The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-11

n sharp reversal of form and a large
part of the gains were lost IN many Sc
curities and in others net losses were re-
corded. The boom was surprisingly strong
and in the same way the break at the
close was a surprise to many traders anu
market critics. While 1t may be sald
with perfect truth that this change IN
the last few minutes of the day was suffl-
cient to cause some. discussion among
careful people IN the street and to con-
vince many that the market at its present
level is not safe purchase, II is also
very certain that the vast majority of
spectators paid no attention to 1t. and
are quite as bullishly inclined now as
they were at $50 clock YESTERDAY Inc
public is buying stocks wildly and for the
most part 1t is reaping a harvest OF prof
its, ON paper. When this is the case II
is very little use urging caution. the tax
ing of profits, at least the curtalllhS
, of long lines of stocks. notwithstanding
this fact, conservative brokers DO con
tinue TO urge this very thing. against
their immediate interests. for the most
part II is believed that another break,
such as that of Monday, may come on
any day, and there would be no reason
for surprise II today were to witness II.
| There are only a few securities on the
| list that may he bought by conservative
| people with reasonable confidence, based
on intrinsic values.
a. a Housman. the big operator, one
of the most powerful men in Wall street,
yesterday came out with the statement
that he considers the market too hlgh,
and looks for a decline His reasons are
those that have been mentioned in TINS
column heretofore, Money is tight com
pared with the rates recently prevailing.
call loans being made yesterday AFTER
noon for per cent but the outlook is for
still higher rates In the near future. Inc
banks have lost money this week and the
statement on Saturday will be a poor one,
as far can be judged The financial
situation in Europe, too, is not re
assuring one. There is heavy realizing
by important people at all times ana
there is no buying of stocks by large
holders. except as far as the manipulative
purchases of the Morgan clique 60 Inc
purchasers now are the speculative pun
lie. The crop uncertainties in short
time will hang over the market, and IN
the past they have been conducive to
weakness in the late spring market, espe-
cially after booms earlier in the year
| The Morgan-HilI trans-continental
scheme securities generally were the fea-
/ lures of the market yesterday. Burling-
! ton advanced to 1872 and closed close to
/ the top. Northern Pacific common adj
vanced to 1915 and closed at that figure,
/ thus missing par by only an eighth. The
| Erie securities were all buoyant, the com
mon getting above 80 and the first pre-
| ferred above Il. The positive statement
was made by IAN insider" that the of
| fetal announcement of the completion of
| the deal for the purchase of the Burning
\ ton would be made during the day. 1t
was not. but this old not seem to cause
! any anxiety anywhere. To counteract
the effect OF the failure of the official an
nouncement the statement was made by
| another .insider that Mr.. keene was
buying the Burlington in tremendous
| blocks all day, and it was said further
! that Mr.. Keene had advised frleld TO
4 load up with it at lS5 and to hold II Tor
| 2GO. On the strength of these various eX-
I tremely bullish arguments there was
general expectation that the stock might
/ sell at 200 before the close, and when IT
did not it was suggested that the two
century mark will likely be reached tins
morning at the opening The advance In
Burlington bore all the ear-marks OF rank
manipulation. and If Mr.. Morgan were not
quite so powerful as he is there would be
few things safer or more profitable than
selling the stock short at this level. AS
1t is, there very few people that have
the temerity to sell anything short in
this market.
The Erie securities look much the most
attractive of any in the deal that the
street supposes Mr.. Morgan to be making.
The common stock is said by people that
: are understood to be working with insid-
ers to be sure of an important adNanc
in the near future If the market is IN
: the least favorable. and these people say
that IL will be sufficiently so. The state
/ ment made by an authority is that the
second preferred. and very likely the first
preferred as well will be retired by Mr..
Morgan in the financial rehabilitation of
| the system.
! The Gould securities were only less nc
tive and interesting than the Morgan
! Hill stocks. Nearly all of this group went
| to new high prices. Missouri Pacific went
went to 43A and closed at 427s. Missouri.
Kansas and Texas bulged up to 6lss and
closed at 60i5. and the new Goulds, the
( Wheeling and Lake Fries, were strong
all day, though not especially active. II
seems TO be 4 general expectation in the
street that there will be a big announce
/ ment this week regarding the Gould con-
soldatfon and reorganization plans. The
news of yesterday was, of course, of great
. Importance. The acquisition of the Wheel
ing and Lake Erie means that the Goulds
intend to continue in the railway bust
ness and to be most important factor
in ii too They will have almost trans
continental line. The Texas Pacific is TO
] be taken in by the Missouri Pacific, with
/ out estion. One story is that one share
of Missouri Pacific viii be given for two
/ OF the other stock.
Great buoyaney in Atchisofl common
] stock and strength in Rock Island during
! the day disposed many again TO believe
] the story that there is to be a consolida-
ton of the systems. 1t Is probable that
there Is no foundation for the story.
Atchison common is to be given Il divi-
dend this year, beyond doubt. and IL is
possible that, as the gossiDs say, a semi
annual disbursement Of per cent will
; be declared at the next meeting Of the di-
Z rectors, which will occur next month
/ The earnings of the Atchison system are
! amply sufficient reason for the strength
/ of its securities. St. Paul was strong, at
one time selling nearly to l57. This was
despite its report of gross earnings for
! the first week of April. which showed a
! decrease of $4,000 Northwestern made
| a great squirt TO 200 on rumor that the
! dividend is to be increased.
There is much builish talk regarding thg
| outlook for the Mexican securities gen
| orally. and it is entirely reasonable to
| during the coming year or two. if one
cares for low-Driced investment that
pays no dividend. Such an investment is
certainly much better than one made in
! high-priced security. which may not
sell at its present price again for twenty
years.
! Consolidated Gas Company has made ex-
| tensive purchases of plants In New Jer-
sey. The stock extremely buoyant
advancing from 2l9 to "a and closing at
the top Peoples Gas also was very
| strong at times, perhaps IN sympathy
! with Consolidated. IL advanced to 112iS
but closed at Ill. The latter stock is con
sidered likely to have good further ad-
vance By some conservative people.
General Electric continued its wonder
fui advance yesterday, selling at one time
at "a
The steel securities were active and
both made advances, though not import
many of the railways. Colorado Fuel and
| Iron was advanced TO a after declining
| TO dSA 1t closed at the top ,John W
Gates made the announcement In the