New-York tribune., 1901-04-07
fnaneldI.
The Financial World.

winch IL DehoOVeS conservative people 10 dis
criminate The public appetite for buying seems
to be Unsuitable Any story. however wild and
improbable. is sufficient reason for buying al
most anything. at any price; and the result is
have two million share days in which prices
run up five, SIX ten points; and the quota
ton list shows that while some stocks still
selling below figures they will go to later. others
are selling for ell they are worth on any present
prospects. while great many have up be-
yond any price they be figured to be worth
in rhyme or reason Therefore. this is time to
discriminate-which however. it is dead sure
the public will not do.
The wild market of the past week had the
pace set for 1t by Burlington. which added an
other ten point rise to the ten points it made
the week before. Every day official announce
ment was looked for that the deal had been
completed, and control of the road secured for
the Northern Pacific. 1t did not come. On the
contrary rumors have been current that the
matter is still uncertain IF this deal goes
through" says one we'll informed railroad man.
land I believe it will. Burlington will sell at
200" And another we'll informed man says. IF
from any cause it does not go through, Burng-
ton will go back to 1G0" point to consider in
this condition of things. with wild bull market
on. is the temptation offered to insiders to sell
their stock and then find it impossible to carry
out the projected plan-any reason will do. until
they have been able to buy back at lower prices
We all know that a powerful party among the
Burlington directors has been opposed to Mr.
Hills plan Does the delay in announcing that
control has been acquired mean that they
able because of their official position. TO still
block the way? Supposing there is a hitch IN
this business. Wall Street knows what that
means
In the period of widest excitement. Rock ISL
and rushed up to 155 rise of five points in an
hour two which the top Of a rise
from 13I to $50 on the day preceding To be
sure, there was a sharp break OF seven points
Immediately indicating rapid realizing; but the
stock closed at 15O. The general idea is that
the road is to be taken into combination with
the Missouri Pacific it's management changed
to one of more progressive type; and that in
the new DEAL the stock will be made worth it's
present price. But where among the commission
houses are the customers who know anything
whether this be true. whether it be all fic-
tion ingeniously contrived to bull the stock?
Perhaps it is true-the price of Missouri Pacific
now we'll above par and the stock not paying
a dividend-is pointed TO proof. 1t proves
nothing. however. in market which has run
wild.
The Atchison stocks. and Union Pacific. were
rather distinguished by their halting pace IN
01Sap-
pointment leading to selling, at the failure Of
the Atchson directors to declare a dividend on
the common stock on the day expected. As
near as can be gathered from various sources
the inside situation seems to be about this: When
President Ripley recently started for California
it generally understood that the dividend
was to be liz per cent, which was the rate he
favored. When the directors got together how
ever, pretty warm controversy developed. one
party favoring the H. per cent rte and an
other insisting that the earnings of the road
justified per cent rate Each party was
equally insistent. It was finally agreed TO leave
the matter to Mr.. Ripley. and when he returns
next month the dividend will be declared ar
the figure he decides upon.
Advances in ST. Paul. Pennsylvania New York
Central. in Delaware and Hudson were record
ed The latter road confidently reported
to have been leased to the Central. at a guaran-
teed dividend of per cent for the first year and
s per cent thereafter. But this Is another re-
port which lacks official announcement: while
there signs of inside selling of the stock
the highest figures made for IT, The Read
ing securities were neglected. and made scarcely
any move. They may be put down as among
the stocks which have still room for advance
The first preferred. which is paying now per
cent, is small stock things go in these days:
like the prices quoted for them. this stock
should be worth points above present quo
tations 1t pointed out last week. that II
the scheme of merging the anthracite producers
into single corporation be carried through, the
position of the Reading in the combination must
be important because it is the largest producer
and the greatest owner of coal lands.
In the traction stocks. there rise in
sympathy with the general market. Manhattan
going up with the others. but it developed
special feature. There were the familiar rurnors
of lease by the Metropolitan-rumors which
will certainly prove true some day The day.
however. was not last week, so far any one
can discover
1t was inevitable that the Fries and Northern
Pacific should be stimulated by the upward rush
of Burlington, since the movement in that is So
closely associated with the interests OF the other
roads, Northern Pacific got within less than two
points of par: and Erie common within point
of the figure which some weeks ago IT
claimed it would sell at before June. namely. 40.
The first preferred continues hang around 20.
Some people are inclined 10 believe that Mr..
Morsan's absence in Europe will keep these
stocks down for while.
The steel stocks fell rather into the back
ground while speculation so rampant in
other directions. Even in market big and
broad as this one is. all leading stocks cannot
be equally active at the same time; and while
the rush was to buy Burlington Rock Island.
ST. Paul N. y. Central Delaware & Hudson.
Pennsylvania, the Eries. Northern Pacific.
AInalgamated Copper. and others the trading
in the steel stocks took a natural rest. This
was satisfactory enough 10 the managers. II is
not desired to have these large stocks do any