The times., 1901-04-18

New York Nothing in the news was un-
! pleaoant. 1t is to be inferred, therefore,
! that the selling was by insiders The
| professionals accompany their raids with
| bear news. The publie-pever sells ex-
| cept on breaks. When the insiders sell
] IT Is to the public. which is still buying
| stocks hotly, or little later to cause
| reaction The insiders do not wish to
| cause reaction, probably, but in this
! case II may be that their abandonment
! of the market simply viii cause a break.
! Prices to many seem too high, especially
in the high-priced securities These con-
! seryative people believe that reaction
| is due and likely to occur at any time, a
! reaction of to 10 points. Some time there
! VIII be a big slump, but al present there
| are no indications that the Morgan-Rill
Clique will allow anything violent.
There is as much uncertainty over the
! future OF Burlington now as there was
! before Mr.. 1iill made his statement, per-
! maps more. Two or three matters compn-
cate the situation. Mr. Hill announces
that he has obtained control of the Bur-
/ lington stock He does not state what
terms he pays or how he accomplishes
the thing. 1t may be that he is to pay
sZ20 in S12 per cent bonds for the entire
! capital stock. Or ii 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 a controlling
! interest IN us may De Withdrawn from
! the market for time-say until Northern
Pacihc representatives have been elected
! on the Burlington directorate, when it
/ might be peddled out at a good profit to
I De taken back again later in the year
And whatever is TO be the course pursued
! IL may be that official announcement
/ VIII be made for some time yet. Taking
: a haIt dozen things into consideration. IL
| is certain that even if the stock may ad-
vance a few points further, it is not a
conservative cons investment at its present
| level. The people that get $500 ia 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 1920 and cannot be held at
that price for very long, matter in
what terms the price is expressed. Mr.
Hill Will not lose If he can help it, He is
not IN the business for that purpose. The
pubic VIII 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
enc common stock, which went up to
lO3A yesterday. The purchase of the Bur-
hngton, If it was accomplished at 500 did
not add to the value of Northern Pacific
1t is extremely doubtful if the entire earn
ings of the Burlington would pay 315 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-
gardlng influential purchasers of the
TO say the least. Like many other rumors
circulated recently, they are much open
to suspicion. 1t is denied that the Harri-
man interests have secured control. 1t is
denied that the Baltimore and Ohio has Sc
cured control 1t is denied that the Chi
caso and Alton has secured control 1t
rs Stated very positively that there has
been rank manipulation of these securi- |
Tics Tor the purpose simply of making a |
proflt in them in the bull market The |
pest that can be said of the rumors is |
in fact. In the Course of time Mr. Harrt- !
man, or Some one else, is likely to do |
something.
New York Central and Pennsylvania |
were both doomed yesterday forenoon
{he former TO 1531z and the latter to I5s |
the strength of these high priced securi- |
ties was regarded with some suspicion. |
It has happened too frequently of late to |
PASS updoticed that when these stocks /
are taken up decline is likely to occur,
Both of these stocks seem to merit high |
er levels In comparison With the remain
oSi " lilt IldIket, Inelr advance, II IL I
comes at all, win be made with much |
less wildness than that of Rock Island |
Ihey are pushed UP a few points by the |
bull fiiques in order that other stocks |
may be unloaded under cover They are /
not doomed up 80 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 We're
the Gould securities. II is 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 deal of !
some kind, without doubt. and probably
it is big one. involving prettv nearly
everything in the Southwest Some OF !
these securities look equal to further ad-
vances in tho near future Missouri Pa
cific got as high as 106 yesterday and il
closed al 1s Missouri, Kansas and Texas |
advanced to 65l4 and closed at Ga Texas
Pacific went TO 435s 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 it's folds.