The times., 1901-06-20

xU. s Leather pfd...... 7s7s 1875 1875 - q
/ L :. Rubber-.-....--.- 2o@s 2o13 01z - q
! L. 5. Rubber pfd....... 6I%i 6lA 6lk - q
l. ( ( Stss Stssi i'i,ii..... iPii. 5Sis 5Ss 81: y" (
Na-Car. Chem.......... 60 60 60 !
WsSasR WsSssR I'd. sss .s& sIis n% ~: ss& ''
Western Union TEL. a5s4 95 95lA
VIII WI l. E-;.,.-..- 29h 20 2oh 2o3 =
VII & l. f. I'd Psd..... $slz S81E SsiE II
, Wisconsin Ccntral...... 25 "a 2iA
| Wisconsin Central pfd.. AS A. 47 q
met change from opening price. Stock dealt
I in for the first time today
! Increase. Decrease. xUnlisted.
Total sales, 7S4, 800 shares.
The stock market yesterday had several
moods, and. as whole, canno; be said
TO have shown any very decided tendency
| in any one direction. The opening was
weak and during the early part of the
| day. a general decline of Importance was
made. Later there was recovery IN
| many securities and the close, though tr-
regular showed for the most part re-
/ coVery of the greater part of the day
/ losses. A number of matters of news and
gossip were mentioned in connection with
| the different movements of the session,
| but as a matter of fact the professionals
were largely in control, and there Is no
particular need of looking beyond their
manipulations 10 account for the idiosyn-
crasies of the market. The same might
be said of the outlook for the next few
days. II is not to be expected that there
Will be any important movement in either
direction. The public refuses to buy stocks
even under the incentive of stories, the
most plausible, regarding the harmony
situation throughout the West The in
siders are selling stocks as much as they
are buying. The only people doing any
thing are the professionals, and these peo-
pie do not make important movements,
but take profits quickly, as soon as they
see them.
Yesterday mornings declines We're laid
at the door of London selling, fear of
tight money this week, fear of poor
bank statement, and rumors that the st.
Paul-Union Pacific deal will not be car
ried through, or at least has not been. up
to the present time. St Paul ana Union
Pacific were among the weakest securi-
ties on the list, both making uncomfort-
aole breaks. The internationally listed
| securities generally followed the lead of
these two. AS for the money situation, IL
now looks as if the needs OF the banks for
money to disburse at the first OF next
month would largely curtail the supply
meanwhile. In addition to this. there are
to be shipments of gold this week, de-
spite the confidence that the exports were
over shown in many quarters last week
The bank statement VIII likely De q very
poor one, and the surplus reserve may be
well-nigh wiped out. These are tempo
rary matters. however, and oue ht not to
have much, If any further effect. The af-
ternoon recovery of the market was due
TO a realization of this fact TO certain
extent. No news of Importance was
heard to change the speculative sentiment
ST. Paul declined 10 176Ss and then re-
covered to 17SSs, well above the opening
price. Union Pacific dropped to l09ss and
then recovered to HIS. Both securities
are selling at a level where they are dan
gerous either to buy or sell, and this dam
ger is augmented by the fact that the
street hears half a dozen different stories
regarding the alleged deal between the
two systems. The fact that there are ne
gotiattons between them seems to be es-
tablished but whether these negotiations
Will be successful the outsider cannot
f.noW with any certainty. Two of the
most important houses in the street yes
terday sent out identically opposite views
regarding the matter.
The securities that were weak all day,
excessively weak early in the day. and
Fuel and Iron and Tennessee Coal and
Iron. The former was selling at 1856 two
days ago. 1t declined yesterday to III
and only recovered two points before the
close. Tennessee Coal and Iron went off
from 72h to 67l4 in a short time, and it
recovered only point of its important
loss. There was no positive news regard
ing either one of the securities, but some
doubt is beginning to creep into the mind
of the street as to the absolute certainty
of the alleged deal for the purchase of
the companies by the United States Steel
Trust. AS was pointed out two days ago,
the advance of the stocks was a rankly
manipulated one and even although the
deal for the absorption of the companies
may be on foot it need not surprise any
one that a decline occurs after such big
boom. The stocks are both dangerous to
speculate in.
Amalgamated Copper was picked out by
the talent" yesterday for an advance in
price. The decision of the courts on the
day before, too late to have any effect,
was expected to cause it to boom yester-
day morning. The company is allowed
to go ahead with its absorption of the
Boston and Montana and the Butte and
Boston, and this was considered matter
of the greatest Importance. The stock
opened fairly strong, but soon began TO
decline, and during the entire day it was
weak. 1t closed at l2612, only small
fraction above the low price, and two
points off for the day. The good news is
out IN this stock, as it is regarding
number of other securities, and there is
no particular reason why a further boom
should be expected in them at this time
The Illinois Central has leased Mime
apolis and st. Louis Railway on a guar
anteed basis of per cent for the stock
of the company.
The earnings of the Missouri Pacific for
the second week Of June show an Increase
of $4,000 From January / the increase
was $2e46.2l3 The Missouri Pacific is
making q very fine showing Of earnings
without a doubt. The auditor OF the COM
pany the other day, at the meeting Of the
directors, submitted an estimate for the
six months which will end with June So
showing a surplus OF S2.4S0OOO, nearly
twice what will be required for the new .
per cent dividend rate. S,315,O 900. It should
be borne in mind IN this regard, too that
the earnings of the last six months OF
the year on the Missouri Pacific are al
ways much heavier than during the first
haIf-year. It seems likely from this that
the company will earn something like IA
or Is per cent on the stock for the year.
But this is no very good reason for bull
ishness rega riding Missouri Pacific stock
al its present price. especially when there
is to be large increase Of the stock. The
stock declined badly yesterday morning,
at one time going below l20, but IL re-
curities had much the same course in the
market.
Southern Pacific does not advance with
the rapidity that it's friends have been
predicting The stock looked to be fair
company IS making a fine showing of
earnings and il is said that the substi-
tuition of oil for coal as a fuel on the sys-
TEN Will make a saving of at least 50, CO.,
600 year. This will go a long way to-
ward a dividend for the stock alone.
The May net earnings statement of the
AtchisOn system viii be published in a
few days 1t is said by insiders that the
showing will be a fine one. This prob
ably is responsible for the strength of
both the preferred and the common Sc
curities in the recent market. The com
mon yesterday failed 10 decline below 81,
and at the close 1t had recovered to $50.
The preferred went off to 1043s only and
IL closed up TO 105h. The preferred es-
pecially is considered a good purchase on
all recessions.