The Washington times., 1901-08-03

!
ments may be.
| A syndicate with s2oopo0,eoo can come as
! near being able to work the market to
| suit itself any syndicate ever VIII. be
| yond question. 1t is not possible to know
/ what the Morgan-keene syndicate may
! wish at this time but it may be surmised
/ shrewdly that, being the owner of pretty
I much all of tho Steel stock and of very
I large blocks of other securities, it will
see no reason for break IN prices. y
/ short time ago MIR. Keene said in an in
Jerview that there were c3oVO holders OF
Steel securities. Since that time many
/ hundreds of thousands of shares have
been sold by the public and bought i'll by
the syndicate. There can be no manner
of question as tc this. The syndicate is
a well-known fact. and the object of the
syndicate is TO support the Steel securl-
ties in the event of strikes or other ca
lamities that might cause them to de
cline badly. The Steel stocks have not
declined badly. though the old Steel and
Wire and Federal Steel stocks would nave
tlmbled many points in such an event as
, this steel strike. Therefore the syndicate
. has bought. Therefore the public does
not own the Steel shares any more. y
very reasonable supposition based on
these facts would be that the syndicate
will make the Steel stocks strong instead
of allowing them to become weak. HaN-
ing al! the stock. this would not De a very
difficult matter for syndicate much less
powerful than the MoIGan-keene conlbl-
nation. Any cheap, hy-bN-nlgnt lndus-
trlal concern can put autt tilt pilNt VI -
own securities if it owns them all. The
only thing to look after IL such an event
is the short selling, and this Mr. >eene
is a master hand at. He showed TINS
very forcibly when he caught tie shorts
in Northern Pacific short time ago
small decline may occur when the hrSt
news Of open war occurs, but IL Should
extspd far. 4Ra ! should be t9liowgd elio sit
uation Is the-cOrrsct-
Tht. banks have lost 81 .25""1 to the Sub
Treasury this week bUt they have gained
more than that amount from the interior,
il is said. and the street looks Tor a fairly
good bank statement. lts hsGres are not
likely 10 be important. however; LonCon
had little or no influence on New YORK
yesterday. Money is easy. call loan rates
continuing low. Nothing neT regarding
the corn crop situation is forthcoming,
and the street has begun to take the posi-
tion that it would better wait FOR the
Government figures on August ~ me
granger securities were among tne weak
est on the list. however, contrasting with
the Stcels, which were particularly
strong.
Among. thes stecks- that did not hold
their own well yesterday, Sugar was con-
spicuous. II declined 3 points or more
and closed at the low price for the day
127It The street seems 10 DE taking the
news Of the proposed opposition refinery
rather seriously Whether this Is actually
the case or the Steel Trust itself is jock
ewing the market. cannot be determined,
bIlt people that usually have very good
information regarding Sugar advise their
friends not TO he too much frightened by
the break in the stock.
The Union Paciiic people Will meet next
Thursday to act on the dividend question.
1t is stated semi-officially that there will
be no inc case in the dividend on the
common stuck, but that per cent will be
paid as usual.
A sale of 2Ga shares of Northern Pacific
common stock at - Yesterday seller 10
attracted some attention. The stock
was said to be coming from Europe The
street is beginning to talk about Northern
Pacific affairs aSaln. III connection with
the possibility that the corn crop Will be
badly damaged in the Burlington terri
tory The question is asked what will be
the effect on tn. earnings or the Burling-
ton Of say, only half crop. The state
ment of the Burlington FOR June showed
a loss in the surplus OF <S0,GD, when bust
ness is iine and all the other grangers are
showing large increases. There were
many well versed in railway statistics
that doubted the wisdom on the part of
the Northern Pacific people when they
practically guaranteed per cent on the
Burlington stock by paying 500 in 4-per-
cent bonds for one share of STOCK In the
event of bad shortage in corn, the num-
Der of people that would doubt the profit
ableness of the deal to The Northern Pa
cific would be largely Increased. Northern
Pacific As when issued are now selling
at 9S, about on par with Burlington
stock.
Consolidated Gas had a squirt yester-
day morning, getting at one time as high
as 3D. 1t closed with a net gain. The
street hears the story again that there
is TO be melon cut in-this stock in the
near future.
The traction securities were all dull
but showed a tendency to shade off. The
earnings Of the Brooklyn Rapid Transit
for the month of June showed an increase
Of $1lj0. not quite so rosy a showing
as She street had been led TO expect.
The talk Of the absorption of the Iowa
Louis by the Illinois Central is heard
again. The statement now is that the
Iowa is to be bought up by the Mnneap-
oils and st. Louis, one share of the stock
of the latter being given for two OF Min
neapolis and st. Louis. Later. it is said.
the deal will he completed by the Illinois
Central taking over the Greater Mime
apolis and st Louis.
Again Yesterday the Reading, securities
were strong and the coal stocks in gem
eral held their own eXcellently. Reading
first preferred. for instance, advanced to
IN and closed at the top price. Posi-
blv Mr. keene is working the Reading
securities as he is the Steel stocks.
Some little interest is manifested in the
recent dealings in Pacific Mail which has
shown some life and strength after a
long period of quiet. The stock advanced
to Az yesterday and closed at 4lA, with
rood 80, a,af,, Npfbiug 10 .Eiye,, ont nv