The times., 1901-06-09
A DEPRESSING STATEMENT
Stock Market Prices Decline After
Its Publication.

Strength shown in Missouri Pacific
on Reports of an Approaching
agreement with PennsyIyania-A
Weak Closing Under Pressure
NEW YORK. June Notwithstanding
the irregular and. in many cases the re
dictionary tendency OF prices since Mon
day. the ma jority of stocks closed higher
than on last Saturday night 1t appear that
the stimulating effect of the announce
meUt that an agreement had been reach
ed between the interests contending fol
control of Northern Pacific died out early
in the week, and since then the stock
market has been controlled largely by
professional operators and their follow
ing on the floor of The exchange.
This contingent has ranged itself on the
short side. partly because Of the falling
off i'm public interest in the stock market
and also because of its belief in eXagserat-
ed reports of damage to the growing
crops. particularly in Kansas and the
Northwest. This accounts for the heavy
selling OF Union Pacific, Atchison, and OF
St Paul common. on the other hand,
there has been an active demand for the
anthracite coal shares. particularly lor
Ontario aud Western. Reading issues, and,
carly in the week, for Erie issues.
There have been exceptional movements
toward a higher level in Rock Island, in
consequence of the creation Of valuable
rights to subscribe to new stock; IN
louisville and Nashville, on prospects OF
an increase in the dividend on Missouri
Pacific; on the progress made toward en-
Iarging the company's system, and con-
Meeting it with one of the Eastern trunk
- De-, -.1r- -rrrnil n
Southern Pacific. and in a number of the
less active shares, notably Wheeling and
Lake Erie, Wisconsin Central. st. Joe
and Grand Island. and Denver and Rio
Grande.
aThe fluctuations have been in the in
Gustrial list under lead of tobacco stocks.
The formation of the Consolidated To-
hacco Company and the disclosure of its
plans have resulted in net advances.
Other indUstrials for which there has been
al exceptionally strong market this week
are Amalgamated Copper, General Elec-
tric and American Snuff. The buying of
American Car shares has been attended
by plausible reports that the company is
being sought by capitalists largely inter
ested in the transportation industry for
the same obvious reasons that they have
virtually secured control OF the recently
reorganized American Locomotive Com
pany.
The same policy of concentrating allied
interests is unqUestionably being pursued
by the express companies, and accounts
fcr the advance this week Of twelve and
three-quarter points in the price of
United States Express and five and a half
points in Wells Fargo, on comparatively
light transactions.
The transactions in stocks today were
not large aggregating only 100000 shares.
Until the appearance of the bank state
ment the tone Of the market was in the
main strong. Without waiting to anaIyze
that statement or discovering reasons for
the technically unfayorable showing. the
professional elements sold stocks with 2
degree of freedom and confidence that re-
suited in lower prices for large pro-
portion OF the list. The increase Of nearly
$zl,a6tOeo in loans is amply explained by
the payments aggregating $50 $50 90 that
were made on Thursday and yesterday in
connection with the formation Of the Con-
Solloated Tobacco Company and also by
payments of about half that amount i'm
connection with the refunding of the
bonded debt Of the St Louis and San
Francisco Railroad Company.
Heavy payments were also made this
week on account of the new issue of
Pennsylvania stock and on account Of
Union Pacific controyertible bonds. The
ADSS u ilttflg SJtUyusyJl IN lawful money Is
really continuation, through the systems
Of averages, Of the specie Withdrawn from
the banks last week for export. The net
result, namely, the decrease of nearly s.
eJ1do in the surplus reserve, which is
practically the only change in the state
ment that the majority Of the speculative
community regards as Of Importance,
leaves that item at 1884, 0Oo-
While that amount may be considered |
small, IN comparison with the present !
euormous operations of the associated
banks, IL certainly does not presage IN
comfortable activity in the money mar
ket- The final test of mat market is
the rate at which accommodations can !
be obtained, and certainly no one can |
contend that present quotations either for |
time money or commercial paper are un- |
reasonably high
The heaviest trading in stocks was in |
United States Steel common. at a net de- |
against this stock by certain professional |
operators was loudly heralded last night, |
AID was doubtless based upon a miscoa- /
ceplon. which may have been Intentional |
" brought about. of the scope and pur-
pose Of the consolidation Of the Pennsyl- |
vanla Steel and the Cambria Steel Com /
panies.
In the railway list the heaviest trading |
was in Union Pacific. Atchlson common,
Southern Pacific, and St Paul at net de-
clines ranging from one and one-haif 10 1
two and one-QUarter points. Missouri Pa |
cii1c was exceptionally strong, advancing
nearly three points, and in spite Of the
reaction retaining more than half Of the
maximum Improvement. There is in
dubitable evidence that this stock has
gradually been acquired by important in /
terests, including the managers of the
company. until, as in Rock Island, the
amount Of floating stock has become ex-
small
The bond market continued strong and |
fatrly active. On the curb there were
dealings for the first time in Consolidated
Tobacco gold fours at 72I73. and inter-
est. Under pressure from professional |
sellers the market closed in the main |
weak