The times., 1901-03-30


scale such AS the present market wolld
imply. Put in a different way Mr. Nor
gan Is manipulating on quite as great
scale. one OF MT. Morgans 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 SubStantldte
this. He is making bagatelle OF the bil-
lions and billions of dollars represented
bv the railway and Industrial securities
dealt in on the exchange. lie 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 80
per cent iE this time
According te all past standards the
rtime for a violent reaction has come.
Many state the belief that at least q
break of five or ten points is likely in the
immediate future. Mr.. Morgan may not
be aVcrSc to such q break. It is conCeiy-
able that it might help his schemes. If
break is To be allowed the early part Of
next week will be the period TO watch for
danger signals. The bank statement to-
day may be good or bad. but whatever
the figures may show il is certain that
monetary conditions in New York are not
good at present The banks have lost
sfpOp.00j to the Suh-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-
ton of things ordinarily would mean
badly. which it cannot afford to do, be-
ing already low. If Mr. Morgan is ready
for n break he may not bolster the state
ment mp by putting money into the banks.
If he wishes a strong market today and
next Monday he and his friends probably
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
lFrF 4 =,
ton is due, there is no reason why the
boom should not extend further ulti-
mately. 1t also suggests that a level
permanently much higher than any aver
age level before is assured.
Burlington opened with rush upward
in price from below 170 to 173R in the
quotations of two minutes. Something
like l5.G9e shares of the stock changed
hands in this time in lots of from 800 to
2.U0 sharees. Northern Pacific was not
quite so violent but it, too made "A
rev high price well above The best of
Thursday. The advance continued during
the dds, burlington touching a high of
10 and Northern Pacific Il high of 96.
The persistence of the boom cOnVnces |
many that the deal between these two !
lines Is assured. Others are still skep-
teal. II is said by some careful stu |
dents Of railway finances that il would !
he folly for the Northern Pacific to guar
antco a dividend Of : per cent on the
Burlington. IT win he seen that at l75
the stock is now selling where Z per
cent dividend would only yield the in
Vcstor per cent on his money. The net
earnings Of the Northern Pacific for Feb |
ruary showed an increase of S10I 900.
The new Steel Trust securities were |
both buoyant and strong on immense !
though there Was a good demand for |
them from tie general public also. They |
advanced TO n and 96 early in the day |
and closed near the top. 1t is predicted |
by some shTeWd l0OkerS-On at the game |
that the common viii be doomed up to 81 |
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 ajOrity /
of railway securities ut their present |
level The preferred stock would seem /
TO be fairly wei assured of its dividend |
under all ordinary trade conditions. A |
statement purporting TO come from an |
official source is to the effect that the |
new company viii earn dividends on both |
classes OF stock and a surplus of 50,e0o eo0 |
yearly il business continues good.
Smeiters was again weak yesterday on !
account of the adverse decision OF the
courts.
Western Union was one Of the Duoyant |
issues. The tipsteTs say that the stock /
viii SO to par next week if the market I
continues strong, and very likely viii do |
so any way II was whispered in quarters
close 10 the Gouids yesterday that there
has been q deal of the utmost Importance
between the Western Union Company and
the telephone people. This, Of course if
true, is more than enough to make the
stock 20 to par. But the affairs of the
Western Union are locking better al
around. II is said, too, that q working
n greeusent has been reached with the
Postal people that viii be- Of great benefit
to each concern. The settlement Of the
trouble with the Chicago Board of Trade
is a matter of greater Importance than
the general public seems To realize The
earnings Of the company are much better
than they were year ago. The stock
opened yesterday at ~ and doomed up to
S6zt. 1t closed near the top. \ day or /
TWO ago it was selling around ~.
The net earnings statement of the
Southern Pacific for the month OF Feb
ruary showed an increase of $fJ1,O9 The
record is one Of the best ever made.
Southern Pacific stock showed more ac-
tivity yesterday. but although il advanced
20 45's at one time. il closed with little
net gain
The Atchisons failed to make any ad-
'ance yesterday. II was said that there
was heavy realizing in both securities
during the morning hours. but later in
the day they showed more strength. One
OF the statements made Yesterday was
that the question of the dividend on the
common STOCK may be taken up next
Wednesday. II was said by the authority
OF IL per cent semi-annualiy is assured
this spring Both these securities look
equal 10 a IIfilcr ADVANCE II the general |
market Is to continue strong.
Pennsylvania Railway fails to advance /
IN a curious way.-Hi is held between 153
and l55 steadily from day to day Friends
Of the stock advise holders 10 have pa
licuce. The same may be said of Union
Pacific common, which barely held its
own Yesterday.
Washington stock Exchange.
Sales-I nited States IS. S2GSG411N:
I nlted states registered 81, SiG0aI1fIb:
United states registered 2s SlO1IlflH. |
/ Mon Trust aud Storage. 61aI07; 23H107iT:
Capital Bank, 5dl0; Capital Traction. Sgi
lV4i+. Colonial Fire Insurance Compauv
I5uEB, Chesapeake and Potomac TeIe-
phone, 5015lz; 5nI5ls; Washington Gas,
l6d5S: Mergenthaler Linotype, 1a1s2; |
American GraphOphOne Company. com
mon, 1l50l0k. After CalI-Chesapeake and
Potomac Telephone, 1U075; Washington