The times., 1901-04-12

was east on the authenticity of this state
| ment. far as the acceptance OF the
| terms are concerned at least by rumorS
that the Union Pacific people are max
ing every effort to keen the d., from
goine through. 1t was said very posi-
lively that up to the present time no
! agreement has been reached, and that
/ there is much doubt if any can be. The
| only thing mat an outsider is justified
/ IN doing in such a case is to keep out
! Of the securities involved. and to sell
! them at their present high level If he
! owns any of them. Burlington opened up
! yesterday morning to the highest level
I yet reached by it. 1924 and it began TO
/ tumble soon after the opening and did
! not stop until shortly before the close.
! The low price reached was 1S7, and the
! close was a point above that level. North
/ ern Pacific was quite weak, dropping
off from above 90 to 81, and closing prac-
| tcally at the bottom.
The new deal rumor yesterday was to
| the effect that the New York Central,
Lake Shore, Union Pacific, and North
western are to be combined into the long
! predicted Vanderbilt transcontnental sys-
/ TEN. II was suggested Dy the cynlcally
{ inclined, when this story was pushed FOR
ward, that il was to take the place OF
( the burlington deal-this theory being
/ based, Of course. on the idea that the
/ Burlington story has now served its pur-
pose and is TO be retired on a pension.
Some day the NandeTbilts Will have a
! tranScontinental system without doubt,
1 ana perhaps that time is near at hand,
| but it is an interesting fact that van
J derbilt deal stories like Vanderbilt securl-
! ties are frequently bought out at the end
/ of boom to help support the market
while the insiders unload. Northwest
was wonderfully strong yesterday, getting
! at one time to 2l2 a price far higher than
| any ever attained by ii before. The stock
! receives per cent dividend and there
has been a rumOr that its dividend rate
is TO be increased 10 per cent at the
coming meeting of the directors The
speculative fraternity may take its choice
Of believing that the advance is caused
by the dividend rumor, by the talk of a
! Vanderbilt deal or by rank manipulation.
| The stock broke nearly points from its
top price, but still closed well above any
previous record Union Paclnc and New
York Central were both strong during the
early part of the day, but both sold off
badly and showed rather heavy net losses
at the close.
The story that the Pennsylvania is buy
ing Rock Island and AtchisOn was also
heard in the street yesterday, but it re-
ceived little attention. These stocks all
| advanced in the morning and We're off
in the afternoon, with the general mar
ket.
The outlook seems better for settle
ment of the trouble of the Jersey Cen
tral with its employees without strike,
but there was little to reflect this in the
=
terday afternoon. The group was mac
tive, in fact, and sold off rather than the
other thing, though the movements in
either direction We're very small There
was not one transaction in Jersey Cen
tral during The day.
The steel securities were strong in the
morning but weak in the afternoon, under
very heavy realizing The common stock,
after selling at high as 1914, went off to
Il. and the preferred went off from 96I4 to
9l9i. Mr.. Morgan has reached Europe and
there was a general feeling in the street
that his arrival might be the signal for
a boom in these securities. 1t was said
that he Will probably sell big blocks of
the stocks in Europe, as well make ar
rangements for the completion of num-
Der OF other important deals, in which Eu-
rope Is largely involved. Perhaps all hope
Of bulge in the stocks on this movement
need not be given up yet. but at the mo-
ment, the chances seem to favor al least
a period of rest
Whether Mr.. Gates has secured control
of the Colorado Fuel and Iron Company
or not, the insiders seem TO be determined |
TO advance the price of the stock. 1t was |
one OF the most buoyant on the list yes !
terday, getting as high 1914, and clos |
ing with a good gain at 749s. Mr.. Gates |
said on Wednesday that he was the con-
trolling interest in the company, as was |
stated in The Times on Thursday morn |
ing Yesterday Mr.. Osgood, the presi- |
Y,
statement that Mr.. Gates was mistaken !
about being in control. The stock is a |
very treacheTous one to speculate in under |
the pest OF circumstances, and, with Mr.. |
troll, the situation viii not be improved |
any.
Sugar had another bulge yesterday. get |
ting at one time to 146%s, the best price |
attained by II for many months II sold |
on somewhat later but closed with an |
excellent net gain for the day The talk |
OF probable boom in the stock continues. |
It Is said in the street that the Stand |
ara OH people have secured a large in |
terest in the Peoples Gas COMPANY and |
VIII have a voice in the directory in the |
future.
There is one theory to account for the |
tremendous advance in q few securities |
in the past month while the general mar |
ket mas done little, a theory that ex- |
pialhs much and that is not inherently |
improbable This is that two or three |
groups OF capitalists are working against |
each other Tor control of the various |
western systems. The Morgan-HiIl group |
Is one. The Nanderbilts may be another. |
the pennsylvania another, and the Goulds
another. According to this theory these
cHques OF railway kings are racing for
the control each of q tranS-contfnental
system. They are not in harmony and each
Is, TO certain extent, attempting to
thWart the plans of the others Hence |
'H' Duy llls OI tle securities OF burlington
and Northern Pacific and Atchison and |
Rock Island and the Goulds in manner /
that has been very mystifying from the
beginning. Hence, too. the neglect of the
remainder OF the list owing to the fact |
thdt the market leaders are so absorbed
in their special plans. Something of an |
this IS undoubtedly true, though TO what
extent II is impossible to fathom The
result OF the contests, whore there are
contests. is to initiate prices to far beyond |
their legitimate level. and It would seem
certain that in the end the breaks In these |
securities must be proportionately big
Washington stock EXCHANGE