The times., 1901-04-02


In addition to this the tremendous sell
ing orders executed in some stocks We're
very evidently not for the public one
firm. for instance, during the day mar
keted 10000 shares Of United States Steel
preferred. said to be the largest deal in
one stock ever executed in one day in
: the history of the exchange. This block
was eXcellently well taken and the stock
closed nearly point above it's high open
ing. but. nevertheless, II is pretty nearly
certain that the buying in this case was
not good as the selling, to use the
market phrase. The selling was either
for Mr.. Morgan il was for one of i'm
pOrtaut interests in one of the old com
panieS that wished to realize Immediately
on its new steel stock at this price. In
either case, some interest close to the in
side evidently considers the present an
excellent time to get out, and this is moth
ing II not significant. The experience of
a Washington investor who held more
than loo shares of Southern Railway
common stock and wished to sell it is
also interesting. This gentleman put in
his order to sell his stock at 2S% last
Friday. and il was executed, but the stock
had to be peddled out during the entire
day in 100 share lots This does not sug-
gcst very strongly that the insiders in
Southern. who are Mr.. Morgan friends,
are particularly anxious to buy the stock.
Il has been said by the tipsters that
Southern is being held down by main
force while the insiders accumulate.
But while there was without doubt
this steady and heavy realizing all over
the list il IS not safe as yet TO say that
a break is coming Immediately. Perhaps
Mr.. Morgan wishes To have Il strong mar
ket little longer in order, if possible. to
take advantage of he evident enthusiasm
OF the public. which is only now aWak-
ened after montbs of advancing prices.
If Mr. Morgan has this idea in view he
can hold prices up or even advance them
as long as his extensive store of ammu-
milton lasts. There is 10 question as to
his ability 10 do this. All that II Is pos
sible TO say now is that there viii be a
break in prices Immediately II there is
not the strongest kind of manipulation 10
prevent il all the time.
1t may b, suggested also. as a possi-
blilty, Jnat Mr.. Morgan and his friends
may not nc able 10 liquidate when they
attempt to do SO. This is heresy. Of
course. This gentleman has conducted
the most active market ever seen up
10 the present time and his name
has come to be synonymous with some
thing very Ike omuipOtence. The true
test of his supreme greatness comes.
however. not in his ability 70 advance
prices 10y buying an unlimited amount
OF stock hut in his ability TO sell out al
a pr"nt There can be no two opinions
as 10 his desire to sell out. This market
has been intended as the great unload
ing time, when everything should be
cleared mp that has been held for un-
numbered years back without finding a
purchaser. There are signs and big ones
too. that the public has not grown en-
thuslastlc, as II was expected to do
There are indications that Mr. Morgan
has not as yet sold out much
The bloom seems to be off the Burling-
toH-NOrtheTn Pacific story. There was
heavy realizing in both these stocks yes-
terday, and they both closed the day