The times., 1901-06-15

slump was to discourage the pubic, ana
the professional element, too, to a large
extent. 1t seems to show that 1t will be
very hard, if not impossible, to force a
bull market this summer All the sur
face developments this week have been
favorable, the crop outlook stories, the
plenty of money. the more bullish feeling
in London, and the reduction OF the Bank
of England discount rate These different
matters were sufficient only to cause
two Geys rally in prices after week of
declines.
The bank statement today is likely TO be
poor one. 1t is thought that there viii
be a further increase in loans and de-
crease of at least 100000 in cash. The
figures, therefore. are likely to show
considerable cut in the surplus reserve.
The statement will not be an important
matter, however, unless ii shows very
large decrease in the reserve, as money
has been cheap all the week and there is
every indication Of continued easy rates
this summer. London WAS a buyer of
American securities and the feeling in
London is apprcciably better this week
perhaps on account of better news from
South Africa. Ii need not be expected
however, that there viii be very heavy
purchases of American securities for
Great Britain or Europe generally, as long
as the balance of trade is so heavily in
favor Of this country. London viii DO
more to keep prices down as far as this
Is concerned than il VIII TO buoy them up
The one interesting deal rumor of the
WEN anu the only III POI laIl piece OF
news directly affecting the market was
the story that the Union Pacific people
are buying st Paul or have already
bought control OF the system. This story
now turns out TO be fake or to have
the very slimmest OF foundation at all
events. The story was very evidently put
out TO help Clique advance these two
securities The Clique was ominently sue
cessful for q time. and st. Paul WAS
doomed yesterday 10 above l76. and Union
Pacific to above IFS. Before the close of
or h4F han r4-
action in both stocks. st. Paul dropping
to la and Union Pacific to lI3. Whatever
may be the final developments there is
no reason at present to believe that Union
FaClflC VIII guarantee an per cent divi-
dend for St Paul or that St. Paul will
guarantee per cent for Union Pacific.
Amalgamated Copper was one of the
features yesterday, beirg active nearly all
day, though II made no particular net
movement. The cause of the interest in
the stock was the announcement that the
suit to prevent the deal for the purchase
OF the Butte ana Boston and the Boston
and Montana had fallen through. 1t does
not seem probable that anything further
VIII bc heard of this attempt. The adj
Juurneu annual meeting Of the StOckhOld-
ers Of the company was held again yes
terday, but adjourned again until next
Monday, without taking any important
action. 1t IS said that the resignation cf
Mr.. Rockefeller and Mir. Rogers from the
directory OF the company was only a
technical and temporary matter to facfIi-
tate the deal in some way.
The tobacco securities We're again dull
yesterday, and had a declining tendency
for the most part. II is said that an i'm
portant stockholder has filed protest
against the Consolidated Tobacco deal,
and viii make every attempt to prevent
II. No particular reliance should be
placed on his effort. however. The stocks
are selling at d very high price, and 1t is
hot necessary 10 expect the deal to fall
through in order to fail to grow enthu-
siastic over their prospects.
Peoples Gas was one Of the strong fea-
lures of the industrial list yesterday
morning. 1t advanced to l1S and better |
on what seemed to be good inside buying.
Inc story toiq IN connection with the ad-
vance was that the company has com
pleted its deal with the city and will have
no further trouble in carrying out its |
plans
Chesapeake and Ohio and Norfolk and
Western common are believed TO be des- !
tined to reach higher levels in the near !
future. Both companies are making a !
fine showing Of earnings and both have 1
an excellent chance for further improve |
ment in this regard. The control of the |
Pennsylvania has been for both an eX- |
ceilently successful suzerainty, making for /
high freight rates and the minimum of /
competition at all times There is every /
indication that this control will be ex- !
ercised quite as beneiiciaIy In the future !
II Is said that at least per cent dividend I
common during the fiscal year, and the |
showing of Chesapeake ard Ohio IS, for |
it, even better.
The coal stocks generally were buovant |
during the morning hours yesterday, but |
they did not hold their gains until the /
close Their showing, however was CON |
sidered good. The Fries and the Read |
ings are regarded with especial favor by |
many careful market people.
1-l,o l,o1-, g-o1--,4-
was continued in way that would be en- |
tirely wonderful If II were not quite well |
recognized that the insiders have control |
Of the stock and can put its price up or |
down pretty reuch as they see fit The ad- |
vance got as far as I27 at one time. 1t is |
remembered with certain amount of /
cynical interest that Tennessee Coal and |
Iron was Jockeyed up TO almost identcally |
the same price two years ago. when il |
was not worth half that and very likely |
not worth 90 After that time Tennessee !
Coal and Iron tumbled TO ~, one of the !
most precipitatc breaks that ever occurred |
on the stock exchange. People that buy
Colorado Fuel and Iron now VIII have no
one to blame but themselves If it tumbles
in the same fashion.
Tennessee Coal advanced in sympathy
with Colorado Fuel and Iron and held its
gain fairly well. This stock has much
more on which TO base an advance from
its present level than Colorado Fuel and
Iron has. In fact, there are not a few
siderable upward movement in It, The
plans OF Mr. Bacon the new man in the
company. are said TO be Of great impor-
tance. As to the story Of an alliance or
combination between these two concerns
and the Sloss-Shefiield Company, the |
street does not place much faith IN IT, Mr..
Bacon IS said TO have made the statement
on at least one occasion that the Tcnnes-
see Coal and Iron viii not enter any COM
biuation at present
The New York traction securities were
all active and fairly strong, especially !
Manhattan. With regard TO the latter
stock, II is predicted with much confidence
that the saving by the use of electric |
power viii amount 70 a substantial divi-
dend on the stock every year
Missouri Pacific was strong and even
buoyant at times II made a new high
price record above l24, but sold off two
points before the close. The directors Will
hold their meeting on Monday and 1t is
dividend at the rate Of per cent. There
is reason for suppOsing that the other
parts Of the Greater Missouri Pacific deal
will not be announced for some time yet
Washington stock Exchange.
Substituted States registered 9s, 5O01J
100; National Safe Deposit Company 10lt
$50: Washington Loan and Trust Com
many Ig1lT-: Capital Traction, 25UlO2as
PEOPLES Fire Insurance Company, lG046E;
GEORGETOWN Gas IWl0; MeTEeuthalcr Limo
tvpc g00lGI1a After call-I.anston MOI
tvpe Jya33s; Washington Gas. l75U59iz;
l1Ef5gss Sale Of J go United States Eec-
tric Light debenturc reported yesterday at