The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-28

lington and Northern Paciiics made hand
| some advances to new high levels. The
| Atchsons and other grangers. Missouri
Pacific and Fries the Wabashes. the an
| thraCite coalerS, and in general the Sccu
| rites of the systems in which the Nor
| Ean-Hil clique is supposed to be inter.
| ested all showed immense strength, and
nearly all recorded new high prices for
| the movement.
l. is believed by some very shrewd
| market people. as has been stated here
| tcfure. that the Morgan-HiH people arc
bending every effort toward making the
market look phenomenally strong at TINS
! time. There are excellent reasons why
they should do this. The great Morgan
| steel Trust is To I've launched At the pe-
| ginning of the month and il will be many
! millions of dollars and much NaInahie
| tine saved To MIR. Morgan and his FRIENDS
/ if the surplus securities OF the trust can
be fioated early at advancing prices. As
| has been said many times before, the only
| way that this can he done is by making
! the general market very strong and ere
ating great enthusiasm among the gen
| Cral public. II is also entirely probable
that Mr.. Morgan and the others of the
I inside ring are beginning to sell out the IT
| general stock holdings. The inevitable
| conclusion to Ice drawn from this analysis
! Of the situation is that there Will soon be
/ an important break in the market. DhlS
/ may come next week or it may be de
| ferred a few days. The timing of the
! break will bc engineered SO that as much
] STOCK as possible can he Uphl|u anu AT 'tS
/ high prices as possible.
If this view Of the markc. is the correct
one 1t leads obviously to the conclusion
that the time To take profits has arrived.
/ The other conclusion that 50 many are
/ drawing that stocks should be sold short,
F is a dangerous one. The very fact that
/ the most powerful clique the market mas
! ever seen is behind it suggests that the
! market may go further than expected.
! Immense profits are assured to those that
now sell out stocks bought six months or
! even six weeks ago. These profits VIII be
/ in danger when the insiders begin to sell
| out But the general public will not knew
/ the exact time when the market is to
/ break, and or 10 points further advance
, in any particular stock is by no means
! an impossbllity. And. moreover, the
/ break, when it comes. may not he so large
! as many expect. The average level of
1 prices will be permanently high in the
! future The prosperity of the railways
| and of the industrial concerns assures
this. During the coming two or ;hree
| years it seems probable that conditions
will be favorable to investments.
Burlington advanced yesterday to 1921.
| a new high price record. IL is now less
! than 10 points below Northwest. an in
4 vestment stock of the first class. With
! the rights recently declared on the stock
] il is only 5 points below. Northern Pa
! citic common stock went to 1885. Both
/ these stocks closed near their top prices
. e
J ing orders still in sight. The public is
! sim in the dark to the Burlington deal.
Apparently there is little doubt that the
Hill clique has secured control of the
; property. II wonld seem entirely likely,
I too. that there will be very close relations
/ between Burlington and Northern Pacific
in the future. Bat that the Burlington is
! to be leased by the Northern Pacific or
that per cent dividend is to be guaran-
teed are still matters Of grave doubt.
Many investors in burlington yesterday
that thesd ftifnors may not he true. as
the St. Paul story was not They were
willing To los,sAany further advance in the
stock for the sake Of being certain of
their present profits. The same was true
Of Northern Pacific. though in the case
of this stock there are many that take
the view. based on reasoning more or
less sentimental. that it may be advanced
TO par. along with Missouri Pacific and
Louisville, already there. and Atchison
preferred and Union Pacific, only few
points away.
Sentiment is rather more bullish in con-
servative quarters regarding Union Pa
ciiic and AtchisOn preferred than IL is re-
garding Northern Pacific. Both these
systems are earning more for these stocks
than the Northern Pacific is for its COM
mon stock, Atchison preferred went to
99i4 yesterday and closed at the top.
Atchison common was also buoyant. max
ing d new high price above az. Union
Pacific seemed to be- sold rather freely.
ana il closed somewhat below its high
opening.
The official announcement was made
yesterday that the PENNSYLVANIA stock
holders will be allowed to subscribe to the
new issue OF stock in the proportion of
one-third their present holdings at 100.
This makes the right worth somewhat
more than 10 points, as has been said
heretofore. Pennsylvania is another stock
that many careful people expect to see
higher in the near future. IL was not adj
vanced yesterday. though holding its OWN
well above ia.
The net earnings statements for Febru-
airy. many of them published yesterday,
were fully kept up to the wonderful rec
ord that the street has come to consider
only matter of course. The statements
of the Atchison and the Union Pacific are
especially interesting, in connection with
the great confidence expressed by the
friends of the securities of these COM
panies that they will have a further adj
vance in the market. The Union Pacific
showed an increase in net of Sl3 362. and
the Atchison an increase of $l47.4GO The
MISSOURI Pacific net earnings were s., u.s.
40. an increase of S436 800 The company
has not been in the habit of publishing
the net earnings statements. and the new
policy was well received ln the street
The Wabash net earnings showed u de-
crease of $2s.l4s The Reading statement
was an excellent one.
The coalers generally were buoyant all
day. which is not surprising, in view Of
tho general belief that there viii be no
strike. Ii is probable that Mr.. Morgan
VIII have the official announcement of no
strike 10 help him make the market
strong al the beginning Of next week
Delaware and Hudson doomed up nearly
points to les and closed at 1911 Atchi-
son preferred at one time got as high
as l52s and it closed with a good net gain
at AS4. Ontario and Western advanced
TO 35at and closed al the top II seems
probable that these securities will be
among the strongest on the list during
the next few days.
There was little boom IN Rubber yes
first made by the stock for several DAYS
Nothing was heard to the reason for
the activity shown by it, Leather COM
mon stock also showed signs of greater
activity, though it did not advance much
The Fries were strong the preferred
getting up TO 20 and closing at the top
and the common getting to 3Gik and also
closing at the highest quotation of the
meets the Erie with the Morgan-Hill deal
and still considers its securities among
those likely to show strength in the next
few days.
The steel securities generally were neg
lected.
Washington stock Exchange.
SaIes-Wash Traction g. Elec as
81 .OOgG631z; Union Trust and Storage iOlf
107, lFtIMi@; Cap. Trac., 90Gl04is, jftlGiL
55M75: Wash. Gas. 2T5Slx; Mergenthaler
Iinotvpe IGT1EIIgs 2DTl6ISa 1NI IC15.