The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-22
STOCK MARKET COMMENT
Another Tremendous Week in
Wall Street Expected.

Some Prices High Enough Hut Others
May Continue TO AdNUnce-Fears
of n Smash Unfounded - Some
Aspects of the Burlington Deal.
NEW YORK. April 21.-Wall Street is
looking forward to a tremendous week
on the stock exchange, perhaps ecHpsing
even the week just past with its over
l0O0000O shares Of stocks and its wild
advances in prices. The manipulation of
the market on the bun side continues
most successfully. on one or two days
during the past week there was good
deal of that anxiety which naturally
crops out at times when a market Is SO
rampant and high as the present one is.
There was not much reason for TINS
anxiety at the time. as far as outward
signs were concerned, but temporary in
cidents in the trading. which were known
to comparatively few people, alarmed
some of the street following who feared
that a crisis was imminent. Such feellnS
is certainly natural, and it is probable
that it will be apparent more or less AT
times while the market is in its present
high state of activity.
The market may be strong all summer.
II has been handled extremely we'll ana
Notwithstanding the general feeling that
the position is a dangerous one, more
than full strength has been maintained,
and the average has been advanced on the
heaviest trading ever known. once in
while prices looked weak and were a little
weaker than they should have been, but
whenever it became necessary a recovery
was set in motion and in a short time an
upward movement would he under fun
Roadway.
There seems to be no limit to the ca
pacity of the bull crowd in making higher
quotations, nor any limit to their inten-
ton as to prices. Stocks are bought in
blocks CT 5000 to l0.0o0 shares at the very
highest prices. and what seems to be a
foolish or a wild purchase shows profit
In an hour. This greatly encourages the
whole Wall Street following, and among
the smaller traders there is not and has
not been much loss of confidence at any
time They are encouraged by stories of
great undertakings by the heavy and con-
fident buying of the cliques, by rumors
that Mr.. Morgan will do this or that in
Europe and above and beyond every
thing else that it will be absolutely neces-
sary to the full success OF the manipu-
lators of the market TO continue the bull
movement indefinitely. This is the great
bull point which makes the street trade
confidently in stocks at figures which
would not have been dreamed of year
ago.
1t is not yet certain what the effect Of
Mir. Hill's acquisition of the Burlington
viii be on the market Immediately or
later. This venture Of Mr.. Hill into new
fields has created very serious FEELING
among those who control competitive
nd has Thought
81 may again change the whole railroad
situation, and possibly precipitate new
conflicts and artagonisms.
Mr.. Hill, in his st. Paul interview,
cleared up some points, and while there is
no absolute assurance of perfect har-
mony in regard to 1t 1t can be said that
the arrangement has been made with the
tact approval of most of the big rall-
way owners. There is still talk that
some of the other great systems will be
compelled to make new arrangements in
the East and in the West to adjust the
situation to the new conditions, and such
stocks as Atchison and Rock Island have,
# is reported. been bought with the view
of control in order to meet the new stu
alton created by Mr. HIS occupation OF
new territory.
The price paid for the Burlington was
very high and it would seem that the
Great Northern and Northern Pacific had
taken on themselves great responsibilities
in guaranteeing an S per cent fixed annual
charge on the Burlington property. Mr..
Hill plan is 10 reduce expenses anu
make the Burlington pay for itself IN
that wav. II will be some time before
the fun situation and its effects can be
known.
1t is a general impression that the pur-
chases of railways in the last few
months during which the contest for ac-
QUESTION has been so sharp, have been
made at a very high price Compare
lively the figures are high, and they can
only be justified, If at all. by the fact
that the new position of the old and
established lines in the general railway
situation warrants the great cost OF con-
troll II is. of course, contended that
these old roads going into the hands Of
men who control vast systems of lines
they can use them to better ad-
vantage and can bring about great
economies and make them pay even at
the high price paid for them. There will
no doubt be difficulty in the future in
times of light traffic and depressed gen
eral business conditions, but there is no
doubt in railway circles that the mag
nificent plans of consolidation and merger
will generally be successful by reason of
the advantages in the greater stability
of rates and a more thorough and sys-
tenatic conduct of affairs generally