Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-10

is UNNECESSARILY stronger than It was four
years ago. and UNNECESSARILY cleaner In ito
business line and values will again rolo
the prices of securities.
-.
Northern Pacific sold this week nearly
500 below it's top price last year, and at
the lowest price that II has sold since II
was released from the Northern Securities
treasury. 1t is interesting TO recall that the
highest price paid for Northern Pacific
stock by Mr.. Keene, when he was acting
for the Morgan Hili interests in the fight
for control of the property In May, 1901.
was 1927. The stock was then paying per
cent. Great Northern showed a loss of $3.50
this week from the highest price OF last
year. The accumulation of this stock by
the followers OF Mr.. Hill really began In
1904. when the stock was selling around
$3.50 Its low price in the bear market of
lS8-was 1883. Those who got into the
stock at the low prices Of 1898 and 1901.
when Mr.. Hill began to tell his friends
about the great value Of the ore lands.
have Jared pretty we'll even IL they still
hold their stock. They received rights In
1905 worth about 80 a share. But those
who got In on the tail end of the Hill cam
paign and didn't get out before Mr.. Hill
began cutting melons sarlythis winter have
Jared pretty badly. Only six months ago
Great Northern sold at S341, which is equiv
a!ent to about $40 with the ore certificates
off Against this $40 the recent quotation
Va Sifo ioohs pretty low. Inc strength OF
the Great Northern ore certificates. In the
face of continued liquidation in Hill rail-
ways. is something remarkable. Perhaps
the Great Northern stockholders are SELL
ing their railroad stock and putting their
money into the ore certificates.
What Is the mining market going to do IL
the holders of dividend-paying railway and
Industrial securities continue to unload
fhayp at ha Co
ing stock ought to feel pretty well satis-
fed just now that the banks haven't been
loaning money on their wares. II the New
York banks had made loans the past six
months on all this mass of mining stocks
now loose in the market there would have
been frightful collapse. The fact that the
buyers of these stocks were obliged to pay
cash for them in full has carried them
through this period OF enormous liquida-
ton in the big market without serious
losses. Some OF them have actually been
advancing lately. Those that show declines
are stocks like the Greene issues that have
been traded in long enough here to respond
to the trend of the big market; but the
mining market can not stand up forever
while spectators and investors in railways
and industrlals are taking big losses.
Many Of these mining stocks have
been distributed through stock exchange
houses who are being telephoned to
these houses who are being telephoned to
for margins every few minutes will have
to sacrifice their mining stocks. One rea-
son why some Of these widely advertised
mining stocks don t show any of the ef-
fects of the liquidation in the big market IL
that they have never been distributed. They
are still in the hands of the promoters and
underwriters. The insiders, as much az
they may need money to protect their sea-
soned securities. can not raise any by the
sale of these new mining stocks, because
there is no place to sell them.