The times., 1901-06-29
Government 30


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l. ;. SIS, c. 1904. Q. F............ iUS4 lV9h
The early effect of the failure of Mar
quand x Co. certainly may be said to
have been good. Prices advanced all over
the list yesterday, and 1t was the most
reasonable supposition that the better
| tone was due very largely to the an
nouncement of the suspension. The rea-
son of this is probably that the street had
/ been discounting the news, which was
generally expected, and was inclined to
I take profits when the formal statement
/ appeared. In addition there was rather
/ heavy buying. of the Steel stocks,
American Tobacco, Metropolitan, Car
Foundry, and, perhaps, one or two
other securities, under the rule as
the direct result of the closing OF the
firms doors. 1t seems that considerable
/ blocks of these securities must have been
carried on the books of the firm short.
These contracts are completed at once by
those with whom they have been made,
under the rules of the exchange.
1t should be noted that both these
reasons why stocks advanced We're purely
technical ones There was short cover
ing of a forced character and there was
professional realizing. On the other hand
some of the important matters in the mar
ket situation are far from satisfactory.
Money was again quoted at high rates
Yesterday call loans being made at as
high 10 per cent. The talk of the bank
statement is rather pessimistic, and the
uneasiness over the figures to be disclosed.
The Sub-Treasury has gained heavily
from the banks.
The good factors in the situation are
the outlook for the July disbursements,
which, it is said. will be something like
sl0.000,050 from corporations and 100000
from the Treasury Department the TX
cellent railway earnings statements for
May received so far, the going into effect
of the new internal revenue tax law, alc
I of h.. 20
matters combined would se likely TO boom
stocks for a time If It were not for t.t''
fact that the money outlook is so pre-
carious for the moment.
The stocks in which Marquand & &C..
or their customers, were short, would not
haTs~been picked out by the street gen
orally to go short of, and there was much
comment yesterday over their choice NO
very good explanation of the matter was
made, however. The outlook for all OF
these securities is fairly good. for the IN
mediate future at least unless the To-
bacco stocks be excepted. They have not
been doomed as many other stocks have,
and much of the news regarding all or
these concerns is good.
The Atchison securities were rather
strong yesterday and the street was
disposed to believe this to be due to the
fine showing made by the May earnings
of the company, and the returns Tor the
eleven-month period The report Is FULLY
pany. II is shown that the company is
very nearly sure to show per cent earned
on the common stock this year, as against
4 per cent last year. With the winter
wheat crop assured almost, and with
the prospects for the corn crop good, the
outlook is that the earnings of the COM
pany during the coming year will be fully
up TO those Of the year now closing. At
Gibson common stock is not particular
faVorite with conservative people, because
Of the very recent prosperity OF the sys-
fHaeHF HFaF a1w sk.raN ha
corn crop may fail But the preferred
seems TO be as firmly established as a
per cent dividend payer as need be. and
many careful people are buying 1t for in
vestment. The common stock yesterday
opened at S5S.. and after advancing to
$50 closed at SSlI, with nearly points
gain. The preferred advanced from 1885
at the opening to 105, and closed at 1Oi5s
The earnings statement Of the Burling-
ton for May was published yesterday. II
showed an increase in gross earnings of
s77f.6A and an increase in surplus OF S232,-
81 he showing is undoubtedly an eX-
cellent one. but il may be pointed odt that
ii does not as yet indicate any such in
crease in earnings as would seem TO war
rant an increase Of the dividend rate on
the stock TO per cent annually. Ger
tainly no such increase could be made II
it were figured in the conservative man
ner that the management has made its
estimates in tire past. Careful people
cannot get over the idea that this stock
trinsic value. and that the price win de-
cline a long way in the not very far dis
tant future OF course the stock as
Burlington stock, may not tumble, but
there would be no surprise whatever If
the new Northern Pacific bonds should
sell a long way below par inside Of the
next few months
St Paul was very strong yesterday. adj
yancing 10 I747a from I72, and closing at
the top level; Rock Island sold 'ex''
yesterday and the one sale in IL was at
l5l. showing good net gain These Sc
curiues are considered by many market
people To be among the least desirable at
their present prices.
Sugar was one Of the strong stocks yes
terday. and the tips TO buy il were
numerous. It advanced to 145A and then
declined TO 144ss. The tips were said 10
come from parties that bought the stock
around $50 so that they are not perhaps
10 be given too much weight. On the
have an advance if the general market is
favorable.
The anthracite coal securities generally
were strong and the market people were
not surprised at this. Mr.. Morgan's grip
on the coal situation is a very heavy one,
ana there Is every reason to believe that
he wishes TO get out OF IL all that there
is IN it. He will keep up rates and he win
advance rates. until September 10 cents
a ton, or $4,000 per month This viii
curitios. Reading first preferred advanced
to f5t4 and closed at 20, with a good net
gain. The Eries advanced steadily 10 the
highest level of the day. The May state
ment of Erie Is a most interesting one
rejecting as 1t does, and as tho Reading
statement did. the very much improved
conditions in the coal situation. The gross
earnings Of the Erie for the month OF May
were S.eu.411. an increase Of $3.50, ,35j. The
net earnings for the month were 81 .GS4. .712,
IN increase Of $Zl5. go. The statement for
eIercn months showed gross earnings
s35, $40, ,G95, an increase of S558. .9I6. The net
earnings for the period were So e. 80 an
increase Of Sf05 $50. The Erie first pre-
ferrcd is near to a dividend ard the sec
ond preferred also.
The New York Curb Market.
NEW YORK. June 22.-There was no
pressure 10 sell bank stocks on the curb.
Bank Of Commerce sold at 295 and 39l,
Gustavus Mas and +. s. Mendels, jr., &
90 LrQra 10 nrfnaiual sellers Shoe and