The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-20

day is likely London was purchaser OF
| American securities yesterday. The feel
| ing on the other side at the moment
! seems seems to be entirely bullish regard
| ing the New York market. A somewhat
| positive denial, by the people directly in
| tCrested. of the alleged deals between
| New York Central and Manhattan had
| the effect of making Manhattan stock
| weak all day. On the other hand an
| equally positive denial that the Burling-
| ton has been or will be leased by the
| Hill interests had no effect toward hold
| ing back the big boom in Burlington I'M
| til the last hour Of the day. There was
! much gossip regarding the steel deal dur
| inS the day. as il is understood that
stocks have been deposited, and that the
| plan is now sure of success as far as
| the merger is concerned
The steel securities were perhaps the
the most interesting of the day, all max
I ing sharp advances to the best prices in
recent weeks. Ii was said that the Nor
gan syndicate brokers were heavy buyers
of the stocks and that all their purchases
were deposited with the depositaries. At
the same time the new steel securities
when issued were doomed handsomely
TO the best prices ON record, and the syn
dictate was also credited with this ad-
vance to large extent. Federal Steel
common advanced to 1874 and the prefer
red advanced to 80 Wire common went
as high as Is, and the preferred as high
as lUo1z The others OF the group made
similar advances. During the afternoon
there were rather sharp reCessions in the
common stocks, but the preferred closed
the day at or near the top prices. The
new United States Steel securities ''on
the curb fiuctuated in such a rapid way
that different records of the prices at
that the common went as high A and
the preferred as high as 9Ola. Another
statement was that the highest price of
the common was 42I.. and of the prefer
"a
advance, and. in the preferred especial
~, an excellent net gain recorded. Some
or the best authorities are of the opinion
that these securities. both new and old,
are destined to be the leaders of the mar
ket from this time. Undoubtedly they are
likely TO he advanced to considerably
higher levels, before very long.
Manhattan was the weak feature of the
day, as 1t was the most buoyant on Mon
day. The opening price was 12sls and
The low was 124i2. and the close 125
This is the most important break that
has been made by any stock since the
recent boom began. The weakness in the
stock was supposed to be due to state
ment by Mr.. Galloway that there is no
truth In the rumor of a New York Central
lease of the Manhattan. 1t was said. too
that rather important clique that has
been operating in the stock heavily dur
ing the advance was a seller yesterday.
nearly as reactionary as Manhattan but
It's net record for the day was much bet
ter. as II made fine squirt in the morn
ing TO another new high record. The top
reached was les. three points higher than
the best of Monday. The recession in the
afternoon was at one time nearly three
points and the close was off more than
two points from the top. This decline, too.
is probably due to a denial of recent bull
lish gossip President Hill states very
positively that the Great Northern has
not leased. and does not intend to lease
the Burlington, with per cent guaran-
teed dividend on the stock. or with any
other guarantee. or without any guaran-
tee, or in any way whatsoever 1t is. of
course. possible and indeed il is probable |
that NJ. Hi and his friends have been |
buying the stock. IL is also not impos- |
sible that the dividend Will be advanced |
to per cent However. the stock looks |
to be selling high enough. and according !
90 the opinion OF some of the most dis |
erect authorities. is likely not to get |
above yesterdays high level.