
as low as 1914 at one time, and closing |
not much above that figure.
Stories regarding the Sugar situation
are conflicting some interests saving that
the Trust is finding the Arbuckle COM
petition very costly. and others insisting |
that a settlement Of all differences with
the Arbuckles is near at hand The stock
was somewhat stronger yesterday.
Amaleamated Copper made another
sharp advance yesterday morning, but
later sold of. The upward movement in
this stock has seemed TO some careful
people to be manipulative one entirely.
Washington stock Exchange.
Sales-Capital Traction As. 1,0J0al0S 3-S;
Metropolitan r. X. SIS. S1.G00dl19; Union
Trust and Storage Co, 35lJl09, 10nl09 Ii:
West End National Bank. 5G1l9; Capital |
Traction. l20gl05 is, 100al05 1-4-buyer 80
2.liiU5 Ia; Potomac Insurance Co. 5d72: |
Washington Gas. 25G6S Is 70G5S Il 25fL |
5S 3-S-buyer 30; Mergenthaler Linotype 4 |
ni6S 20aI61 1-2, 1ual67 IL, I5qI67; I.anston |
MonotyDe, l,0J0ffl4 rs 20GQI5-buyer 90
After Cali-American Graphophone Co |
Pref, 10MU IL; MerL enthaler Linotype |
20ltl67 4GN167 IL; Capital Traction as
8. eOgdlGS IL: Union Trust and Storage
lQn109 Is, 10glv9 IA, 20dl09; Washington |
Ma rSet Co, 1914 IL; Washington Gas. 25
H5S IA.
GOVERNMENT BONDS
Bid. Asked
L. 5. Us. r. 10000. Q. J.-....... IO5S 1906
I |