The times., 1901-04-11

! a sharp reversal of form and a large
/ part OF the gains were lost in many Sc
curities, and in others net losses were re-
/ corded. The boom was surprisingly strong
I and in the same way the break at the
close q surprise TO many traders ana
market critics. hile il may be said
with perfect truth that this change In
/ the last few minutes of the day was suffi-
/ cient To cause some discussion among
/ careful people IN the street and to con-
vince many that the market at It's present
( level Is not a safe purchase, II Is also
very certain that the vast majority of
spectators paid no attention to it, and
are quite as bulliShlN inclined now as
they were at 2:S0 O clock yesterday. Tne
! public is buying stocks wildly and for the
most part il is reapng a harvest of prof
its. on paper When this is the case it
is very little use urging caution. the tax
ing of profits, or at least the curtaillng
of long lines Of stocks. notwithstanding
this fact, conservative brokers 90 con
: tinue TO urge this very thing, against
| their immediate interests, for the most
! part. II is believed that another break,
! such that OF Monday, may come on
| any day, and there would be no reason
! for surprise if today were to witness IL
| There are only few securities on the
! list that may he bought by conservative
people with reasonable confidence, based
/ on intrinsic values.
A a Housman. the big operator, one
/ of the most powerful men in Wall Street,
yesterday came out with the statement
/ that he considers the market too nigh,
and looks for q decline. His reasons are
/ those that have been mentioned in this
/ column heretofore. Money is tight COM
! pared with the rates recently prevailing.
! call loans being made yesterday after
! noon for per cent. but the outlook is for
still higher rates in the near future. The
banks have lost money this week and the
statement on Saturday will be a poor one,
as far as can be judged The financial
situation in Europe, too, is not re-
assuring one. There is heavy realizing
by important people at all times and
there is no buying Of stocks by large
holders, except as far as the manipulative
purchases of the Morgan Clique go. The
purchasers now are the speculative pub
/ lie The crop uncertainties in a short
time will hang over the market, and In
the past they have been conducive to
weakness in the late spring market, espe-
ciaIly after booms earlier in the year.
The Morgan-Eill trans-continental
scheme securities generally were the fea-
lures Of the market yesterday. Buring-
ton advanced to 1872 and closed close to
/ the top Northern Pacific common ad
Yanced to 997s and closed at that figure,
thus missing par by only an eighth. The
Erie securities were all buoyant, the com
mon getting above SO and the first pre-
ferred above Il. The positive statement
was made 10y "an insider' that the of
| fetal announcement of the completion of
the deal for the purchase of the Burling-
ton would be made during the day. 1t
was not. but this uId not seem to cause
any anxiety anywhere. To counteract
the effect of the failure Of the official an
nOunCement the statement was made nN
another 'insider that Mr.. keene was
buying the Burlington in tremendous
blocks all day, and ii was said further
that Mr., keene had advised friend 10
load up with it at lS5 and to hold it for
2J0. On the strength of these various eX-
tremelY bullish arguments there was a
general expectation that the stock might
sell at 200 before the close, and when II
did not il was suggested that the two
century mark viii likely be reached this
morning at the opening. The advance III
burlington bore all the ear-marks of rank
manipulation. and If Mr.. Morgan were not
quite so powerful as he is there would be
few things safer or more profitable than
selling the stock short at this level AS
it rs, there are very few people that have
the temerity TO sell anything short in
this market.
The Erie securities look much the most
attractive of any in the deal that the
street supposes Mr.. Morgan to be making.
The common stock is said by people that
are understood to be working with insid
ers TO be sure of an important advance
in the near future II the market is in
the least fayorable. and these people say
that It win be sufficiently so. The state
ment made by an authority is that the
second preferred. and very likely the first
preferred well, Will be retired by Mr..
Morgan in the financial rehabilitation of
the system.
The Gould securities were only less ac-
Hill stocks. Nearly all of this group went
TO new high prices. Missouri Pacific went
to I04Ss and closed at 10i, Texas Pacific
went to 435z and closed at 422s, Missouri, /
Kansas and Texas bulged uD to 6l@s and
closed at 605. and the new Gouds the
Wheeling and Lake Eries, were strong
all day, though not especially active. II |
seems TO be general expectation in the |
street that there win be a big announce
ment this week regarding the Gould con
so!idatiOn and reorganization plans. The |
F1szNsy M
Importance. The acquisition Of the Wheel |
ing and Lake Erie means that the Gouds |
intend TO continue in the railway busi
ness and TO be most important factor |
in II too. They viii have almost a trans |
continental line. The Texas Pacific is to
be taken in by the Missouri Pacific, with |
of Missouri Pacific viii be given for two !
OF the other stock.
Great buoyancy in Atchigon common
stock and strength in Rock Island during
the day disposed many again to believe
the story that there is to be a consolida- |
ton OF the systems. II is probable that
there is no foundation for the story
Atchlson common is to be given a divi- !
dend this year, beyond doubt. and IL is |
possible that, as the gossiDs say. q semi |
annual disbursement OF . per cent will i
be declared at the next meeting Of the di- |
rectors, which viii occur next month |
The earnings Of the Atchison system are |
amply sufficient reason for the strength |
Of its securities. St. Paul was strong, al |
one time selling nearly to 157. This was
despite its report of gross earnings for |
the first week Of April. which showed a |
decrease of $G0,0e0. Northwestern made
a great squirt to 200 on a rumor that tht
dividend is TO be increased.
There is much bullish talk regarding tht
outlook for the Mexican securities gen
orally, and il is entirely reasonable to |
suppose that they viii do much better |
during the coming year or two. if one
cares for q iow-Driced invest ment that
pays no dividend Such an investment is
certainly much better than one made IN
high-priced security. which may not
sell at its present price again for twenty
years.
There was rumor yesterday that the !
Consolidated Gas Company has made ex-
tensiVc purchases Of plants In New Jer- |
sey. The stock was extremely buoyant /
advancing from 2l9 to 224 and closing at |
the top. Peoples Gas also was very |
strong q times, perhaps m sympathy |
with Consolidated. II advanced to f1gIk |
but closed at III. The latter stock is con |
sidered likely to have good further ad- |
vance by some conservative people
General Electric continued it's wonder |
fat advance yesterday, selling at one time |
at Z34