The times., 1901-04-21

Henry Clews in his weekly comment on
the market says OF the present fever OF
speculation:
The buoyant movement continues, and
there seems TO be 10 limit in sight TO the
extremes 10 which speculative tendencies
may carry prices. The market has passed
beyond the control OF cold. calculating
reason. and seems TO be careering along
al an Intoxicating gait which promises to
last until accident or sheer exhaustion
brings the public 10 its senses. Conditions
are certainly favorable to a period OF eX-
ceSsiVe speculation. and TINS TACT must be
admitted irrespective of the opinions Of
ordinary prudence. With prosperity gem
eral. with money plentiful at reasonable
rates. with the speculative temper at
nigh pitch. and with larger aggregations
of capital than ever before known work
ing with all the irresistible power Of
tremendous force. il is not surprising that
values are made TO soar upwards. Moth
ing is more contagious, once IL is fairly
developed. than the fever Of speculation;
and like fevers Of other sorts. it must
run its course. At the present time much
Of the buying is based upon the belief
that the big capitalists and sYndicates are
Obliged To support the market. rather
than allow the various deals which they
have in contemplation 10 collapse Let
one or two weak spots Of Importance de-
Vel0p. let one or two important deals
fall through and the whole bun movement
would be checked, and the results of a
stiff reaction just now would be disas-
trOus. Fortunately no weak spots OF con-
sequence are at present TO be detected
There are no signs yet that speculation
has been carried to a dangerous excess,
or that financial resources have yet been
weakened If speculation has surpassed
the record. ii must be remembered that
it is simply keeping step with record
breaking times. and that in the large ma
iority Of instances the advances in stocks
have been justified by their increased
earning powers and the abundance of
money.
The granger securities and the Pacihcs
have occupied the centre OF the stage
speculatiVely during the week Interest
in them has been at fever heat at all
times and the fluctuations in prices have
been large and important Burlington
and Northern Pacific were extremely
buoyant early in the week but later they
gave way to ST. Paul, Rock Island. Union
Pacific. and the Atchsons The reasons
for these movements have been meas
urably well understood by the street. The
Burlington deal has become a verify and
its terms are known with reasonable ac-
CuraCy. They are most fiattering to the
Burlington stockholders. Interest natu-
rally switches from this deal TO the prob
able developments to follow II. The Bur
lington being in possession Of the North
ern Pacilc-Great Northern clique ii is
certain that tho Vanderbilt clique. and
the Gould clique and the Pennsylvania
clique and the Hartman clique will wish
not to lose anything in the balance of
power. The street realizes this fairly
well. II is a nice problem just what part
Of the buying Of Union Pacific and Rock
Island and St. Paul and the Atchisons has
been for the insiders of these various
CliGues and how much for the SPECTATORS
In discouuting further deals Unquestion-
ably the PENNSYLVANIA has been buying
the AtchisOu securities heavily. Certain
~. too. there has been buying of Union
Pacific and St Paul by important people
and in large blocks. Nearly all of these
securities are now selling at prices where
IL is Impossible to figure out q profitable
Investment. Some Of them are at a level
where the Investment will Weld little
more than ; per cent But as long a $ the
insiders are working their deals and the
public does not receive damoer the adj
vance may continue. On the other hand
the end of the wild upward movement
may come at any time. The stocks are
dangerous at their present level 1t is
never safe TO speculate i'm stocks that are
selling above their legitimate level. sim
ply because they may be forced higher
The risk is the same as that assumed IN