The times., 1901-03-26

been supporting the market up to this
time will come to its rescue today or to-
morrow and prevent much further de-
cline. one reason for this is that the
Morgan Steel Trust is to be foated next
week. and Mr.. Morgan may desire
strong market on which to float il. In
this event the important break viii come
the week after. perhaps Some OF the
most conservative people In the street
are advising the taking of profits on every
bulge. They advise waiting for sharp
reaction before making further purchases.
The break, when it comes, should extend
for five or ten points, these people think
The news of the cyclone in the South
had depressing effect on Tennessee Coal
and Iron, but no effect on the general
market. 1t is possible that Louisville and
Nashville and the Southern Railway Sc
curities may be sold today on account of
ii, though this is not likely, as these
stocks are both extremely buoyant Tor
very good reasons. The banks have lost
nearly 81 600 since last Friday, and 1t
can be seen that an advance IN call loan
rates to 4 or per cent, or even higher,
could be engineered with no difficulty If
the insiders Tor any reason Shoulu desire
a tightening of money and a decline in
the stock market. Indeed ii is probable
that rates are now being held down arbi-
trarily by the money syndicate, while the
various railway and industrial plans are
being carried through. The banks have
very slim margin over the legal require
ment. Money is plentiful in the country,
as whole and there is no likelihood of
any serious monetary disturbance has
been pointed out heretofore, but tenn
porary period of hardness is not unlikely.
The outlook in China is less reaSsurng
! than IT was at the close of last week.
The street is canVaSSing the possibility
that Japan and Russia may come TO
blows. The date for the decision of the
miners as TO a strike is near at hand.
Many believe that there viii be no strike
but evidently il is unsafe to base a bull
campaign on the chance. London was a
buyer of American stocks yesterday. but
the orders came from this side largely.
perhaps the most interesting in the entire
list yesterday. The stock advanced to
2s52 a gain of points over any previous
hlgh price. 1t went off somewhat before
the close, but seemed TO be supported fair
ly well, when nothing else was This
stock has been advancing steadily every
week since the boom in the market be-
gan last September. II has been one of
the most satisfactory securities on the
llst to hold, showing almost no reaction
az any time. a great deal of this stock
ana the preferred has been held by Wash
ington traders and investors. and IL is
said that more money has been made out
oI them than any other stock on the list
Ihe preferred did not advance much YES
terday, though ii is regarded with quite
as much favor as the common. These Sc
curlties are likely to go much higher in
the near future. In the event of a de-
cline IN the general list. they would go
off somewhat, but less than most stocks
and they would recover quickly. The
story told rega riding the Southern yester-
day was that it has purchased the control
OF the Louisville and Nashville 1t is
an Old story, but may be true some time
Weakness was particularly noticeable
IN the grangerS yesterday afternoon Bur-
lington went of from 166 at the opening to
lS5, and 1t closed. practically at the bot
tom St. Paul sold eX-diVidend and for
time it showed strength, but later it
went off more than a point Rock Island
Was exceptionally weak during the last
few minutes OF the day, breaking to 1275s
and closing at the low point The Atchi-
sons broke point EACH and Chicago
Great Western broke more than a point
to "a. The rumors regarding these lines
IN the various deals that have been ilintcd
at, are quite as numerous as they were
week ago. but there is nothing new any,
where in sight. One story is that the
Great Western is TO be taken in by the
Greater Missouri Pacific deal Another
is that tho deal for the acquisition of the
burlington by the Hill forces is virtual
iy completed There is no particular rea-
son for believing this story. IT is not
thought likely that any dividend will be
declared on Atchison common stock at
the meeting of the directors of the com
pany on April 3.
The deal for the purchase of the Rio
Grande Western for the Denver and Rio
Grande is semi-off1cially stated to be COM
pIete. II is supposed that the latter road
viii now be taken into the Greater Mis-
souri, Pacific. A complete merger is not
likely, as that might cause the diversion
OF traffic now given them by other lines
in the TERRITORY to the systems that are
most active competitors. An announce
ment of some kind is likely today or
later this week. II is said that the Den
yer securities may be advanced on this
statement
Western Union was strong during the
morning hours, making high price of 80,
which with the dividend would be a frac-
tion above 81. Later in the day II sold off
10 IS and a fraction, but it is likely to
go higher in the near future. The an
nouncement that the company has settled
its differences with the Chicago Board of
Trade and VIII hereafter receive the grain
quotations as it did until a few months
ago was the reason for the buoyancy of
the stock.