The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-03

1t may be said in general that the real
ling during the morning hours was on
a tremendous scale and that the advance
I'm one or two securities in the afternoon
looked much like manipula ton to prevent
a break or to defer a break for further
realizing. 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 in one matter. Secretary Gage
went into the op'g market and bought
81 600 coo in Cove. Z bonds YESTERDAY
II was the news a. This that buoyed the
market during the afternoon and per-
h3pS prevented a bad break The action
Of the Secretary was the subject of much
comment, for the reason that only last
FridSy he stated that he did not intend
10 buy any bonds, the price being too
high II Is rumored that he was told of
the weak condition of the market yoster-
day morning and requested by the most
influential Of Wall Street interests to take
the step that he did. While this little
purchase restored confidence yesterday
II is of course, fact that, OF itself, II
has not helped the financial situation
much. Larger purchases than that OF
yesterday, apparently, will be required
to counterfeit 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
3 per cent. The great strength of Bur-
llngton and Northern Pacific yesterday
afternoon disposed the street to believe
that a definite official announcement OF
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
friends are extremely bullish on the
steel securities and bearish on the rail-
ways. 1t 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 II probable that if the market con-
tinueS strong the feature will be the in
dustrials, led by 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 he included in the purchases of the
United States Steel Company and the
capital stock increased by $3.50. 0JG. 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 its scope, and If the plan
of the consolidation is good one the ad-
dition is entirely logical. A firmer 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 a heavy
scale. The outlook for the stocks. how
ever, is good. The addition of another
quarter of 2 billion of securities to be
foated 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
RADIO Fue! and Iron Company, the Ten
nessee Coal and Iron, the Republic Iron
and Steel, and the Sloss-Sheffield concern.
The securities OF all these concerns were
buoyant yesterday in apparent confirma-
ton of the story. Colorado Fuel and Iron
especially making a fine record. 1t
opened at IS is, a high price, and adj
yanced TO 81 81. closing at the top level
Whether or not the United States Steel
Trust win buy up the smaller concerns
is much in doubt.