The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-20

dav is likely. London was purchaser of
American securities yesterday. Inc ieel-
ing on the other side at the moment
seems seems to be entirely hullish regard
ing the New York market A somewhat
positive denial by the people directly IN
tcrested, of the alleged deals between
New York Central and Manhattan had
the effect Of making Manhattan STOCK
weak all day. on the other hand an
equally positive denial that the Burning
ton has been or will be leased by the
hin interests had no effect toward hold
ing back the big boom in Burlington I'M
til the last hour Of the day. There was
much gossip regarding the steel deal dur
inc the day. as II is understood that
sonnet hing like 80 per cent Of the different
stocks have been deposited, and that the
plan is now sure Of success as FAR as
the merger is concerned.
The steel securities were perhaps the
the most interesting of the day, All max
ing sharp advances TO the best prices IN
recent weeks. IL was said that the Nor
gan syndicate brokers were heavy buy erS
of the stocks and that all their purchases
were deposited with the depositaries. AT
the same time the new steer securities
when issued were doomed handsomely
TO the best prices on record, and the syn
dicate was also credited with TINS al
vance to a large extent. Federal Steel
common advanced TO 49A and the prefer
red advanced to 90 Wire common went
as high as 49, and the preferred as hiEh
as 1u5L, The others OF the group made
Z
there were rather sharp reCeSslons IN the
common stocks but the preferred closed
tn. day at or near the top prices. me
new United States Steel securities ON
the curb" fluctuated in such a rapid way
that different records of the prices at
tanned do not agree one statement is
that the common went as high as A ana
the preferred as high as 30'2 Another
statement was that the highest price OF
the common was 42i2. and of the prefer
red. Spit In any event there was a sharp
advance. and. in the preferred especial
~, an excellent net gam recorded. Some
OF the best authorities are of the opinion
that these securities. both new and old,
are destined to be the leaders of the mar
ket from this time. Undoubtedly they are
likely to be advanced to considerably
higher levels, before very long.
Manhattan was the weak feature of the
| day, as il was the most huOyant on Mon
/ day. The opening price was l&12, and
! this was practically the high for the day.
! The low was 1912, and the close 10.
| This is the most important break that
/ has been made by any stock since the
! recent boom began. The weakness in the
4 stock was supposed to be due to state
! ment by Mr.. Galloway that there is no
truth In the rumor Of New York Central
J lease of the Manhattan. II was said, too,
| that a rather important clique that has
! been operating in the stock heavily dur
! ing the advance was a seller yesterday.
During the afternoon Burlington was
! nearly as reactiOnarN as Manhattan, out
! its net record for the day was much bet
! ter, as II made fine squirt in the morn
! ing TO another new high record. The top
/ reached was les. three points higher than
/ the best of Monday. The recession in the
! afternoon was at one time nearly three
! points and the close was off more than
/ two points from the top. This decline, too,
! is probably due to a denial of recent bull
! lish gossip. President Hill states very
/ positively that the Great Northern has
/ not leased, and does not intend to lease,
the Burlington. with per cent guaran-
! teed dividend on the stock or with any
other guarantee. or without any guaran-
! tee, or in any way whatsoever. 1t is. of
! course. possible and indeed il is probable
that Nj I5il and his friends have been
! buying the stock. II is also not impos-
sible that the dividend VIII be advanc ed
to Z per cent. However, the stock looks
to be ceiling high enough. and, according
to the opinion of some of the most dis
Greet authorities, is likely not to get
above yesterdays high level.