The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-24

/
over by the weakest holders recklessly
and helped the decline. There Will be
| more of the same thing this morning. in
all probability, and II is not unlikely that
I the break may continue and develop
! into the most serious for several weeks.
, Prices went of from a fraction to five
points or more in an hour. The drop
wiped out the gains of the morning an.
! IN the large majority of cases made net
losses for the day. The close. all over
the list was very near to if not on the
lotion for the day. The only thing that
VIII save break viii be immediate help
from the insiders.
Business all day was immense. The
opening was extremely irregular, with a
fine buoyancy in some securities and with
weakness in others. Later there was "a
good advance nearly everywhere. which
treasured the public and made it forget
entirely the Monday break.N But it could
be seen at all times that the buying was
not of the same or as good character as
il had been before during the boom. There
was plunSing by the spectators and the
public made purchases but the insiders
did not appear. The Liquidation was i'm
mense all day and in time it told badly.
| The news OF the day was not alarming in
any way and ii cannot be supposed that
II caused the break. 1t is simply a case
of more people wishing to sell than to
buy. The banks are losing money this
week. but not heavily, ii is said. There
are to be exports of gold also, but the
S3.WN,Wi0 more or less that has been en-
gagged should not cause any anxiety. Mon
ey on call was easy at per cent during
the greater part of the session. The ad-
journment of the New York Legislature
should be considered matter distinctly
favorable TO the traction securities and
in this way to the entire market. The
Burlington deal announcement has not
been made as yet. but no one now doubts
that there has been deal and that it
viii be described officially in a few days
at the latest. Stories of dividends for va
I
pating in dividend disbursements and of
other dividends to be increased are com
mon in the street and cannot be said to
offer any good reason for pessimism re-
garding the market.
The advice given by careful people for
several days now was repeated with en-
phasis yesterday. 1t is dangerous to hold
the greater part of the railway stocks
at their present level. 1t is always pos
sible that they may have further adj
vances. but when they are selling above
their legitimate level II Is a gamble pure
and simple with the odds heavily against
the outsider. Careful purchases of some
of the low priced issues and of some o. the
industrials on the sharp recessions may
prove profitable.
Breaks were violent in various parts
of the list. Those in the fractions were
among the most interesting. All Of these
securities were strong in the morning bust
ness on account of the bullish gossip rela-
Legislature. During the last hour they
all broke badly. seeming to have no sup
port whatever. Brooklyn Rapid Transit,
which was above SIS on Monday and above
81 yesterday morning. went off to S5lz in
the afternoon. Ii closed only fractionally
above that price Metropolitan broke to
172l2, and Manhattan TO 127. and both
closed near the bottom. Consolidated Gas
also went off somewhat but not alarming
". Apparently the insiders sold on the
adjournment Of the Legislature instead of
buying as they had been expected to do.
The insiders have a way Of disappoint-
ing the public in this fashion sometimes.
Baltimore yand Ohio common stock,
which was so buoyant last week and on
Monday getting nearly to par, was one
Of the weak features all day yesterday.
1t sold of. to 94l1 and closed a. the bottom.
The suit against the company to stop the
payment of the dividend on the common
stock is to come up at the end Of the
present month. The stock looks high.
St Paul and Rock Island were among
the weak features of the last hour. st.
Paul broke from III TO 1864 and closed
at 1852. 1t was nearly 10 points above
this price on Monday. Rock Island
dropped from lo5ss to l5l1a and recovered
only point of its loss. The Atchisons
both shared this tumble in prices, though
not quite to Il same extent. The pre-
ferred went f Sc and the common to
611s Fear that the vouminous talk of
deals regarding these companies and
their securities may have been based
largely on wind, seemed to he the chief
cause of the weakness in this quarter
The Pennsylvania people deny emphat-
fcally that they are to absorb the Atchi-
son or that they are to have two direc-
tors in the company Nothing new has
been heard as to any st. Paul or Rock
Island deal and IL will be remembered
that there has been nothing published at
any time regarding either one of them
that was not of the gauziest nature 1t
is to be feared that there will be many
rumored deals found to be made of
moonbeams before tie present market is
over.
The Steel securities. although they were
weak al times during the day, held their
hour. and closed with no net losses
There were some heavy purchases of
these securities during the day that look
ed like inside buying. II is not impos-
sible that Mr.. Morgan and his lieutenants
VIII make these stocks strong even If
the general list goes off. There is much |
less boom price to be lost by these Sc
curlties than there is In the railway list |
Sugar was one of the friendless stocks |
ll9 TO 143lk, and closed at 144s Tobacco |
also slumped badly. opening at 12s and |
closing at 126, the lowest price of the day
Both of these securities have been among |
those best liked by the tipsters, and their |
declines caused serious losses to the pub |
lie" and semi-professional element in the |
houses.
Washington stock Exchange.