The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-02

ern Railway. common and preferred
Texas Pacific, Western Union, Amalga-
mated Copper and Erie common stock
were among the stocks that declined dur
ing the session. The list represents it
will be seen q varied assortment Of
/ stocks.
In addition to this the tremendous SELL
/ ing orders executed in some stocks were
/ very evidently not for the public. One
! firm. for instance, during the day mar
keted 1O3, 600 shares of United States Steel
preferred, said to be the largest deal in
one stock ever executed in one day IN
I the history of the exchange This block
was excellently well taken and the stock
closed nearly point a bove its high OPEN
ing. but, nevertheless, it is pretty nearly
certain that the buying in this case was
not as good as the selling, to use the
market phrase. The selling was either
for Mr. Morgan or it was for one of i'm
portant interests I'm 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 1000 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 it was executed, but the stock
had to be peddled out during the entire
day in 100 share lots This does not sug-
Southern. who are Mr.. Morgan's friends.
are particularly anxious to buy the stock.
II 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 strong mar
ket a little longer i'm order II possible to
nf bguzf
OF the public, which is only now awak-
ened after months 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 no question as to
his ability TO do this. All that it Is pos
break in prices Immediately if there is
not the strongest kind of manipulation to
prevent it all the time.
1t may b, suggested also. as a posi-
bility that Mr.. Morgan and his friends
may not be able to liquidate when they
attempt to do SO. This is heresy. OF
course. This gentleman has conducted
the most active market ever seen up
TO the present time and his name
has come to be synonymous with some
thing very like omnipotence. The true
test OF his supreme greatness comes
however. not in his ability TO advance
prices by buying an unlimited amount
of stock. but in his ability to sell out al
rs To his desire to sell ont. This market
has been intended as the great unload
ing time, when everything should be
cleared up that has been held for un-
numbered years back without finding
purchaser. There are signs. and big ones
too. that the public has not grown en-
thusiastic, as IT 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-
ton-Northern Pacific story. There was |
heavy realizing in both these stocks yes-
teruay, and they both closed the day
without making any gains The absurdi- |
~ Of good stock like Burlington selling
at ia. when the insiders know IL Is worth |
somewhere between $50 and 200 H. evident |
However, il is the insiders that are losing |
this cinch, as they are the only ones |
that have positive knowledge that it is |
worth, say l"i as guaranteed per cent |
stock.
Rock Island advanced in wonderful |
way to 1891 and closed at 1aSa. with "A |
net gain Of nearly points. The Atchi- !
sons were also strong, though not in such /
an aggressive way. The preferred went /
to 81, within points of the predicted par |
and the common sold fractionally above |
81. There is official denial of any Rock |
Standardization deal. but the public seems |
a Ia. ! Ia