The times., 1901-06-13
IRREGULARITY IN STOCKS
The Prices for the Most Part Move
Along Limited Lines.
Rises in Missouri Pacific and Penn
syiyania-The Effect of the steel
Purchase-American Car and Col
orado Fuel and Iron Active.

NEW YORK. June I2.-Stocll market
prices again moved along exceedingly ir-
regular and. for the most part, limited
lines. a firm tone was fairly common at
the opening of business. but with the
course Of the day irregularity developed
and most of the stocks which had loen
particularly strong in the early dealings
became quite reactionary.
The features of the market at the open
ing were Missouri Pacific and Pennsyl-
Vania in the railway list, and American
Car and Foundry and Colorado Fuel and
Iron among the so-cailed specialties. The
rise in Missouri Pacific seemed to be based
largely upon Yesterdays announcement
respecting the iEtentio" Of the holders of
the companyS per cent convertible
bonds to transfer their investment into
Missouri Pacific stock Their action was
reasonably assumed to indicate that some
thing more than the placing of the stock
upon a dividend paying basis might be
expected. Important developments are
expected to De announced after the meet
ing of the directors of the company on
Monday next.
The rapid advance in Pennsylvania was
apparently based upon this mornings an
nouncement of the purchase by the COM
.
The transaction in question was unques-
tionably matter of considerable signifi-
cance, and it was not unreasonably re-
fected in a good deal of pressure on the
United States Steel Corporation stocks.
Semi-cfficial statements on behalf of the
Pennsylvania Railroad were to the effect
that the purchase of the Steel Company
was nothing more than a protective meas
ure, designed to secure the railroad
against the imposition of excessive
charges for steel rails, but on the other
hand it has been matter of common un-
derstanding that il was far from the in
tention of the United States Steel MANI
gers TO exact excessive prices for their
products.
AT all, events the transaction seems to
indicate a new departure in the methods
Of conducting he transportation in
dustry and it vas easily the foremost
subject Of discussion today 1t was ap-
parenty the case that the material
advance which took place in American
Car and Foundry was based on the
notion that if the great railway systems
Of the country are going to engage in
the business Of manufacturing their own
rails the principle may be extended to
the manufacture Of cars and other
equipment.
The Gould stocks in general moved up
ward in sympathy with the rise in Mis-
souri, Pacific. while Texas and Pacific
was again an exception TO the tendencies
OF its affiliated stocks. Reports have
been current for some time that the
idea prevalent that the stock would be
exchanged for Missouri Pacific on a
basis OF two for one will prove unfounded
and that the actual terms of merger viii
turn out tc be 100 shares Of IsN2-s- -a>77fT~
Pacific fer 20 S4r-rres Of Missouri Pa
chic Inc CSliO between the market quo
tauoL.Ss-for the two stocks would seem to
IShish some confirmation of the latter
suggestion.
The already noted advance in Colorado
Fuel and Iron attained almost sensa-
tlonal proportions, and with the course
OF the day there was a characteristic
violent rise in Tennessee Coal and Iron.
which was presumably sympathetic with
the advance in Colorado Fuel and Iron.
Elsewhere among the specialties the Vir-
gina-CarOllna Chemical stocks retained
the strength that has marked them re-
Gently. Amalgamated Copper aud Ana
conda Mining were firm on the successful
issue to the company in the injunction
suit decided yesterday.
IN the industrial quarter there were
sharp advances scored in National Lead
and American Cotton oil common. As
noted. the United States Steel issues were
heavy on the announcement Of the trans
fer Of the control of the Pennsylvania
Steel Company The local traction stocks
forged TO the front today in rapid ad-
Sances. Manhattan being the conspicu-
Gus feature OF the group. Nothing that
was novel attended the movement in that
quarter, however.