The times., 1901-06-03
STOCK MARKET COMMENT
The Street Talking of an Import
ant June Boom.
New SpeciaIties Likely to BE Taken
Up This Month in the Absence of "a
Sufficient supply of Those Recently
Active-The Love Feast in the West

Up This Month in the Absence OF "a
Sufficient supply of Those Recently
Active-The Love Feast in the West
NEW YORK, June 2-It makes little
difference whether the minor occurrences
of the near future are of an optimistic
or Of a pessimistic cast, as the great
capitalists of the age intend to have an
upward movement in stocks, and the pub
lie is gradually falling into the belief that
they have been wrong in selling their
shares. Indications again favor the prog
nosticatiou that June will be a big fes-
tiyaI season for the bulls. and that pc
RODS of unexampled buoyancy viii be
seen.
So many stocks have been permanently
put away that they cannot be reached by
either investors or SPECTATORS, and there
fore new specialties must soon attract the
attention Of those who depend upon the
fluctuations Of stocks as a means Of lnak-
ing a living. The industrials, some of
them at least, are likely to be features,
and the lower priced railway shares like
the Eries, the Wabashes, the Southern
Railway securities, and some of the
Gould stocks also give promise of being
buoyant during the coming month.
There viii be big reactions, however,
and finally the tide will turn in the other
direction permanently, without doubt The
utmost caution should be exercised in
making purchases, therefore. Some
stocks undoubtedly are selling much too
high already, and purchases made in them
at their present level win in the end show
important losses.
Saturdays big business does not mean
that the largest buyers are the outsiders.
Mr.. Keene was again at the helm and his
brokers had a busy time bidding up diff
ferent stocks around the board room
Probably they bought quarter Of
million shares on Friday and Saturday.
The bears have suffered again. They
thought their position eminently secure
after the panic The sudden turn in the
Northern Pacific situation caught them
unawares, and with great many stocks
out. They had not ceased to cover when
the closing gong sounded yesterday. But
scant attention was given to the bank
statement. Had not the interest in che
market been SO general there might have
been some response. The increase in loans
represents to an extent new accommoda-
tions for stock speculation. The liquida-
tion following the panic has by now been
pretty nsariy concluded. An interesting
question is what attitude VIII holders of
stock who We're badly crippled during the
SIldSIlt anu WHO hdu uGGlUt-l 70 sell OuA
altogether on the first positive rally,
take toward the market, now that the
main obstruction to a rising market has
been removed. Where the individual can
co SO, he is quite likely TO keep his stock
unit 1.-THE present glamour passes.
Both parties to the agreement on North
ern Pacific insist that peace Is declared,
and ii is to be a permanent one. They
are mutually eXulIant over the satisfac- ,
tory trend affairs have taken. They say
they are in a sense pleased that the war
occurred, as it showed to each the
strength of the other, and how neces-
sary it wes for both to join forces. |
Community of interests is to be the
watchword more universally than before
Not only viii Northern Pacific and Union
Pacific be benefited, but ST. Paul and
Northwestern Will be taken care of in a
way TO secure greater returns on their
securities. From appearances, ownership
of the railroads west of the Mississippi
viii be sort Of close corporation This
prattling of how generous Mr.. Morgan
is to be to Mr. Hartman sounds funny
after the acrimonious statements OF such
recent dating. One might imagine, from
the gossip one hears, that all the finan-
ciers in the country were going about
with their arms around each others
backs. But whether or not the effect !
OF this love feast is to be lasting, one
thing is certain, that the public is still
willing to speculate whenever there is
occasion for doing SO.