The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-03

eleventh hour. with weak margins. and
/ with no experience The danger of such
a market Is recognized by all conservative
! people. Any unexpected and unfavorabIe
news would preciptate panic that would
/ be remembered a long time. The panic
/ is likely to come even without the unfav-
! orable news or as the result of manufac-
! tured news put out by the cliques.
! There was less actual news yesterday
| even than on the very dull earlier days
/ of the week. Money ldtes were easy, de-
spite the fact that the banks are losing
money. London was seller of American
stocks in large blocks. The comment OF
. careful market people was that the chlet
buying Of the day came from the west
+ and that the large Eastern interests are
now unwilling to venture further and are
on the lookout for a big slump at any time.
In rumOrS there was the usual plctGr-
esque assortment, though none of the re-
cent stories was substantiated, and some
OF them were again denied.
One of the best-known of the market
critics said yesterday, taking for the ilrst
time a strain OF caution:
THE banking houses and large Eastern
traders are not in sympathy Win the
present bull movement. Stocks are pass
ing from strong hands. and the market is
q dangerous one to bull. We favor tax
ing profits on all bulges and getting out
Of stocks before the sensational buying
eliminates and 4 sharp reaction Is prob
able. There is nothing in the line of
bad news to influence break, but the
technical position of the market is weaker
and collapse is inevitable. Don't wait
for the top: get out at any advance now.
Western Union made new high price
at the opening. So The tip that the stock
would go to par came very near being
fulfilled. 1t sold off to $685. at the close.
This stock has been one of the laggards in
the market recently, but now has come up
to expectations. The company pays per
cent dividends with great regularity, but
owing to the poor character of it's assets,
aside from its franchises. and to the en-
CrOachmentS of the telephone in recent
years. it has never sold anywhere near the
level of railway securities. and rightly.
Par is a funny price for il, taking the
level from years end to years end The
story that there has been q union of the
telegraph companies was revived Yester-
day after the bulge, but there is no more
reason to believe it now than there was a
month or two ago.
Another-s story connecting the Wander
bits with the present market is to the
effect that they have bought control of
the Chicago and Alton. and that it will
be leased to the Northwestern on a guar
anteed dividend basis.
The steel securities held their own well
during the morning, but made no net
gains. In the afternoon they were re-
dictionary, the common closing at 53s and
the preferred at 1904 Their advance has
been logical and well engineered. 1t has
not been of such a nature as TO frighten
people ont Of them and the public has
taken them in simply stupendous
amounts. There are many who believe
there win be a much further advance,
despite the wide distribution that has
taken place recently. 1t is an interesting
problem just what the plans of this CO.
be. on the. whole higher prices seem
more than likely