The times., 1901-04-22
STOCK MARKET COMMENT
Another Tremendous Week in
Wall Street Expected.

Some Prices High Enough Hut Others
NAV Continue so AdNUnce-Iears
of smash Unfounded - Some
ASpects of the Burlington Deal.
NEW YORK. April 2l.-Wal Street is
looking forward 10 a tremendous week
on the stock exchange. perhaps eclipslng
even the week Just past with its over
10000 600 shares of stocks and its wild
advances in prices. The manipulation OF
the market on the BUN side continues
most successfully. on one or two days
during the past week there was GouG
deal of that anxiety which naturally
crops out at times when market Is SO
rampsnt and high as the present one is.
There was not much reason for TINS
anxiety at the time, as far as outward
signs were concerned. but temporary IN
cidents in the trading. which were known
TO comparatively few people. alarmed
some of the street following who IeaIe"
that A crisis was imminent. Such feeling
is certainly natural. and 1t Is propaWe
that it will be apparent more OF less "l
times while the market is III It's present
high state of activity
The market may be strong all summer
II has been handled extremely We'll anu
Notwithstanding the general feeling that
the position is a dangerous one, more
than full strength has been maintained
and the average has been advanced on the
heaviest trading ever known. once In
while prices looked weak and were hllle
weaker than they should have been. put
whenever il became necessary a recovery
was set in motion and in short time an
upward movement would be under fun
headway.
There seems to be no limit to the ca
pacitv of the bull crowd in making higher
quotations nor any limit to their lhleh-
ton as 10 prices Stocks are bought IN
blocks cf 5000 to 10.090 shares at the very
highest prices. and what seems 10 be
foolish or wild purchase shows a profit
in an hour. This greatly encourages the
whole Wall Street following, and among
the smaller traders there Is not ana mas
not been much loss Of confidence at any
time. They. are encouraged by stories OF
great undertakings by the heavy and con-
hdent buying Of the cliques, by rumors
that Mr.. Morgan viii do this or that IN
F,urope. and above and beyond every
thing else that ii viii be absolutely neces-
sarv to the full success of the manipu-
lators Of the market TO continue the buil
movement indefinitely This is the great
bun point which makes the street trade
confidently in stocks at figures which
would not have been dreamed Of year
ago.
Ii is not vet certain what the effect Of
AIr HfH-s ACQUISITION of the Burlington
win he on tbe market Immediately or
later. This venture Of Mr.. Hill into new
fields has created a very serious feeiins
among those who control competitive
lines. and some people have thought mat
IL may again change the whole railroad
situation, and possibly precipltate new
conflicts and antagonisms
Mr. Hill, in his St. Paul interview
cleared up some points, and while there Is
no absolute assurance of perfect har-
mony IN regard to II 1t can be sald thal
the ARA ngement has been made with the
tacit approval of most of the big ram
WAY owners There is still talk that
some Of the other great systems viii be
compelled TO make new arrangements IN
the East and in the West to ADJUST the
situation TO the new conditions and such
stocks as Atchison and Rock Island nave,
IL is reported. been bought with the view
Of control in order to meet the new STU
alton created by Mr.. Hill 5 occupation OF
new territory
The price paid for the Burlington was
very high and it would seem that the
Great Northern and Northern Pacific had
taken on themselves great responsibilities
in guaranteeing an S per cent nXed annual
charge on the Burlington property. Mr.;
HilIs plan is TO reduce expenses ana
make the Burlington pay for itself IN
that wav II win be some time before
the fun situation and its effects can be
known
il is general impression that the pur-
cbases Of railways in the last few
months. during which the contest Tor ac-
QUESTION has been. so sharp, have been
made at a very high price. Compare
tively the figures are high, and they can
only be justified, if at all by the fact
that the new position Of the OLD and
esfablished lines in the general railway
situation warrants the great cost OF con
frol 1t is of course, contenued thal
fbese old roads going into the hands OF
men who control vast systems OF lnss
they can use them to better al
vantage and can bring about great
economies and make them pay even Al
Inc high price paid for them. There VII
no doubt be difficulty ia the future ~
times Of light traffic and depressed gen
oral business conditions, but there IS nl
doubt I'm railway circles that the mag
nificent plans Of consolidation and MERGE
viii generally be successful by reason OF
The advantages in the greater stability
of rates and a more thorough and sy
Senate conduct Of affairs generally.