The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-19

was little. London sold American securi-
ties and. with the exception of the Fries,
the London prices were off. The Bank
of England discount rate remains at 4
per cent. Money was easier yesterday,
as 1t was on Wednesday. Definite Off
cial announcement of any, phase of the
Burlington deal is withheld from day
TO day, although day after day it is prom
Used by the wiseacres. Careful people
continue to assert that whatever the an
| nouncCment may be, when made, II can
not show Burlington to be worth its pres
ent prices, intrnsically. The supposed
| completion of the deal is causing much
| that may be adopted by other large inter
ests in the West. the st. Paul and the
| Northwest among them.
Opinions regarding the market are nat
| urally much at variance. There are ms ny
| confident people advising the purchase of
stocks all over the list for much further
gains, and others talk of 4 crash being
! imminent. Ii is probable. however, that
| neither Of these extreme opinions is near
the truth. Many stocks are too high,
| measured by any standard of actual val
ues, and in the end these securities ar'
sure to get back to their proper level. Va
| the reaction they are even likely to 20
below their legitimate level. Other 3
! curities may have a further adva6c,
| The people that have been manipulating
the recent market are not likely to al
low any violent break if they can pre-
vent it.
| The latest statement regarding the
| terms of the Burlington purchase is that
! the stockholders of the company will be
| given 500 in per cent bonds for each
share of stock This is n slightly better
! deal than 500 or even $225 in 312 per cent
| bonds. lncOnceivable as il may seem, ii
| is stated that the Burlington controlling
! interests refused the offer of x220 in 3is per
! cent bonds. AS has been pointed out in this
| column heretofore. the Burlington COM
/ pany has not, at any time in its history,
earned enough to pay the interest on this
| bond issue. Burlington stock was some
| what reactionary yesterday, ii failing to
| advance with other railway issues.
1t is stated in authoritative quarters
/ that the controlling interests in the Chi
| cago and Northwestern Railway are con-
| sidering plans for counteracting the effect
of the Burlington deal. An extension to
| the Pacific Coast has been much dis
| cussed, it is said. rumor along the
! same line is that the st. Paul people have
| similar ambitions not TO be outdone by
| the Northern Pacifc-Great Northern
Burlington consolidation. They, too, are
said to be figuring on line to the Coast.
/ 1t seems likely that some plan for joining
| forces may. be adopted by these two sys-
| TENS. Perhaps the Union Pacific may be
! acquired by them or an alliance may be
| made with it which will prevent the
necessity of new construction. The North
! west is a Vanderbilt property, and the St
| Paul is regarded as a Rockefeller system
| The Union Pacific is in friendly relation
/ with the NSnderbilts, but it is regarded
generally a Kuhn-Loeb- Hartman sys-
/ tenn. A union of these three systems
: would be mighty one. A fine boom in
/ Union Pacific yesterday was attributed
| by some to the possibility of an alliance
/ of this kind. The stock advanced two
! points III few minutes TO about sc.
| Runors of an increase in the dividend
on the stock also had some effect. st.
| Paul was strong.
The Atchison securities were very strong
after the opening quotations. The COM
mon advanced to above 60. Tips were in
the street that ii will soon sell at so The
reason for the bulish feeling regarding
the stock is undoubtedly to be found in
the rumors that the Pennsylvania people
are buying the stock heavily with the in
tention of securing control. Pennsylvania
was also strong. The Pennsylvania sys-
TEN. If it buys the Atchison, will be in a
position to compete in the West with the
great combinations. The rumor is not i'm
probable.
The Gould securities were again strong,
Missouri Pacific and Missouri, Kansas and
Texas being the features. The street is
looking for Gould deal this week or
early next, and is telling of much higher
prices 10 be expected in Missouri Pacific.
]. Overton Paine, the New York stock
broker that turned small beginning into
TWO million dollars in a few months a
year or two ago, and that has made him
self pretty well known all over the East
as an interesting ana picturesque writer
making arrangements for n branch office
here. He will open at 1881 F Street in a
few days with NJ. D. Jacobs, of this city,
as his manager
The Southern Railway securities were
both buoyant yesterday the preferred es-
peciaily getting as high as SO and closing
practically at the top. The recent heavy
buying OF the stocks in Londan has
caused many careful market people 10
look Tor an advance in them as a result
On
Both are selling at relatively low prices
compared with much of the remainder of
the market
The fractions were taken I'D again YES
terday. The tips TO buy these stocks have
been persistent. There is no known rea-
s son ior tnelr advance except the manipu-
lation OF insiders on the strength of the
general market Metropolitan at one
time reached 175 and II closed with a
GOOD net gain. Manhattan and BROOKLYN
had smaller gains.
United States Steel common advanced
to ~ and the preferred advanced to
94A. Both closed near the top prices for
the day. II is suggested that Mr. Morgan
may have cabled his lieutenants that a
strike must be avoided at all hazards and
that the result of this cablegram proba-
bly, was the much more colciliatory atti-
tude of the magnstes yesterday The
chances Of a strike, according to the
views OF the magnates. are very small IL
considered by many to be among the best
on the list at the present level of the
market. They are not high compared
with earnings. or with the dividends that
have been promised by the Insiders 10
their friends. On the contrary they are
fairly cheap. In such market as this
with prices away above actual values. Sc
curities that win pay from to 10 per
cent on the investment must be consid-
cred an exc client speculation
Colorado Fuel and Iron and Tennessee
Coal and Iron were both buoyant early
yesterday. but later both sold off some
what. They closed with good net gains.
however. The Colorado stock went as
high as SO and closed ut 81. Both of these
securities are being manipulated They
are regarded by many as on the gold
brick order.
Sugar had break from 1904 to 147%
had little or no support apparently. No
news that would account for its weak
ness was heard.
Washington Stock Exchange.
Sales Masonic Hall SIS, 100gd1O7. Amer
lean Security and Trust Company, 4G2299
lI23l; 1lN230. Bank of Washington. I0d
as National Metropolitan Bank, l0fiS0O
West End National Bank, 1Gd120 Capital
Traction, I0ul0i%; 105d104h Potomac In
surance Company Sel12. Peoples Fire In
surance Company, 20d6. Washington Gas
90d57&a; 1l1T57Ss. Mergenthaler Linotype
lo4ls2h-seller 60. Lanston Monotype. S5a