The times., 1901-06-11

. 70 serve III the New I bIh hdilkS Is Smaller
than it has been before FOR several year.
I is not one on which 10 boom stocks al
ready high. London shows disposition
{ to sell American securities rather heavily
The crop report given out yesterday was
! not very good showing. All of these
/ factors while they are not sufficient per
( haPs TO over-balance the general pros
( perity OF the country at present, are al
least enough to prevent investors from
becoming enthusiastic IN the midst of q
dull summer II is more than likely. too
/ that they VIII result in some decline OF
prices before the end OF August what.
ever the small movements may be mean
while.
The crop. report figures are neither
/ wholly bad nor entirely satisfactory
/ as usual, leaving il possible for the
! market tipsters on both sides to say
/ told you SO with some show OF
reaSonablenCsS. on the whole, it is
probable that the report will be con
SldeTed a poor one by careful people. The
! big reduction of the spring wheat acreage
I 6.4 per cent, with condition not quite
! up 10 the average, means apparently thai
the crop VIII be smaller than usual. The
decline in the condition of winter wheat
during May-6.3 per cent-was not larger
than usual. and the condition at the time
the report was made was above the aver
age. The decrease in the acreage OF
spring wheat was Is per cent in Iowa
! Z per cent in Kansas, 8 per cent in Wis
( consln and Minnesota. and per cent il
-NtbI stSNd 1 ne average condition OF
spring wheat in Nebraska was considera-
4 bly, below the average. The condition of
winter wheat in Kansas was about the
average. In Missouri. Illinois, and Okla
homa II was somewhat below the aver
age. The statement is made that in Kan
Sas. Oklahoma. and missouri the winter
wheat crop has been damaged by the
Hessian fly and by drought.
The granEers perhaps naturally. were
the most active stocks on the list YES
terday. They We're exceedingly weak
during the greater part of the day. St
Island as low as los. Atchison common
broke 10 S4@l and the preferred to IUl
Mon Pacific may be included in this
group and its weakness was as pro
nounccd as that Of ST Paul. IL dropped
TO Ieis. The breaks in these securities
were caused Immediately by the fear Of
a poor crop report Back OF this cause.
however. is the fact that all Of the s-roilo
are selling at greatly inflated prices. II
the crop is TO be good the level of St
Paul ana Rock Island is too high 10y a
good many points. The only thing that
has enabled the manipuiatorS 10 get
them so gh and to hold them up
has been the talk Of harmony plans.
Ihe plans ;Lre as yet unsettled. Very
hkely they will be a good thing some
time, but on the other hand they may
never materialize and If they do they viii
not reVoiuuoniZe the railway business OF
the country. In the afternoon there was
a any III lilE group WHICH was aTtrIhuJgQ
10 reNlNlng nope that the crop report
would not make a very bad showing and
10 the suggestion that the crop outlook
anyway has improved much since the
first Of the present month. when the
Government figures are supposed to be
made up. The losses of the earlier part
OF the day were largely recovered except
In st Paul. The outlook for the group
today Is most uncertain in view of the
manipulation so general at present, but
a further decline would not be a sur
prise.
Southern Pacific was very weak early in
the day, dropping off at one time to SEA
but later il had a fine squirt and closed at
the top. 5sls- London was heavy seller
Of the stock, and il was said that i'm
portant New York people were also sell
ers. Nothing new developed regarding
the company except that one of the New
York newspapers published very bull
ish article on the stock saying that the
chances for a good dividend are excellent.
The article was hardly warranted by the
best Information that can be obtained.
One of the news bureaus made the
statement yesterday that there is hardly
a doubt that a OF per cent dividend
viii be declared on United States Steel
common stock. This is in line wiki all
he information that has found its way
out from the insiders Mr.. Morgan viii
be in this country before the end Of the
present month. il is said. Action will
be taken then on the dividend question.
The Steel securities followed the course
OF the general market yesterday. at one
tine showing much weakness. but clos
ing IT the top quotations, with small net
gains for the day.
Sugar was one Of the weak features
1t sold Of badly in the morning and did
not recover with the general list at the
close. The opening was at IA. and it sold
as low as 1905, recovering only to l4i@i. II
was said that the big selling of the stock
was for inside interests.
American Tobacco went off 3 points to
140l4, and recovered only to l4l7s. For the
moment. at 5east, the insiders seem to
have dropped the manipulation Of the
stock. The Continental issues were strong,
closing at the top prices for the day. The
new bonds Of the Consolidated Tobacco
Company, that are 10 be exchanged for
the Tobacco securities, are selling at \
price which Superllcially would suggest
that the stocks will advance somewhat.
This should not be taken too seriously as
an Indication, however, and careful peo-
pie do not advise the purchase Of the
stocks except for speculative turns which
perhaps may be profitable. The new com
pany viii have something like Sl2.Gl0D0
year 10 pay out in interest and dividends
If IL IS 20 pay any dividend on its new
stock. This is very large sum. even
for the Tobacco Trust There viii be Sc,
90 600 interest on the new bonds, If there
is to be an issue of only $50 G04.0O0 The
be something like s. 5GOO ON1 and the divi-
dend on the new $50 900 stock will be
s.. 500. 600 at per cent
Cbasa peake and Ohio was strong all
day and there were advices to buy it in
good quarters. The stock looks more at
tractive than most, at present, having had
little advance comparatively speaking in
the winter boom The earnings of the
company are excellent and the harmony
plan Is working well. The s3me may be
said in a general way Of Norfolk and
" estern.
Tennessee Coal and Iron made a net
advance for the day The stock is well
liked by some Of the best informed people
in the steel and iron business. The com
pany's affairs are in much better con-
dition than they were a few months ago.
Washington stock Exchange.
Sales-C. & p Telephone 5's, 1Q00T
1OSH: Union Trust and Storage Co, 3n
16q2t aglJ1pgz.- b1IyeT 3, lgn lVgla. Capital