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

Burlington and Northern Pacific have
furnished some of these pyrotechnic ex-
hibitions. and Rock Island others and
Manhattan and the coalers and the South
western securities and st. Paul and the
steel securities Vest erday differed from
other days in furnishing several remark
able exhibitions of the tremendous power
behind the market. In the morning Bur
lington and Northern Pacific Spurted up
ward faster than they have done at any
time before, Burlington from Isl to 1SSls,
and Northern Pacific from 96l2 to 9S's. a
little later in the day, Delaware and Hud
son doomed from 172 to 1856 in a few min
utes, while the remainder of the market
WAS neglected During the afternoon
Rock Island began to give its exhibition.
starting at 1914 and advancing to 1907. or
more than IL points. The greater part of
this boom occurred in the last half hour
OF the day. Meanwhile other securities
in various parts of the list were making
advances that, ordinarily. would have
been considered highly sensational. but
that passed almost unnotced in the ex-
element over the greater movements. st
Paul went from 1873 and a fraction to l56,
Pennsylvania from 1Si4 to 157, the high
est price in its history, Colorado Fuel
and iron advanced to 65i4 and passed Ten
nossee Coal and Iron. and Peoples Gas
jumped from 1919 to IL. the highest
price of this movement. Advances of one
or two points occurred all over the list.
The day was. ia this way. much the most
startling in the entire history of a most
remarkable bull movement. which has
than six months.
1t is. of course, evident that such pace
cannot last more than a day or two at
the most. The opinion of the best judges
of the market is that this week, which
ends today, and perhaps Monday of next
week, will see the end of the advance,
for the present at least. These same peo-
pie consider il highly probable that there
will he sharp break when the advance
ends. A smash commensurate with the
advance, according to any standards of
the past, would be violent to the point OF
tragedy. il would come quickly, and II
would shave of the present prices from
ten to forty points. For this reason il is
not to be expected that anything of the
kind will occur if MIR. Morgan and his
powerful lieutenants can prevent it, and
they probably can, barring a calamity.
Some OF Mr.. Morgans friends assert that
there viii be no smash, but instead, only
a gradual lowering; of prices after first
quick dip of few points. They do not
believe that the decline will extend more
than five TO twenty points between now
and the sumner stagnation. The inter-
ests represented by Mr.. Morgan are so
vastly important that it would be sui
cidal to allow public confidence to be
wrecked completely as it would be by a
tLmbling to pieces like that on the death
of Mr.. Flower two years ago. 1t would
kill half the plans for consultations now
in various stages between mere incep-
ton and virtual completion. 1t would
prevent the floating of the tremendous
blocks of stocks and bonds that must ac-
company these consultations. II would
leave the financial kings WITH millions of
shares of stocks on their hands that they
wish to noat before the final elimination
of this boom, some time this year or next,
perhaps.