The times., 1901-06-08

ket and that the professionals. although
/ fairly well divided in their opinions, lean
/ rather toward sales than purchases. The
/ insiders, If they are doing anything, are
| making a few stocks every day strong
, in order II help them sell the general list.
The period Of distribution has been
! reached in the present bull market if
careful people are right in their under
standing of the situation. The next i'm
. f,ortant movement depends, Of course,
largely on the wishes of these inside in
terests They may consider the chances
of distributing their stocks better IN
bull market and they may see fit to make
such u market in the near future. 1t is
/ suggested by careful people, however,
that this is not very likely. There are
two or three apparently very good rea-
sons FOR this belief. The summer IS not
a good time for boom. The insiders, the
professionals, and the public all wish to
get away from New York as much as
possible, and almost invariably July and
/ August have meant dullneSS in the street
; Prices might be put up, of course. in
dull market. but with small public to
( buy them on the advance the ammunition
would be wasted to a great extent The
| object of advancing prices is to sell
stocks. Sales Of the granEers, the Pa
/ citics and many other securities now
Quoted at prices above their legitimate
[ value are advised rather than purchases
The bank statement today is not likely
! to be an important one. 1t is said by the
! experts that the items are all In doubt,
! but that the changes viii not be large
! either way. Some small loss of cash is
/ 10 be expected. The reduction of the
/ Bank of England discount rate has set at
/ rest the talk of gold exports for a time at
| least II is probable that money rates
/ viii be easy this summer. For one reason
! there will not be large demand from the
! speculative fraternity
The gossip yesterday was for the most
J "a # cd IN Tr1liG
/ rious phases of the harmony plan of the
! powers in the West. one OF the stories
| of the day was that the Union Pacific, the
| st. Paul. ana the Rock Island are all like
! ly to have representatives in the directory
! of the Northern Pacific. This suggestion
| is along the community OF interest plan
/ with a vengeance. 1t is not without an
air of probability. however. Another ru-
NOR is that one of the four controlling in
/ terosts has been purchasing Chicago and
Alton stocks heavily for some time past
! Which party is TO be given this line the
/ street does not know with any certainty,
/ but the choice seems to lie between the
Hartman interests and the Gou,ds, with
the chances favoring the Goulds If any
thing. The proposition to issue SlOO0J,0dO
new Rock Island stock. the buying OF
DeS MOineS and Fort Dodge, the activity
Of Wisconsin Central. with indications
pointing to the Hill-Morgan interests as
the purchasers. the Atchison develop
rents, the rumor of PennsylVanla pur-
chasing the Wabash and the Wheellns
and Lake Erie, and the Denver and Rio
I Grande gossip are all matters that the
street is fitting into the harmony plans
in one way or another. and rightly or
wrongly. But all of these matters are
! large and the big harmony plan as 4
whole is the very biggest deal that the
world has ever seen. The people that
suppose that stocks must be advanced
sharply and steadily all during the com
ing hot summer simply because the IN
siders are working on THIS plan are TAX
/ ing too narrow a view OF the Sltuat tioh-
: Most careful people believe that there
viii be room and time Tor two or three
important movements in both directions
before the plan is worked out and IN op-
Grafton.
Union Pacific and St Paul were the dis
tinctly weak stocks in the western group
Yesterday No particular reason for the
sagging tendency in either case could De
assigned, but perhaps the most reason
able supposition is that the people VINO
bought the stocks before the recent bulge
are selling out satisfied that the advance
is over for the time being. Inc crop
damage stories seem to have been some
what exaggerated, and they were not
heard Yesterday. The monthly crop re
port next week. however Will be awaited
with much interest. The grangers nave
not been making very good showing III
earnings during the past year, compare
lively speaking. and If there are 70 oe
poor crops this season, il cannot be donpl-
ed that the holders OF ROCK IsIahd alia ld
St. Paul and the others Will soon be MADE
to realize that they have PAID TOO Inuch
/ for them.
The Tobacco securities were the strong
( features OF the market. American 10
bacco made the highest price IN ITS MS
/ tory again and closed at the top quoIa-
! ton for the day-l4Sj2- Continental To-
bacco common held its own and the pre-
! ferred advanced to l21ls, and closed at the
top Despite the generally optimistic
I view of the new Consolidated IoDacco
! deal. and despite the fact that the, in
I siders may put the prices OF all theSe
securities higher the careful people 9o
/ not advise the purchase OF tneH. 10
accurate analysis of the prospects OF the
/ new company is possible. of course, but II Is
/ fairly clear that II will begin business Dy
/ injecting more water.
There is TO be an issue Of per cent
bonds. and it Is understood that $2O,eD
of the bonds viii be given Tor Slv'"O par
value of the american Iop2cc9 GO coIhin9tt i.lcss
stock This will mean $lOJ,Ovg'vn OF DoIus
and something over for TINS purpoSe-
! There is So. 10000 of the Continental 10
| bacco common. and for this there Is 20
! be issued $50, ,00O0 900 Of the new BONDS.
Here there is water, and also an IN
| crease OF Importance in the disourseIieht
requirement. There has never peeh any
dividend on Continental common STOCK
and Immediately there viii be R.eJ0VD
| in interest on the bonds as a regular
charge The dividend on the so4,V'yVyo
| of American Tobacco common STOCK mas
| been s. 10000 a year. In place OF tHlS ilS
( there will be q fixed charge OF Si,vy'VV'-
/ Tbs total additional disbursements re-
/ 0uired up TO this point is s5.Oyyys. l3ul
/ the new company proposes to issue S5o-
( GJ5 600 Of new stock Of its own ms
I stock. Il is said, has been paid Tor u
/ cash. but there win be dividends Tor II
IN ne provided for from the start a
{ dividend Of UeT cent Would require
/ 81 S10 080 This would make the total or
I the new disbursements . $1,000 Con-
eervative people are wondering II the ne"
properties to be acquired VIII De pToIII-
/ able enough to pay this big addition
! The Brooklyn Rapid Transit earnings
( for ApriI increased 81. 900. Brooklyn Kappa
I Transit and the other traction securities
! were strong yesterday. Brooklyn aqFahC-
/ ing 10 g2ia at one time and closing at
Uoiitan advancing from liltz 70 l44i4 ana
/ closing at l73 Manhattan advanced a
point in the morning, but lost all its gain
/ later in the day.
/ The anthracite cualers were dull and
{ made no net gains for the day, despite
I the fact that the coal production for May
! was I, 900, 90 tons greater than Tor April
The story that the Pullman Company
/ viii purchase, OF has purchased. the Car
| and Foundry Company is again heard.
! The steel securities were inclined to sag
and the reason for this assigned generally
/ I'm the street was that the outside steel
/ companies are reported to be combining.
/ Whether the new combination, II II is
/ formed will be IN opposition to the big
trust no one feels able to predict, but
I syIyania Steel and Cambria Steel con
/ coyrg . -. both fruD0Ftaut and they have