The times., 1901-06-13

usual character. OF actual news there
was none. London was a buyer of Amer
| lean securities. but TRANSACTIONS for this
account were unimportant. The earnings
statements issued were good The talk
/ of the Greater Missouri Pacific deal oc-
! cupied the attention Of the street more
/ than any Of the other rumcrs. 1t seem
| Cd to be the general impression that
J something viii occur in this direction IN
! the immediate future. The Gould stocks
were fairly active, but made no net gains
! for the Gay. The traction securities were
! strong, hut no news was heard regarding
! them Colorado Fuel and Iron was made
! a feature apparently on the forcing OF
shorts to cover. or on a pure manipuia-
/ ton 1t was jumped up Is points and
/ then dropped points, in way quite re
I markable in such duh market Other
! than these few movements, nothing Oc-
! CURED worth mentioning, except that the
usually dead induStrialS were several or
! them injected with little life that was
/ not sUgEc stive of strength in the general
/ market
The Could rumors were varied and pic
! turesque, and up to the present time there
/ is absolutely nothing that the public can
/ he certain of, not even dividend Tor
/ Missouri Pacific. The announcement that
! Mr.. Rockefeller and Mr.. Gould, the hold
( ers of the Missouri Pacific convertible
per cent bonds. have decided to exchange
/ them for Missouri Pacific stock was at
/ first considered conclusive evidence that
/ a > per cent dividend is to be paid on the
stock in the near future. The chances
are that this will be done. But IL is now
! figured out that the action of these two
gentlemen need not be construed in this
way necessarily. 1t is suggested that they
may have been selling the stock around
] 10 and that they now wish simply to get
new stock at par by turning in their
! bonds for it. This would give them
| profit of 20 points on Sl2, 100000 of the
| bonds, or, in round numbers, s2.500,O00
| The bonds cost them only par. This would
| indicate that the stock is selling as high
| as these gentlemen consider il deserves.
But even though Mr.. Rockefeller and Mr..
| Gould have not been selling out or going
short of $12 900 0J0 worth of Missouri Pa
cific, and even although the 5 per cent
dividend nay be contemplated the stock
looks sufficiently high to many people for
a per cent stock.
The latest story as to the Greater Mis-
souri, Pacitic system is that the Goulds
viii extend their lines to the Atlantic by
way of Baltimore by building n road from
! Pittsburg to Baltimore. This story was
given out in New York yesterday. 1t
| supposes the extension of the Lake Erie
and Western to Pittsburg, and it leaves
/ out of the question the recent gossip that
! the Pennsylvania has been buying the
Wabash and the Lake Erie from the
Goulds. When the first talk of a Gould
! transcontinental line was heard it was
! said that they would get the Delaware.
/ Lackawanna and Western. Now il is said
! that they do not desire to go to New York
because the trade of that port is decreas-
/ ing, and that of Baltimore increasing.
/ The Baltimore story Is interesting, but
not especially inspiring of confidence.
! Pennsylvania Railway was one Of the
| features 1t WAS bought heavily in the
early part Of the day, and advanced
quickly from l5lh to 1897. The close was
! at 153 showing one of the best net gains
of the day As far as could be discover
ed, the movement of the stock was based
wholly on the statement made in an Of
hclal quarter that the company has
bought the Pennsylvania Steel Company.
Inc conclusion is unavoidable from this
that the railway does not wish to be un-
der the domination of the gIeat-sSGriI-
Trust, and Is taking Lhis-7ncIhod of for
very shrewd one. The wealth OF the Penn
, syiVania Railway Company is almost as
! stupendous as that of the trust. and
| moreover the railway is on a solid and
! hdence of the entire world in its ability to
! do what it starts out to accomplish
! There is every reason to infer that the
| Steel Trust will not try to bulldSze the
! Pennsylvania Railway.
| Ii IS interesting in this connection to
note that the United States Steel securi-
ties hardly toid their own yesterday. The
! common opened at 495s and this was the
highest price of the day for 1t. The close
was at 50. not far from the bottom quo
tation- The preferred opened at gS3s and
closed at ySl2, after being dull during the
entire session.
Colorado Fuel and iron was the feature
of the day, as far as the violence Of its
movements were concerned. 1t opened at
S9i2, and advanced to 1l5. the greater part
of the advance being made in few trans
actions. From that level it declined rap
idly to los at the close. The street heard
not even suggestion as to the cause Of
the boom in the stock, but II may be
supposed that it was due principally to
manipulation. There may have been some
/ short interest in the stock that was
forced TO cover. but it has not been sup
posed that many people Were short. The
stock is not one that should be bought by
conservative investors. Tennessee Coal
ana Iron, which advanced a point or two
in sympathy with Colorado Fuel, is
much more logical purchase.
American Car and Foundry common
and preferred were also strong all day
and both closed with good net gains at
] the highest prices ever attained by them.
Z The continued strength of these issues
is attracting much attention in the street.
/ The best theory TO account for their
{ boom Is that they are being bought by
pool on account of the excellent outlook
for the company. The Car and Foundry
by the professionals and even by the
friends Of the company. This did not
argue that they were not good stocks for
Investment and as matter of fact many
careful people did buy both the common
and the preferred quietly. No boom oc-
CURED, however, because there was no
i
may have some plan to spring in the
near future that will make the securities
more attractive, but as rar as can be
learned nothing of the kind IS in con-
temptation. No larger dividend VIII be
paid on the common stock at present.
The Pullman Company viii not buy out
the Car and Foundry and the Car and
Foundry will not buy out the Pullman.
Rock Island was practically dead yes
terday as far as transactions were con-
cCrned. Only one sale of the stock was
made, the price being 1914. more than .
points above the level of the day before.
The Rock Island directors met yester-
day and declared the regular quarterly
dividend of IA per cent on the stock. For
the present at least the dividend rate is
not To be increased to per cent or even
to per cent. Some people believe that
with the addition Of $1,000. 90 of stock
the present rate is likely to be continued
for this year, and maybe for some time
in the future. st. Paul was weak all
day and closed at the lowest price 1Gf
The AtchisonS were also inclined to sag
all day.
Sugar was weak for no reason that
could be discovered. 1t closed at Ill
The talk of a rival refinery TO be built by
Claus DOschcr is without foundation.
One Of the weak features of the session
was American Tobacco, which sold frac-
tionally below 40 near the close and
Il MISUNDERSTANDING |
XpFCTiyT M0THERS =