The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-05

every day. There were tremendous bulges
in the grangers at the opening, and in
| other parts OF the list as well. some of
| the gains during the first half hour being
/, as high as four and five points. Later in
| the dav New York Central and Pennsyl-
| vania made advances such as they have
| not seen at any time in the present move
| mcnt, the gains being five and three
| points. respectively. Colorado Fuel and
| Iron doomed up from 60 at the opening to
! i6, and closed at az, more than ten points
| above Tennessee Coal and Iron. Amalga-
| mated Copper jumped eight points. The
breaks at different times during the day
| were quite as remarkable, and perhaps
more significant since they are practically
| the first that have occurred since the be
| ginning Of the last bulge Rock Island
| dropped from 1851 to AS. nearly eight
| points. and then recovered to $50 and a
! traction at the close. Burlington went off
| from Isl to 1S2A- St Paul at one time
! dropped three points, and PENNSYLVANIA
had the same decline. The remainder of
| the list, In lesser way, had equally err
! ratio movements and II was impossible
| at any time during the day to say that
| the entire list was either distinctly strong
| or generally weak. The closing quotations
! showed the same irregularity, many re-
] cording gains and quite as many perhaps
| losses. The market was much what had
| been expected for the closing market day
! of the week. The three holidays inter
| vening, before Spectators will be able
| to take any action regarding their
/ commitments made large part of
! them anxious to close out no mat
/ ter on which side of the market they
| were. The realizing on longs was proba-
! bly, not much heavier than the covering
of shorts The trading for both accounts
| was very heavy. II seems very probable
! that there are few shorts left in the
/ market
! While IL is evident that in such a ma
nipulated market as the present, with at
the same time such immense public buy
ing, no one can say with any degree of
certainty when the advance will end Il
may be stated as the almost universal
opinion of conservative brokers that
profits should be taken on long stocks. es-
pecially il the high-priced group. where
recent advances have been most violent.
I The danger point has been reached. and
as one well known broker said yesterday,
/ 1t is foolish TO wait for the last / per cent
OF profits, when this endangers not only
profits, but original investment. 1T may
be stated that some very shrewd market
people believe yesterdays prices for the
! high-priced grangers and in some other
I stocks are likely TO prove the best of this
movement. They acknowledge the diff
4 Guilty OF gauging such movement, hut
I say that many indications point to a desire
/ Of the insiders that the boom shall come
/ to- halt temporarily at least. The adj
1 vance in the call loan rate during the last
/ hour yesterday was one such indication.
/ Heretofore the big interests have kept the
money rate down irrespective of what
would have been its natural tendency. II
the bank statement is firm tomorrow, that
VIII W dli1Antl lli'lltflipu
News yesterday was lacking almost en-
tirely. The money market furnished one
fruitful topic Of conversation, and the vio-
lence of the stock market another With
the public In its present eminently recep-
tive frame of mind, news is not needed
20 goad its imagination up to the purchas-
ing point. The rumor mongers took hol-
iday for this reason. No confirmation of
the Northern Pacific-B Burlington deal was
forthcoming The story of the lease of the
{ Della and Hudson In the New YORK
Central was denied. The statement was
made that the PENNSYLVANIA was to as
sumo control of the Baltimore and ohio
yesterday. The Rubber Trust has cut of
the dividend on its preferred stock. The
directors met yesterday and failed TO de-
clare the semi-annual dividend.
Colorado Fuel and Iron was one of yes
tvrday : most vivid sensations. The stock |
made a high price df 76. the close on |
Wednesday having been AT 6ils. The |
stock WAS bought in not very large blocks |
and apparently II was manipulated in the |
most fragrant manner. Tennessee Coal !
and Iron went on somewhat, showing no /
inside support whatever. Fuel and Iron |
is considered 10y careful people an excel |
lent security 10 let alone. The talk of a |
combination of the companies now out |
side the United States Steel Trust Is |
heard, but II is entirely probable that Ii |
is a stock selling fiction.
Rock Island continued It's phenomenal /
bulge. which now has been more rapid /
than even that of Burlington. on Tues |
day the stock sold FOR 20 and a fraction. /
and yesterday morning at 1864. There /
was TO news regarding the stock and the /
tipsters hardly considered 1t worth while /
reiterating the story that the system is to 1
be consolidated with the Atchison. Hav-
ing started the boom. the public is doing |
the rest 1t is "A kind of touch the button
business. the millionaire fakirs simply
starting any rumor they happen TO think
sufficiently absurd about a stock and then
witnessing it advance 10 points day I'M
der an avala nche OF public buying. There
was a violent reaction In Rock Island to
liS before the close on realizing sales.
Burlington was decidedly weak at times
during the day and it could be seen that
many holders of the stock were selling
out for fear that the rumored deal with
the Northern Pacific may not take place,
as the st. Paul deal did not. st. Paul was
strong yesterday morning, soon selling up
to 1855 II went off later to 1854.
New York Central and Pennsylvania
were taken up by insiders and made
rapid advances, which were utilized by |
the tipsterS as illustrations of how solid
and reliable the market is when specu-
lation is in the best class of stocks" As
a matter OF fact. the sharp advance in
these stocks is considered by many a very
good sign that the important interests are
unloading in other directions. Pennsyl-
vania, which was dead so long around
$50, for months in fact. has now jumped
to 100; New York Central has advanced
TO l55, also 10 points from it's recent level.
In curious contrast with the other gram
gers, the Atchisons We're again very dull.
The Southern Railway securities were |
lowest price for several days. The an
thracitc coalers generally and the South
western securities were uninteresting |
The steel securities rather oddly closed
The week duh and inclined to sag The
fractions were neglected. No reasons for
any Of these failures to join in the boom
faI he. |