The times., 1901-05-30

before the smash The conservative mar
ket people advise buying the dividend Sc
curities on the reactions and are not in
favor of short sales except on sharp
bulges.
The fine railway earnings showing for
April, the prospect of easy money for the
present, the acceptance of the American
terms by Cuba, the decisions of the Su-
preme Court in the insular cases, and the
apparent success of the thermometers in
the Western railway situation are all
urged by the friends of the large inter
ests as reasons why the market should do
better. All of these matters are of i'm
pOrtance and considered marketwise they
are all bullish items in the situation.
Many conservative people believe that
prices are too high in many parts of the
railway list and that all or nearly all Of
these matters have been discounted in
the recent bull market. They do not be
ieve in investment purchases at the
present level except in few instances
like Atchison preferred, Southern Rail
way preferred. and a few of the coalers.
But the important people can make
bull market if they see fit when prices
are too high, and this, apparently, is
what they wish TO do now. Later there
will be a reaction Of Importance and if
the public buys stocks at this level and
far above, as it may, it will be hurt as it
was three weeks ago.
From the buoyancy of Southern Pacific,
Pacific Mall. and Union Pacific yesterday
afternoon 1t seems likely that these
among the leaders OF any upward move
mcnt that may be brought forward. Union
Pacific from below par has advanced to
14 in the past few days and II was very
strong yesterday, getting at one time as
high as l04ls. southern Pacific was
doomed from ASA TO 52la by immense buy
ing late in the afternoon. Thousands of
shares changed hands in round lots, one
rumor being that the orders came from
a large foreign interest and another that
the insiders on this side were buying
heavily. Pacific Mail, after complete IN
activity during the greater part OF the
day, Jumped from S5lz TO SS in the last
half hour and closed at the top.
The news. the rumors and the sur
misses regarding these stocks during the
session were Interesting in the extreme
If for no other reason because they
showed the interest taken in the situa-
tiOn by the people that originate rumofS
The earnings statements OF Southern IA
cific and Union Pacific for April were
given out opportuneiy during the day.
The Southern Pacific net earnings Tor the
month were $2,4S4,444, rs compared with
s. ,I54.54I, in the same month of last year,
an increase of S729. .S97. The present rate
OF earnings shows something over per
cent on the big issue of stock, after al
lowing for betterments, it Is understood.
The Union Pacific net earnings Tor the
month were $IlT, ,29I, an increase Of SlS,tS6.
The showing for the month and for the
year to date is a wonderfully good one.
The Pacific Mail statement issued last
was poor, and with few, if any, redeem
ing features. AS for this statement the
friends of the stock are now saying that
it was made as bad as possible, with all
the other recent Mail statements, for the
stock jobbing purposes of the insiders.
This suggestion may be taken for what
it is worth. So much for the earnings of
the various companies.
The plans of the Union Pacific people
with regard to its new bonds are much
canVassed. One story is that all the South
eru Pacific stock owned by it and all the
Northern Pacific and Short Line stock
be turned into convertible fours, the
supposition in this being that the Union
Pacific people have control of the North
ern Pacific. This plan is somewhat ot-
ferent from that of simply holding the
various stocks owned as collateral for the
new bond issue. The statement is made
that the Southern Pacific stock is to be
put into the new bond issue at the price
Of 50. On the authority of "a large In
Lernational banking house." it is said by
one of the tipsters that the stock is to
future. 1t went a long way
toward 55 yesterday. The argument why
Pacific Mail should be advanced is that
With Southern Pacific going up something
most in self-defence. The stock cost the
Pacific people S. 1t is sug-
sested further that George Gould has
gone into the directory, and that he is eX-
pressing himself in very bullish way
its future.
The revival of the market started the
story yesterday that Mr.. Keene is at the |
head of a big pool in the United States
Steel securities. Both of these stocks
were advanced handsomely during the
afternoon to the best recent prices. the
common getting to 46 and closing at the
top and the preferred to 95 and closing at
~. The street feels friendly to the |
stocks and it would not be surprising II |
both of them were advanced TO the best |
eVeI yet attained.
Attention was directed away from the |
Gould securities and they were dull near |
Y all day and made no net gains. N'th- |
ng was heard regarding the Greater lis |
souri, Pacific plans, but the old story vas |
'epeated frequently.
There are evidences that a number of |
he industrials may be taken up II the ]
market is to be generally strong. One in |
lication of this is the appearance of gos- |
sin regarding several of the companies |
hat bears the earmarks of being inspired, |
whether it has any truth in il or not An |
estimate is made, for instance, that the |
American Sugar Refinery viii this year |
show net earnings OF SlZ0y0,0J- ne dlNl-
lend of per cent on the preferred stock |
,alls for s.. $50 COO, and this would leave |
6, 40, 600 for the common stock, equal TO |
3 per cent. Sugar was dull yesterday |
and closed at its opening price. An ad- |
vance would not be a surprise to con- |
seryative people.
Another interesting story is that the |
lext dividend on Amalgamated Copper |
stock will be at the rate of 10 per cent: |
The rumor comes from one OF the chle1 |
news bureaus and is dated Boston The |
suggestion is made that while regular /
dividend rate Of 10 per cent is possible, |
he likelihood is that the regular rate VIII |
-emain the same, an extra being declared
o make up the amount stated. Amalga-
mated was strong yesterday, getting at /
me time as high as 117h.
The net earnings of the st. Paul for the
month of April show an increase In net
II S132sI. the total for the month being /
no. .542 St Paul was a laggard IN the
inward movement. Rock Island and the
Atchison securities all showed strength.
nhe story that the Yanderbilts are buy
ng the Atchisons was again heard.
Washington Stock Exchange.
Metropolitan Railroad BIS, 1,00oq1o7&;
yaebington Gas. lOd59h, 5Od59H; hfer-
-enthaler Linotype, 10Gl67, 50ql6S, l0g
ssI2 5St1eSiL: I.anston Monotype, 20ep
s5t After call-United States Electric
iebt certificate, 5O0d1O31a, 2.oOoG1035s;
,ierzenthaler Linotype, 2ql7O 25gl69-
GOVERNMENT BONDS.
Bid. Asked.