The times., 1901-04-30

points daily are out of the question. The
So fe course to take in such a market is 10
sell out long stocks on the bulges anu hot
ro huv except on the breaks, and then
only in a few securities that have not
had their legitimate advance. snort saitS
are of course, dangerous, out may %
made with reasonable confidence on tlie
sharp bulges for point or two OF proIt
The movement in the Union Pacific Sc
cr,rities was the feature Of the day, thohSh
MI berp Pacific common was almost as
buoyantly pyrotechnlc. Little mon 90
suUrted UP TO l2ui after opening d lY1
and a fraction. 1t was pushed up an Gay
with never a weak moment uHlil ~ Iidu
hean reached After that II showed d
tendency TO succumb little 10 lhe ire
mendUus selling tnat occurred. inns SlOcA
was selling below ~ three "fVkS 95o,
and Therefore has advanced more tIaN
"a points in that length OF time Ih@
most curious thing about the auNaIiCe
fs that there is absolutely no autheitlC
or even plausible news OF any u'e4 ~ ,J -. -
ing the line The stock has been boomea
l,C = CLIQUE Of operators LhdL nave IesH
as bold as any that ever operated DsloIr'
buvjng hundreds OF thousands OF siareS.
There are many careful people lhdl oe-
Heve this entire stupendous movement ll1s l-
been simply a speculation, WIN hoLlill6
for its foundation except lbe 4aSL e4iat
the stock was SeIllug three "eehs 80
lower than seemed reasonable coinlaTeu
with others on the list. The earnings OF
the company are good, and II the SriHB-
ers ere worth their present prices, CHIoIi
Pacific is worth l2i There Is, or coufSe'
t,,t roseibilitv that the stock VIII De
Given an increased dividend in the near
future. and this has helped the cirque, az
the public is now in the mood 10 conoiu- cl.
or an Dossfbiiities Of this klnh as sic-
Couaulished things. The talk YeSteIaa4
was OF g per cent for the stOck- ne
rreferred stock advanced 70 9lo4, q Won
derful gUurt FOR it. and the fact that lne
common stock is to receive per cent dlNl-
dend cannot be said to be bull argu-
menJ Tor 1t.
Ct paul advanced 70 IA, and Northwest
to m apparently in sympathy with the
movement in Union Pacific. Nothing new
is heard of the story that there IS TO be
some coordination among these sysIeiils
and the probabilities are against IT,
The failure Of Burlington to make any
Advance Was one Of the nouceable lea-
lures Of the session The stock auEaillceu
I brt IL failed to reach that figure yestef-
das- getting no higher than 1882 ana
oic-ing Al leg Northern Pacific, on the
ott7ar hand doomed up 10 points TO llS'
sDd closed at the top. In this case, TOO,
r1aufuuIatf0n Of very daring character
IS evident The fact that the Butllhstph
I il to be taken over at 200 IN bonds paying
Z n,r cent and guaranteed by the NoIIi-
80 Pacific and the Great Northern, Is
! not a bull argument on Northern racine
common I'm the opinion OF some oi t.iF
/ best informed people IN lne stIee.. -
! has been said before IN TINS QUINN tite tite
/ record Of the Burlington up 10 the pfts
/ en-. time is that if has never earned SUI
l fofonf in any year to have paid the IN
! tsrest on the new bond issue. The March
! nj earnings Of the line are case IL
! noint 'Tbev showed a decrease as CON-
! rerad with The March earnings OF year
! ago of more than 5000"
Southern Pacific advanced sharply, IN
! .,,r1nathy with the boom IN Union "a
cjfic The high price reached was 5'5s; an
/ ofbcr new record. and four points dpoNt
! tha close on friday. The close was itt %
! In tha case of this stock the advance was
/ looked Tor. and n is probable that many
/ conservative people otherwise pTetty wen
/ ont of the rylaFket protited by II NC
| diyidend lis 70 be looked for on the stock
! ~ r,rasaut but the earnings or the sys-
! t,r5 are ,.xcplf,nt and the outlook ioi
! tbe ftture is good. For one thinS II Is
( ljkcIv that the Union P2ciilc people VII
I not allow the stock 10 remain on non
/ dividend basis for long when they owl
J much the larger part Of the stock tneth-
! selves. and VIII have to pay interest OF
| the bonds foated 70 buy IT.
The Steel securities were among thu
/ sf~aug features Of the day, both malSlHt
! handsome gains. The common at one tins
! sold as high as - and the preferred WV
! within "A point 81 par, and both closed
/ practically at the top. IL was said tha
| Nr Kcene was a seller OF both stocks
and the explanation of this given by th'
( ..falcnt'' was that he wished 10 pFcven
| thta boom from going too fast. 1t Is pos
sihle Of course. that he may have had
| little stock actually for sale. too. Bd
these securities look TO be as good as an,