The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-18

New York. Nothing in the news was I'M
pleaeant. 1t is to be inferred, therefore,
that the selling was by insiders: The
professionals accompany their raids with
bear news" The publie-never sells ex-
cept on breaks When the Insiders sell
1t is to the public, which is still buying
stocks hotly, or a little later. to cause a
reaction. The insiders do not wish to
cause a reaction, probably, but in this
case II may be that their abandonment
of the market simply will cause break
Prices to many seem too high. especially
in the high-priced securities. These con-
servative people believe that a reaction
is due and likely to occur at any time, a
reaction of to 10 points. Some time there
VIII be big slump, but at present there
are no indications that the MOrgan-Hill
clique will allow anything SO violent.
There is as much uncertainty over the
future of Burlington now as there was
before Mr.. Hill made his statement, per-
haps more. Two or three matters compli-
cate the situation. Mr.. Hill announces
that he has obtained control of the Bur-
terms he pays or how he accomplishes
the thing 1t may be that he is to pay
Sz2O In S1s per cent bonds for the entire
capital stock Or it may be, on the other
hand, that he has been paying for the
stock with his and other peoples money,
and that there is to be nothing further In
the deal. The stock or controlling
interest in its may be withdrawn from
the market for a time-say until Northern
Pacific representatives have been elected
on the Burlington directorate, when it
might be peddled out at a good profit to
be taken back again later in the year
And whatever is TO be the course pursued
II may be that no official announcement
VIII be made for some time yet Taking
half dozen things into consideration, 1t
is certain that even if the stock may ad-
vance few points further, it Is not
conservative investment at its present
level. The people that get 500 in bonds
for 1t, supposing that this is to be the
Hill plan, will lose In the end If they hold
their bonds. In other words, Burlington
is not worth 500. and cannot be held at
that price for very long, no matter in
what terms the price is expressed Mr.
Hill will not lose If he can help ii. He is
not in the business for that purpose. The
public will lose before the game is over
The Burlington people met yesterday, but
made no announcement when they ad-
journed.
The same line of common sense reason
Ing is quite as applicable to Northern Pa
CHIC common stock, which went up 10
lOSA yesterday. The purchase of the Bur-
ington, If IT was accomplished at 1920, did
not add to the value of Northern Pacific
II is extremely doubtful if the entire earn
ings of the Burlington would pay 81 per
cent interest on this purchase money half
the time, taking good years with bad,
northern Pacific common stock is quoted
at the present level because il is for sale
Or so at least some of the wisest market
people believe. Both Burlington and
Northern Pacific sold off rather sharply
before the close yesterday, the decline in
one case being points and in the other
~ points.
The Chicago Terminal securities are off
somewhat from their best prices 1t
seems now that the various stories re-
garding influential purchasers of the
nneltr xvts - 81
to say the least. Like many other runners
circulated recently, they are much open
to suspicion II is denied that the Harri-
denied that the Baltimore and Ohio has Sc
cured control. 1t is denied that the Chi
caSo and Alton has secured control 1t
is stated very positively that there has
been rank manipulation of these securi-
tics for the purpose simply of making a
profit in them in the bull market. The
BEST that can be said of the rumors is
in fact. In the course of time, Mr.. Harrf-
man, or some one else, is likely to do
something.
New York Central and Pennsylvania
were both doomed yesterday forenoon,
the former to 1531z and the latter to I59
Instead of causing elation in the market
ties was regarded with some suspicion.
It has happened too frequently of late to
pass uphoticed that when these stocks
are taken up q decline is likely to occur
Both Of these stocks seem to merit high
er levels In comparison With the remain
der of the market. but their advance, IL :.
comes at all, viii be made with much
less wildness than that of Rock Island
They are pushed up few points by the
bull ciiques in order that other stocks
may be unloaded under cover They are
not doomed up 30 points in three days
because the people that own the large
portion of them are conservatives II may
be that they will not go much higher at
any time for the same reason.
The stocks which showed the greatest
uniform strength throughout the day were
the Gould securities. II lie believed by
many careful market people that the
Gould deal will be the next one brought
to the front by the people engineering the
bull market. There is a Gould dead Of
some kind. without doubt. and probably
1t Ia big one, involving pretty nearly
everything in the Southwest Some OF
these securities look equal to further ad-
vances In the near future. Missouri Pa
cific got as high as 106 yesterday and il
closed at i04. Missouri, Kansas and Texas
advanced to 66l4 and closed at Ca Texas
Pacific went TO 43ss and Wabash to Al
Both these securities declined to bear
their opening prices before the close.
Consolidated Gas was strong on the
statement that the company is acquiring
control of the various concerns not al
ready within its folds.
Washington Stock Exchange.