The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-30

do anything of The kind on the colossal
| scale such as the present market would
| imply. But in a different way, Mr.. Nor
gan is manipulating on quite great
| "A scale. one of AIR. Nor gan's clerks
/ said on the stand few weeks ago that
| his chief is powerful enough to make
| market prices to suit his whims. The
present market goes far to substantiate
| this. He is making bagatelle Of the bill
| lions and billions of dollars represented
by the railway and Industrial securities
dealt in on the exchange. He has added
| billions of dollars to the paper value of
| these securities during the past six
| months. The average advance in the
| prices Of securities has been at least 50
per cent iE this time.
According to all past standards the
PUNE Tor violent reaction has come.
! Many state the belief that at least a
| break of i've or ten points is likely in the
immediate future Mr. Morgan may not
| ne aVerSc to such q break 1t is conCeiv-
ahIe that 1t might help his schemes. If
a break is to be allowed the early part of
next week will be the period to watch for
uaASer signals. The bank statement to-
day may be good or bad but whatever
the figures may show. it is certain that
monetary conditions in New York are not
good at present The banks have lost
Si.O0O,00j to the Sub-Treasury this week
and they have gained little If anything
from the Interior. Speculation has been
broadening, and it is certain that ordi-
nary loans have increased. This condi-
tion OF things ordinarily would mean
that the surplus reserve would suffer
badly. which it cannot afford to do be-
ing already low. If Mr.. Morgan is ready
| for break he may not bolster the state
ment up by putting money into the banks.
II he wishes strong market today and
next Monday he and his friends proba bly
viii arrange that the statement shall be
good one. Aside from the financial out
look, 1t is. of course, true that nearly
everything in the business situation and
elsewhere is favorable. This suggests
that even although prices are higher than
ever before and even although reac-
ton is due: there is no reason why the
boom should not extend further uti-
mately. 1t also suggests that a level
permanently much higher than any aver
age level before is assured.
Burlington opened with a rush upward
in price from below 170 to 173Js in the |
quotations of two minutes. Something
hands IN this time. III lots of from 500 to |
2,H0 shares. Northern Pacific was not |
quite so violent. but ii. too. made "A |
new high price well above the best of !
Thursday. The advance continued during
the ddy, Burlington touching a high of !
l.0 and Northern Pacific n high of S. |
The persistence of the boom convinces
many that the deal between these two
lines Is assured. Others are still skep-
teal 1t is said by some careful stu
dents of railway finances that it would
lac folly for the Northern Pacific to guar
antce a dividend Of Z per cent on the |
burlington. 1t Will be seen that at 175
the stock is now selling where "A per
cent dividend would only yield the in
weston per cent on his money. The net
earnings of the Northern Pacific for Feb
ruary showed an increase of 100000.
The new Steel Trust securities were
both buoyant and strong on immense
buying apparently for inside interests,
though there was n good demand for |
them from the general public also. They
advanced to II and So early in the ,iav |
and closed near the top. 1t is predicted
by some shrewd lookers-on at the game
that the common will be doomed up to 80
and the preferred to par AS a matter of
fact, whatever the plans of the syndicate
may be, these securities are intrinsically
more attractive than the vast majority
Of railway securities at their present
level. The preferred stock would seem
to be fairly well assured of its divid md
under all ordinary trade conditions a
statement purporting TO come from an
official source is to the effect that the
new company will earn dividends on both
classes of stock and a surplus of $50 co.. $40
yearly II business continues good.
Smeters was again weak Yesterday or !
account of the adverse decision OF the
COURTS.
Western Union was one of the Duoyant .
ssues The tipsters say that the stock .
NH so To par next week If the market ! .
continues strong, and very likely will do .
20 any way. II was whispered in quarters .
lose TO the Goulds yesterday that there .
Il q
between the Western Union Company and .
he telephone people. This. of course if .
rue. is more than enough to make the :
took go to par But the affairs Of the :
n estern Union are looking better all :
ruund. 1t IS said, too. that q working /.
greement has been reached with the !.
'ostaf people that Will be of great benefit !
q each concern. The settlement of the / :
rouble with the Chicago Board of Trade :
: matter of greater importance than Z
he general public seems to realize The | Z
arnings of the company are much better I
nan they were year ago The stock | :.
pened yesterday at ~ and doomed up to Z
5si. II closed near the top. 4 day or :;
wo ago it was selling around ~ ::
The net earnings statement of the ::
southern Pacific for the month OF Feb !:
nary showed an increase of $4Jd.O0L The | ::
ecord Is one Of the best ever made. ::
outhern Pacific stock showed more ac- ::
witty yesterday. but although it advanced ;;
D 45's at one time, il closed with little ::
ct gain :;
The Atchisons failed to make any ad- ::
lnce yesterday. 1t was said that there :.
as heavy realizing in both securities >,
urinS the morning hours, but later in :.
Ie day they showed more strength One I !
the statements made Yesterday was ! ;.
lat the question Of the dividend on the ;.
lmmon stock may be taken up next ..
'ednesday, II was said by the authority :.
lat made this statement that dividend =
l52 per cent semi-annually is assured ! Z.
MS spring. Both these securities look =
lual to a further advance If the general ! !
arkct Is to continue strong. :
=
Pennsylvania Railway fails to advance !
a curious way.-nis held between I53 I
nd $50 steadily from day to day. Friends Z
the stock advise holders TO have pa Z
snce. The same may be said of Union =
aciiic common, which barely held its q.
an yesterday. Z
M "a u, mn Tn