The times., 1901-05-28

Siders are accommodating stocks quietly for
an advance Now IL is fair TO suppose
that these same interests are selling out
as fast as possible without any flourish.
The public being out of the market ana
the insiders having the stocks largely, II
is hardly to be supposed that there VIII
be any sharp further decline. Many care
ful people. however, expect the level TO
go off gradually for some time to come, or.
say, until the summer dull period arrives;
They believe that stocks should be sold
on the bulges with few exceptions, Later
in the year. some good people look Tor a
continuance of the boom, but this should
be begun at a lower level.
The only piece of news yesterday, the
decision of the Supreme Court on the
Porto RiCan cases, had little or no et-
feet on the market Possibly something
may develop today, but il Is not Thought
that the street is greatly interested IN the
decision from the speculative point OF
view. The tipStcrs said yesterday morn
ing that the decision probably would pe
in favor of the Government, and that
Sugar Trust stock would likely be boom
ed on account of it. The decision being
the reverse Of that predicted II may nap
pen that the stock will 60 of somewhat.
Indeed it had "A sagging tendency all day
Yesterday, getting at one time as ioW as
l4t and a fraction and closing at l4b.
There is some quiet thinking among
the important people as to the wider et-
feCts Of this Supreme Court decision. In
time this cogitatiou may have an effect
on the stock market In time il is possl-
bic that the industrial securities IN gener-
al will be hurt by the decision. The big
trusts must be considering carefully now
if their dominance is not I'm some way
and to some extent endangered by the de
cision.
The earnings Of the Southern Railway
and the Louisville and Nashville for the
third week of May were published Nester-
day and they made good showing, as
#hn.n IT,
Southern was S36, ,2g0, and for the period
since July ] it was S2.e5,o0 The IN
creases for the same period on the Louis
Vile and Nashville were S5i.E5 and $l'-
IF.2-g None Of the securities OF these
lines was active yesterday, but there Is
q fairly confident feeling regarding them,
as they have not been manipulated beyond
their real value, as so many OF the West
crn stocks have. 1t was whispered yes
ttrday that an extra dividend may be de-
clared on Louisville and Nashville in
July.
The report Of the Atchison for the
month of April. received yesterday, was
fine one. The net earnings for the
month were 81. .995. .26S. the increase being
S4Ss.5l But two months of the fiscal
year, May and June, remain TO be ac-
counted Tor, and the May earnings are
making a nRc showing, il Is said. There
Is every reason TO suppose, therefore.
that the company viii earn something like
81. .Ql0,O3o net for the fiscal year. The
amount VIII De more EalncT IMAM less
than this figure. The other income will
be about S250p00, and fixed charges and
taxes are a little more than SS,ON,VV Tor
the year. II is safe TO say that the net
income viii be 100000, which is equal
to per cent on the preferred stock and
more than per cent on the common.
The AtChison securities were fairly strong
yest terday, the preferred especially max
Ing good net advance. Such q report is
undoubtedly the best kind of argument
on the present stock. while it is selling
below par. The common is already selling
as high as it should on its present divi-
dend rate.
The tobacco securities were again very
strong. American Tobacco getting as high
as 1871 and closing at 1854 and Continen-
tai common advancing from 621a to 66H
and closing at the top. The street heard
numerous rumored reasons for the buoy
any of the stocks, any or all OF which
may have had something to do with IL
The companies are undoubtedly making
a fine showing of earnings. and the
changes in the tariff schedule on tobac-
cos on July l will help to increase these
earnings. AS a result OF these increases
it is not unlikely that dividend viii be
paid on Continental Tobacco common
stock. Even an increased dividend for the
American stock Is not unlikely. The
meaning of the new Universal Tobacco
Company is not yet known by the street.
Perhaps il is being formed TO gather in
more of the outside concerns for the trust
On the whole, it is probably not TO be
feared by the trust in any event
It is said that the new PENNSYLVANIA
Steel securities viii be listed on the New
York Stock Exchange in the near future.
There IS & friendly feeling IN tie street
for the stocks as the company is doing
handsome business and has cash fund
of ssts.lt9 IL its treasury The common
IS selling AZ 81, and the preferred at s..
The United States Steel securities were
dull and rather weak than strong yes
terday. each losing a fraction from the
opening 70 the closing quotation. These
securities are considered among the best
on the list at their present level.
The coaIers were among the securities
that made small net gains yesterday. The
group was not buOyant, but its tendency
was toward d higher level for the most
part. The street considers these stocks
among the best Of the railways.
one sale of Northern Pacific common
was made yesterday at $50. The story is
now told that Edward d. Adams, mem
Der of the Executive Committee of the
Northern Pacific and the representative
Of the Deutsche Bank in this country,
was one of the chief shorts in Northern
Pacific stock on April 9, when Its ad-
vance TO 1909 caused the panic. Mr.. Ad-
ans has been one of the most prominent
men in the affairs of the company for a
long time. 1t was he that conceived and
engineered the reorganization plan for the
conr any, using Mr.. Morgan's money. Mr..
Adams is said TO have held his stock un-
til il reached 80 and then not only to have
sold out his long stock, but 10 nave gone
short His losses are understood to have
been between $500, 900 and 10000 on 5000
TO Z. 600 shares. One story told in this CON
| nection is that IT was the sale Of Mr.. Ad-
ANS long stock that took the control
away from Mr. Morgan and gave 1t to the
/ Hartman interests. II is said that Mr.;
/ Morgan was very angry when he learned
! that this stock was gone and that there is
J a breach of the worst character between