The times., 1901-04-03

It may be said in general that the real
izing during the morning hours was on
! a tremendous scale and that the advance
In one or two securities IN the afternoon
looked much like manipulation to prevent
a break or to defer a break for further
rcs liZiug. The result is yet TO be seen.
This mornings market Will be watched
With much interest.
The news of the day was not important
/ except i'm one matter Secretary Gage
went into the cpf# market and bought
$2.u04e GOO in Cove & bonds yesterday.
It was the news 50 his that buoyed the
mark during The afternoon and per
hauS prevented bad break. The action
/ Of the Secretary was the subject of much
CunlaD MT, for the reason that only last
lrdsy ho stated that he did not intend
10 buy any bonds, the price being too
hl.H. II is Tumored that he was told OF
the weak condition of the market ycster-
day morning and requested by the most
2 lniiut utial of Wall Street interests to take
the step that he did. While this little
purchase restored confidence yesterday
II is. Of course, a fact that, Of itself. II
has not helped the financial situation
much. Larger purchases than that of
yesterday, apparently, will be required
TO COuuteract the effect of the constant
drain on the banks from the Sub-Treasury
and the interior There was slight ad-
vance in the call loan rate yesterday to
8 per cent. The great strength of Bur-
lington aud Northern Pacific yesterday
afternoon disposed the street to believe
r
the deal between the two systems would
be made yesterday afternoon or today,
but nothing was given out before the
close Of the market. The gossip of the
street was that Mr. keene and his
friends are extremely buiish on the
steel securities and bearish on the rail
ways. II was said that selling for him
yesterday had much to do with some of
the weak spots in the market, especially
the CoalerS Many careful traders con-
slider it probable that if the market con
tinues strong the feature will be the in
CuStriaLS, Ted 10y the steels, for some time
to come Profit taking is advised in the
railways generally on all advances, espe-
cially until after the three days holiday.
The announcement by the Morgan syn
dicate that the Bridge Trust and the
Rockefeller Lake Superior iron mines are
TO be included in the purchases of the
United States Steel Company and the
capital stock increased by $3.50 600, 600 for
that purpose. was one Of the chief topics
of conversation during the morning. The
trust becomes the more stupendouS by
the addition to it's scope, andrif the plan
of the consolidation is a good one the ad-
dition is entirely logical. A fTmer grasp
on the situation may be supposed TO be
obtained. For these reasons there was
general commendation of the extension Of
the plan of the syndicate in the street
comment.
For some reason the securities of the
trust did not continue their advance yes
terday. They both opened strong, but
sold off during the day. and did not re-
cover very buoyantly. The realizing in
both securities continued on heavy
scale. The outlook for the stocks, how
ever. is good. The addition Of another
quarter of 2 billion of securities to be
ioated apparently makes the necessity
Of holding the price up SO much the more
imperative.
One Of the stories Of the day was that
there is a plan to combine the steel COM
panies now outside of the trust the Colo
radO Fuel and Iron Company. the Ten
nessee Coal and Iron, the Republic Iron
and Steel, and the Sloss-S Sheffield concern.
The securities Of all these concerns were
buoEant Yesterday in apparent cOnfirma-
ton Of the story. Colorado Fuel and Iron
especially making a fine record. 1t
opened at 5S is, q high price. and ad-
Eancod TO 81 "a. closing at the top level.
Whether or not the United States Steel
Trust win buy up the smaller concerns
is much in doubt.