The times., 1901-05-22

close was at the best level of the day.
The gains made did not quite equal the
losses OF the previous day, but they made
an excellent showing, and certainly
amounted to an entire reversal of form.
The day was another excellent evidence
that the market is a traders affair. 1t
has swung back and forth several times
since the break of two weeks ago, but
since the first sharp upward movement
there have been few gains or losses that
have been held, so that at the present time
the level is little changed. There is little
in the market outlook to suggest any,
thing different from this for some time
TO come. Some people think that the next
important movement Will be up, and
others that it viii be toward a lower
level In either event it is probable that
there viii be a continuance of the trad
ers market for the present.
The people that look for higher prices
ultimately base their belief entirely on
the fine prosperity of the trusts, railway
and industrial and on the outlook for
the success Of the community of interest
pIan. The bears for the most part
acknowledge that the trusts are prosper
Gus, but they believe that this prosperity
has been discounted in the recent mar
Velous advances in prices in the stock
market. They point out that there has
been gradual advance in prices for the
past six years. and that during the past
year alone this advance has extended
from 90 To 200 per cent all over the list.
They suggest that the market always
discounts conditions, and say that it is
likely next to discount the ebb of the
prosperity wave even If this ebb is yet
some way OF. But there are not wanting
people TO predict that the business situa-
ton will not look so rosy six months
from now as it does at present. The
labor troubles growing in all directions
are considered ominous by many conSer-
vative people. The recent sharp disagree
in shanl
ern railway field shows that the perfect
harmony Hoped for can never be certain,
and it makes possible at least a recur-
renee Of serious diScommunity of inter-
ests at any time. Technically it is point
ed out that the summer dull season is ap-
preaching, and that with it are extreme
~ likely 10 come declines in prices. The
best arguments seem to be with those
that look for no further important ad-
vance in the price level. Some securities
undoubtedly will advance, some that have
not yet participated in the boom to the
extent that seems warranted by their
prospects
Much of the interest of the day centred
around the news regarding Union Pacific
and the movement of the stock. After
some hesitation, the stock advanced to
1912 and then receded to 103Ik, showing
at the close net gain, but still con-
siderable loss from the level of Monday
The news was that the COM
pany is to issue the entire $10G 600, 600 of
convertible bonds authorized some time
ago. The first issue was for only $4,000,
co., and it is now proposed to issue the
remaining $60,@Q001 and to have the en-
tire issue listed by the stock exchange
II is supposed that this issue viii be used
to pay for the immense amount of North
ern Pacific stock bought recently. 1t is
difficult to consider this issue a bullish
argument on the stock. 1t places a $4,000
600 fixed charge ahead of the capital
stock. The Northern Pacific stock was
bought at prices which were a long way
above any legitimate market price and |
there is no reason to suppose that it
could be sold for the price paid for it if i
the company should desire to realize |
The new bond issue makes very improb- |
able any increase in the dividend on |
Union Pacific common stock for a long |
line 10 come.
The meeting of the Missouri Pacific di- |
'ectors yesterday took no action on the /
question of dividends for the stock The |
street was very much disappointed over |
he failure of the directors to declare i
dividend at the rate of 5 per cent per
innum, as there had been a general eX- /
that this action would be taken |
rhe continued postponement of any divi- |
lend disbursement makes the steadiness
II the stock above par a matter of much /
surprise, and there are but two possible /
nferences. Either the insiders know |
here VIII be dividend in the near future |
Jr they know there viii not. and are /
holding the stock up to sell it out as fast
- FOSSiDIt. he puDlC mas no c6OICe be-
ween the two theories, but 1t is very
certain that the stock is not a good one I
% speculate IN on the long side at least, |
lnder the circumstances. 1t opened of |
yesterday, and went as low as lG1A early |
Il the day. but later showed considerable |
strength, getting to 16i1a and closing at |
The other Could securities We're also
)uoyant yesterday, and especially Wa
)ash preferred, which went up to 46s and |
;Iosed at 41A, after getting as low as
~ in the morning. Wabash is consid-
red to be one of the most promising
tocks in the entire railway list by many
.areful market people. Certainly if the
Sould reorganization plan is to he carried
'ut, and the Wabash is TO have through !
4 the best promising lines in the coun-
There is much bullish talk regarding the
1ries, owing TO the general belief in the
treet that this lire is TO form the East
.rn terminus Of the Hill-Morgan trans
continental system Both the first pre-
erred and the common advanced all day
'eSteroays closing at the top with two
POINTS gain. Northern Pacific advanced
wo points to l561z and closed at the top.
There was little trading in it. Burling-
on is practically out of the market and
10 regular trades were made in 1t yester-
lay. One or two sales for cash were
made at 1871.
The United States Leather Company de-
,lared quarterly dividend of 11a per cent
yesterday on the preferred stock-the
same rate that has been paid for year
Jr more past. The stock is entitled to !
ler cent annually as soon as that amount
an be paid, and in addition ii is cumu-
ative stock on which several years back
remain unpaid. Except as
gambling proposition the common stock
s not worth the paper 1t is written on,
according to some of the most competent
,ritics.
Sugar was again advanced sharply yes
erday afternoon. the top price Of the day
,eing 1891. There was some recession be-
ore the close, but there was net gain |
or the day. The street feels bulish re-
"a riding the stock and as far as is known
he affairs of the company are in excel
ent shape
The United States Steel securities had
N advance with the remainder of the
market yesterday afternoon They were
Iot particularly huOyant. however, and at |
he close were still considerably below
he recent best level, the common at 443s
nd the preferred at 93A. There is much
disappointment over the failure of the
tocks to advance.
Atchison common stock had a small adj
yance, but vas far from buoyant. The
took will be sold on every bulge by many
;areful manipulators.
Amalgamated Copper was weak early
he injunction against the acquisition of |
he new properties. 1t is understood that
here will be an appeal from the first |
lecision IN favor Of the company Later
he stock showed strength, getting to
145s st the close.