The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-25

|
Well send you little to try If you like.
SCOTT & BOVINE, 400 Pearl street, New York
| industrials There was little news during
| the session and the weakness therefore
should be attributed to a growing bellet
among the professionals that the market
| is high enough, together with continued
| heavy realizing by the large interests:
/ The public bought on the recessions ana
! on the bulges regardless of news
| The outlook is not a hopeful one for the
! bulls. Another day like yesterday would
! begin to reach stop loss orders and forced
| orders to liquidate. The bears are most
! aggressive. As usual, of course, there
| are many people that believe the market
1 has not yet reached the top prices of the
| boom. II may be said with entire truth,
| however, that the conservative people are
getting out of their long stocks or are out
! already. The best of the commission
| houses. almost without exception, are
advising their customers TO sell out
The money market again begins to at
| tract attention. The banks have lost
| since last Friday nearly $2,0O0OO0. and II
| is feared that there will be another poor
| bank statement. This with the shipments
of gold TO Europe that have been ar
| ranged. make It very certain that all dan
! ger of trouble In this direction is not yet
| out of the way. On the whole, however.
| II is a fair superstition that there VIII be
1
month or two. The money that will go
| abroad to pay for the British bonds Will
only go as long as money is easy on TINS
/ side. If the rates are advanced In New
| York the outflow will stop, as the Amer
lean balance on the other side Is an i'm
! perative thing. 1t is not on account of
the money outlook that conservative peo-
| pie consider stocks too high. but simply
| on account of the long advance without a
| break to prices above any ever before re-
| corded. and in many cases to a. level not
! warranted by earnings or dividend pros
| poets.
The Union Pacific boom, while not in
| harmony with the general market, and
not in the least indicative of its tenden-
| cies, was the most interesting feature OF
| the market yesterday. The stock opened
| below par, and advanced 10 107L<, closing
at l07ik, practically at the top. The buy
ing of the stock was simply stupendous,
and its advance at times was startlingly
rapid. The story that the street heard
| regarding the stock and the movement
was that the Northwestern people were
that had many believers was that this
control has been obtained already. This
story is in line with the rumors early in
the week and during the last few days of
last week that the Northwest and the
St. Paul would combine to control the
Union Pacific as an offset to the Burling-
ton deal II may be that the St. Paul is
to be included In this deal yet, though
ment of St. Paul stock yesterday. One of
the statements made regarding the Union
Pacific deal is that the Northwest will
guarantee per cent dividends for the
stock. Another makes the proposed divi-
/ dend rate per cent. Nothing official in
| all these rumors was heard anywhere,
and II is. of course, possible that the en-
| tire story is manipulators fiction St
Paul went off to 1863. and closed at 1861,
after being fairly strong at times The
boom in Union Pacific has been predicted
in conservative quarters for some time.
Burlington and Northern Pacific were
both strong all day. though the latter did
not close at the top, but only fractionally
above the opening. The suggestion that
the Burlington directors will take some
formal action on the offer of Mr. Hill at
their adjourned meeting today was prob
ably the cause Of the steady strength of
these securities: The proposed Northern
Pacific-Great Northern bonds when is
sued were traded in on the curb yester-
day around 80. according to the tickers
lnasmuch as 1t is not yet officially stated
that there will be any bonds and as the
terms on which they will be issued are
not known. IL is probable that there was
not any very heavy buying OF them at 80
or any other price
The weakness of Sugar was one of the
features of the market. The stock sagged
down to l42 at one time and II closed at
l43 only. This break caused much sorrow
by many Insiders to buy the stock for
a big advance. Tobacco was also weak
getting at one time as low as 1854 and
closing at l26, five points off from the TOP
of the movement. The cause of the break
in Sugar apparently was a story of a big
opposition to the Sugar Trust to be
formed in Boston. II was said by the
people that put out this story that the
new concern will have S50.eo0. 600 capital
The bulls have not yet given up hope re-
garding either of these securities. 1t
I al.
| especially may have been made simply to
get rid of too large a following on the
| long side. The Boston opposition looks
very much like the work of MIR Lawson
and should not be taken too seriously.
| The earnings statements continue good.
| though there is not the same uniformity
| in the gains that there was few weeks
| ago. The net earnings of the Great West
ern for the month of March We're 1857, 7S1.
showing a decrease of $3.50. The gross
earnings Of the st Paul for the third
week Of April show en- increase of only
| 81. lS2. The increase in the fiscal year to
date IS only $4,000 The earnings of the
Wheeling and Lake Erie for the week
| show decrease of $3.50.
There were big dealings in the United
| States Steel securities all day. but as
| usual, they failed to advance. The real
| iZing In these stocks since they first
reached their present price must have
| been tremendous as the transactions in
them have been very heavy every day for
weeks.
The traction securities were weak and
| the public is wondering why they do not
advance. The reason probably is to he
| found in the fact that the public lis heavi-
| ~ long of them. An advance in the near
future would not be a surprise to some OF
| the best posted people, but 1t may be pre-
ceded by slump of few points further.
No new facts develop as to the Greater
Could system deal, and rather heavy re-
| aliZing in this group yesterday seemed to
| indicate that somebody is getting tired
| of waiting for official news. Missouri Pa
| ciiic went off to 1861 at one time and
| closed at 1861. Missouri, Kansas and Tex
| as declined to GO. and closed practically on
| the bottom. Texas Pacific. which has been
| held up strongly, declined 10 4G. and closed
n ACKNOWLEDGEMENTS