The times., 1901-04-23

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little at first.
Wen send you a little try If YOU like
CIT K BOVINE, 4ol Pei -.~ec- "
another buoyant period interviewed that
! took prices to new record level and had
! no symptom of weakness or hesitancy.
! During the last hour there was a weak
market on immense realizing and an at
! tack by the bears. AS result OF the
various different currents the net move
! ments for the day were particularly lrreg-
! ular some being good gains ana others
! rather serious losses. In general, perhaps,
! the railway securities that have been
J buoyaut recently were the worst sufferers
! by the reaction of the last hour. Other
| railway stocks were strong. and at the
! close showed net gains. The Industrial
( list for the most part, held its own also
! There is nothing on which to base any
! new estimate as to the outlook. There
( NAV be a reaction of half dozen points
/ this week, ana, on the other hand, the up
( w1rd movement may continue after the
/ opening today. In the news OF yesterday
/ there were no dlScouraglnS features Dut
| on the contrary most of the small deVel-
/ oDments We're entirely satisfactory 10 the
/ bulls Z he argument that prices are too
/ high cannot be urged with any more rea-
! sen than il could last week, and 1t had no
! effect then in stemming the tide OF
I buyiug Conservative people, therefore,
/ continue to advise selling out the high
/ priced issues, because very evidently they
/ have reached a dangerous level, Dut 90
! not advise selling stocks short, because
no matter how dangerous the level is, II
J may be 20 points higher before there IS
/ much OF a break. There is still buying by
/ careful market people in the lower-prlced
! securities Such buying had its erect
last week in the AtchisOns, the Southern
Railway securities, Norfolk and Western,
4 the Union Pacitcs, Chesapeake and ono,
+ and many OF the Gould securities. 1t had
! its effect yesterday in southern Paclhc,
/ Pacific Mali. and some of the stocks be-
! fore mentioned.
II might be inferred from the action of
St Paul yesterday that its bubble mas
! been pricked again. The stock advanced
handsomely to 115 and then began a tuin-
| BILE OF more than six points to l6S34. at
! which low price it closed. At the same
! time Union Pacific dropped from hlgh
price of 1929 near the opening to 80 at
| the close, and Northwest dropped from
206 TO POI. but recovered to 204 at the close.
Mantfestly. however, il is not safe TO
/ place too much faith in appearances IN
this case. Burlington on several occasions
during its advance showed great Weah-
| ness and later a more strenuous buoy
ancy than ever.
Two or three theories regarding St. Paul
are heard in the street that are All inter-
eSfiug il not necessarily any of them con-
vincing II is said that the Moore broth
ers. who sold out all their steel securities
a week or more ago, have been buying
the granger railway securities since that
time and that yesterday was their DAY OF
| LIQUIDATION II is known that much or
| the selling of these securities yesterday
! came from Chicago. The people that push
I this idea forward also say that Mr.. Gates
has been selling out his railway STOCKS.
This theory. of course. places the recent
/ advances in these securities, except those
in Burlington. on a purely speculative
basis II is not theory 70 give one con
/ fdence in the market. The story that
there are to be two or tnree imports
deals in the gTangerS on account or the
Burlington deal has been discussed IN TINS
column. There is nothing new to sub
stantiate this idea except that St Pau!
and Union Pacific and Northwest all
moved together yesterday as If the same
people were interested in them The third
story is that Mr.. Hill wishes to secure the
ST Paul as well as the Burlington, and is
stin working with this end IN view 1t
was said in substantiation OF tins ldea
buver of the stock and that he was pre-
dieting par for 1t.
The story that the Pennsylvania people
are buving the AtchisOns was cOrrobo-
rated yesterday by an authority that can
hardly be questioned. But the securities
! both went of in the afternoon persist
/ entity and closed the day with consid-
erable net loss, the common at 6Ses ana
/ the preferred at S6ia. The preferred was
the more steady Of the Two. II Is consld-
! TO buy by the conservative market people.
The New York traction securities were
! active and buoyant for the first time IN
several DAYS yesterday morning. Brook
| lvn advanced two points TO S& and then
| dropped to S6a8. Metropolitan advanced
| 10 l7Gl5 and then declined to Ia, and Man
haitian advanced TO 1874 ana went OF 10
| I2GIs The gossip regarding the group was
an most bullsh. The only ruTnor ap-
preaching to definiteness. however was
| rlin a IfT0oktEn kdplG
! dividend II was said on the authority OF
| the controlling interest that the affairs
| Of the company are now IN such shape
that the dividend question may be taken
! up Immediately. Another large stock
| holder stated that dividend viii be de-
clared within two weeks.
! Sugar was shot up to $50 in the morn
/ ing and many people bought It, thinking
| that the boom was on IN earnest. Later
/ il was allowed to sag back 10 49, ana IL
| closed near the bottom. The story that
| accompanied the advance was to the effect
/ that the price Of refined sugar is 20 be
! advanced shortly, and put as high as
! cents during the summer months. No
! gossip accompanied the decline.
| Tobacco was one Of the weak stocks
| The report Of the meeting Of the company
! held last Saturday contained nothing
! startling in the way of good news such
/ as many had looked for. II was good
| report, however, and the stock probably
! has as good chance Of advancing as any
| that IS manipulated in the way that il is
! The charter Of the company is to be modi-
/ fed 70 allow the purchase Of the plants
! that have been negotiated for recently.
| The Gould securities were again very
! strong yesterday morning. bnt Ike the
! general list they went off In the last hour
J II the day Missouri Pacific at one time
/ sold as high as 10 bur closed at l0S
| Texas Pacific advanced TO 1874 and then
! declined TO Az Missouri, Kansas and
! Texas took a downward course all day
| closing at 657z near the bottom. and two
\ points off from the high. The gossip re-
! garding the Gould reorganization was all
/ hulIlsh If the evidence that there is such
| Missouri Pacific at their meeting yester-
| day resolved 10 issue S30N00O0 of new
| capital stock. This issue. of course, is to
| be used IN purchasing the stock of other
| lines in the greater system, the Texas Pa
! cific the Missouri Kansas and Texas, and
| the Rio Grande securities. An announce
ment regarding this deal is expected any
| day.
! II is said that an announcement regard
/ ing the Burlington deal will be made to-
! most any other railway stock on the list
| Yesterday afternoon. IT closed At l93
| showing q net gain for the day.
| The steel securities were off ali day and
Ht times showed great weakness The
| common stock got as low 49, and the
| preferred as low as S3M. The closing fig
| ures were little better than these. The
| food damages IN Pennsylvania were re-
parently, and there was good buying Al
L. he