The times., 1901-03-28

II is believed 10y some very shrevd
market people. as has been stated mere
tcfore. that the Morgan-iiill people arc
bending every effort toward making jle |
market look pheDomenally strong at TINS
time. There are excellent reasons WIZ
they should do this. The great N"I I'd"
Steel Trust IS To- be launched at the ne
ginning OF he month and II VIII De HaIiS
millions of dollars and muCh NaIuapie
time saved 70 MIR. Morgan and ms lfitHdS
if the surplus securities OF the trust can
be tioated early at advancing prices As
has been said many times before 'le pihy
way that this can he done Is 10y hldhihs
the raj market very strong ana ere
atinR great enthusiasm among the gen
Vral public. II Is also entirety proodp!c
that Mr.. Morgan and the others OF lle
inside ring are beginning to sell out thtF
general stock holdings. The inevitable
conclusion 10 be drawn from TINS analysis
of he situation is that there VIII soon De
aa important break in the market TINS
may come next week or II may be ue-
fcrrCd a few days. The timing oi tle
break Will be engineered SO that as much
stock as possible can be loated and at as
high prices as possible.
If this view of the market is the correct
one it leads obviously 10 the conciusl"a
that the time to take profits has arrived.
The other conclusion that so many are
drawing, that stocks should hc sold short,
is q DANGEROUS one The very fact that
the most powerful clique the market mas
ever seen is behind il suggests that the
market may go further than expected.
Immense profits are assured 10 those Jhat
now sell out stocks bought SIX months OF
even six weeks ago. These profits VIII be
in danger when the insiders begin 10 sell
out. But the general publlc Will not knew
the exact time when the market Is TO
break and OF 10 points further advance
, i'm any particular stock is by no means
an impossbility. And. moreover the
break, when il comes may not be SO large
! as many expect. The average level OF
prices Will bc permanently hlgn IN the
/ future. The prosperity of the railways
and of the Industrial concerns assures
! this During the coming two or ,hree
years il seems probable that conditions
! will be favorable to investments
burlington advanced Yesterday to 1872
! a new high price record. II is now less
! than 20 points below Northwest an IN
/ vestment stock of the first class. With
the rights recently declared on the STOCK
[ il is only : points below. Northern Pa
citic common stock went TO 95@s Both
these stocks closed near their top prices
/ and with what appeared to be good BUY
/ ing orders still in sight. The puplc IS
! still in the dark As to the Burlington deal.
: Apparertlv there is little doubt that the
HiU CLIQUE has secured control OF the
3 proDerty II woUld seem entirely likely,
! too that there viii be very close relations
! between Burlington and Northern Pacihc
/ in the future. Bat that the Burlington Is
. to be leased 10y the Northern Paclic, or
that a per cent dividend is to be Suardn-
/ teed are still matters Of grave doubt.
/ Many investors in Burlington yesterday
!
that these ftITnors may not he true, as
( the st. Paul story was not. Ihey were
willing 10 losstany further advance in the
stock for the sake Of being certain OF
their present urofitS The same was true
( of Mort hern Pacific. though in the case
OF this stock there are many that take
the view, based on reasoning more or
less sentimental. that il may be advanced
to par. along with Missouri Pacific and
Louisville already there. and AtchisOn
preferred and Union Pacific only "a few
points away
Sentiment Is rather more bullish in con-
SerVative quarters regarding I Mon Pa
/ cific and AtChiSon preferred than II IS re-
/ garding Northern Pacific. Both these
/ systems are earning more for these stocks
/ than the Northern Pacific is for its COM
! mon stock. Atchison preferred went to
95i4 yesterday and closed at the top.
! Atchson common was also buoyant. max
! ing new high price above ~. Union
Pacific seemed to be- sold rather freely,
/ ana il closed somewhat below It's high
! opening.
The official announcement was made
yesterday that the Pennsylvania stock
holders will be allowed to subscribe to the
new issue OF stock in the proportion of
One-third their present holdings. at l2G
/ This makes the right worth somewhat
more than 10 points has been said
heretofore. Pennsylvania is another stock
that many careful people expect to see
| higher in the near future. IL was not ad-
vanced Yesterday. though holding its own
well above l54
| The net earnings statements for Febru-
| airy, many of them published yesterday,
! We're fully kept up to the wonderful rec
ord that the street has come to consider
/ only matter of course. The statements
{ OF the Atchison and the Union Pacific are
/ especially interesting, in connection with
! the great confidence expressed by the
I friends of the securities Of these com
panies that they viii have further ad-
/ vance in the market. The Union Pacific
F showed an increase in net Of Sl3.362, and
/ the Atchison an increase Of $l47, 400 The
! Missouri Pacific net earnings were S1.l1g,-
! 146 an increase OF S436 800. The company
has not been In the habit OF publishing
. the net earnings statements. and the new
! policy was well received In the street.
J The Wabash net earnings showed de-
/ crease of $2g.lis The Reading statement
/ was an excellent one.
The coalers generally We're buoyant all
. day. which is not surprising, in view of
8 thr general belief that there will be no
( strike. II rs probable that Mr.. Morgan
I will have the official announcement of no
/ strike 10 help him make the market
strong at the beginning Of next week.
Delaware and Hudson doomed up nearly
points to l66 and closed at 1914 Atchi-
( son preferred at one time got as high
/ as 15ss and il closed with a good net gain
/ at 7fas. Ontario and Western advanced
/ 10 35ss and closed at the top. II seems
probable that these securities viii be
: among the strongest on the list during
[ the next few days.
There was a little boom IN Rubber yes
I tcrday and an advance Of points. the
/ first made by the stock for several days.
/ Nothing was heard as TO the reason for
the activity shown by II. Leather COM
mon stock also showed signs of greater
activity. though il did not advance much.
The Fries were strong. the preferred
getting up 10 20 and closing at the top,
and the common getting TO S6iA and also
closing at the highest quotation Of the
day. The gossip 81 the street still con-
meets the Erie with the Morgan-Hin deal
and still considers its securities among
those likely 10 show strength in the next
4 few days.
The steel securities generally were neg
/ iected.
Washington stock Exchange.
! SaIes-Wash Traction & Elec. 4l5's