The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-09


Foundry common and preferred among
the indlstrials. If they have not sold out
their high priced railways like Burlington
and Rock Island they will continue to
sell on all the little advances. Some
stocks are selling too high even for the
superb conditions now existing in the
business world.
The dearth of news all day was one of
the singular features Of the session. Ru-
mors were largely absent and official an
nouncements wholly So This may be TAX
en- as an indication that the insiders are
willing TO have the market break, If one
insists on drawing a conclusion. But the
TACT that there were no rumors of disas-
tiers and no denials of pending deals
might be considered quite as certainly TO
negative such an idea. IL is certain that
every day that the Burlington deal is not
oflclally announced is q bear argument
on this stock and on Northern Pacific.
II is wonderful when one considers the
matter calmly how little foundation there
has been, in any official or seml-official
statement. for the story of the Burling-
ton-Northern Pacific-Great Northern deal.
The money outlook attracted more atten-
ton than anything else outside the ac-
tual buying and selling of stocks and the
rapid fluctuations. The demand for funds
was heavy and the insiders restricted the
supply for the first time in recent weeks,
so that the call loan rate for time was
6 per cent This was the occasion of some
of the heaviest selling after the first re-
coVery of the morning. 1t seemed appar-
ent that the Morgan Clique had changed
its tactics, at least to the extent of not
caring to make money rates easy longer.
1t is likely that for some weeks to come
less favorable money conditions will keep
the market from any such buoyancy as
that OF last week. 1t is said that heavy
shipments of gold to Europe are entire
ly probable during April. The shipments
to the interior continue on large scale,
as was shown by last week bank state
ment, which was worse than had been
looked for. Another statement like that
of last week, with the loan item a little
favorable, would entirely wipe out the
surplus reserve held by the banks.
The worst declines yesterday were those
in the graugers-Rock Island, Burlington,
and St Paul. Rock Island at one time
top of the previous market day. last
Thursday. 1t recovered little, closing at
143. Burlington sold as low as 1875, and
closed at 1928. St. Paul went of to 1914
and closed practically at the bottom.
Rock Island was at no time in the day
strong, and at times it seemed as
if every body that has been interested in
it recently was wild to sell either long
or short stock. The abandonment of the
story that the Rock Island and the Atchi-
son are to be combined explains why the
slump occurred, once the downward move
ment began. The people that bought
Rock Island did so almost wholly because
Burlington and st. Paul had gone up. and
IL was thought that this stock also should
have an advance. This is literally true,
despite the fact that the advance was q
points in a day or two. 1t is believed
that both Burlington and Rock Island
should be sold on all rallies Even If the
Burlington is to be guaranteed per cent
dividends, which is an extremely improb-
able thing, it is selling high enough.
The threatening strike situation on the
Jersey Central and the possibility that
the strike may extend to other Eastern
railways may have had some effect on
general
ed to cause any break in Jersey Central
The stock was almost untouched during
the entire session. the one sale recorded
being at 156. Other coal securities were
fairly strong, rather better than the gen.
eral market, in fact. Reading first pre-
ferred sold as high as 7619 and closed at
1907 to Ia. Ontario and Western broke
IL points and the Fries went of
somewhat the preferred to IS. The
coal securities, If there is no strike
list TO buy. They are not selling too high
for their outlook, if one or two of the
high priced issues are excepted. 1t is
said that the outlook for the Fries is espe-
cially good. The dividend on the first |
preferred will be paid in June, and prob
ably dividend on the second preferred
as well.
Sugar was one OF the few securities on
the entire list to show buoyancy yester-
DAY II advanced during the morning
X
and only went off in the afternoon TO
around the opening price. The top level
reached was 1873 and the close was at |
1ilH: The manipulation of this stock in |
dicates. some of the experts say that |
there is likely to be an advance in il in |
the near future.
The steel securities were allowed to go
on with the general market. the common |
to 4sl9 and the preferred to 94l. The |
close IN each case was near the lowest of |
the day. The belief is strong in some of |
the competent quarters that the manipu- |
lation Of these securities is not over vet |
and that they will be given a further |
advance in the near future on the next |
upward movement. 1t is certain that the |
insiders have liquidated very little OF |
their stock as yet.
The story that Tennessee Coal and Iron
is to be taken into the United States Steel |
Syndicate, or controlled by it. was heard |
yesterday IL has been a theory of care |
full observers OF events for some time
that this would occur. The stock is a |
dangerous one to speculate in, even IL one |
has sure tip on it,