The times., 1901-06-19

| Total sales So9, 4VO siaTeS
| The market yesterday was reactionary
| in almost all directions. Prices opened up
! fairly well. with important gains in one
| or two securities, in fact. but before the
| first hour was over a reaction had set IN
which continued with short periods of
strength during the remainder Of the ses-
! sion. Business all day was dull. but II
could be seen that the realizing was per
sstent in a number Of securities. The
Hartman Kuhn, Loeb & Co. party was
| believed to be selling St. Paul. Union
| Pacific, and other Western securities
rather heavily. and Mr.. keene also was
| thought To be selling the general market
| under cover of strength In the Steel Sc
curiJies under maHipulative buying. Lon
don was also a seller OF American securi-
tics. These various influences soon made
prices sag, and the bears were not slow to
help the movement along as soon as they
understood il. The reaction appeared
more a professional one than anything
else. Prices have been advancing for sew
eral days, and the traders may have come
TO the conclusion that little profit TAX
/ ing would be advisable. The public is
not in the market to any great extent
and viii not come in unless there is q
change in the market. The public is never
persuaded into buying stocks in a trad
Crs market. What il always requires
70 make it enthusiastic is big boom with
! steadily and rapidly advancing prices. The
outlook for today is for some further de-
clineS. according TO careful market critics.
1t is not likely, however, that there viii
be anything startling in this direction or
any other. Every week brings the mar
ket closer TO the stagnation season, and
it will be most difficult matter for the
leaders 70 prevent lapse into extreme
dullncss. As TO the general tendency of
prices this summer much viii depend ma
turally on what the insiders have yet to
oiVulge regarding the community Of in
terests plan in the West. If the story
has all been told a reaction is not unlike
| ". If more than the truth has been told
II viii be well-nigh impossible to prevent
! 4 { 4
important developments yet TO come the
top prices s2ay not be reached yet. 1t is
the very positive opinion of many careful
1 people however, that purchases at this
time are not advisable. except in the case
Of a few securities. No purchases should
be made on the bulges-
the news Of the day was not important
in any way. The tendency toward sitter
money rates noticeable on Monday was
not accentUated. and although call loans
were made at I per cent and there will
be some exports Of gold In all probability.
the feeling toward the close of the day
was distinctly reassuring regarding the
money outlook Some uneasiness was
caused among the people that had been
Over-cOniideHt regarding the ST. Paul deal
by the statement in one authoritative
quarter at least that the deal has not
| been closed. Several good earnings state
ments were published, but one or two
given out showed decreases, for the first
time recently. 4 rumor that the Atchison
has secured control Of the Rock Island
was not confirmed and not generally given
much credit Talk Of per cent diyi-
dent for United States Steel preferred and
Of ( per cent for the common stock was
heard in several quarters.
The movements in St Paul and Union
Pacific attracted as much attention as any
others on account Of the wonderful
strength of the former last week and the
prevalence Of gossip regarding a deal be
tween the two systems. St Paul, which
sold above lsG on Monday. opened off bad
~ yesterday AT 1872 and continued to sag
all day. The close was at 179 practically
the low price Union Pacific In the same
way tumbled from 1l3l4 TO 11024 and closed
at III with a considerable net decline. The
! following regarding the deal" from one
| Of the Wall Street papers is interesting:
There is a small kernel OF fact. but the
plant IS not yet grown. The cOmpara-
lively small amount of the floating stock
and the large earnings of the road make
St Paul respond very quickly to rumors
affecting the price. Traders take adVan-
| tage Of this fact to magnify rumors and
/ at the same time advance or decline quo
| tatiOns. Each time the St. Paul has come
/ into prominence on account of deal
/ run. 1rs the stock has had a large
| rise and subsequently receded. 1t seems
! probable that the present occasion VIII be
! no exception TO the rule and that st. Paul
| Is likely TO drop off again before any deal
| with the Pacific roads IS concluded The
| Evening Sun says OF the deal that 1t
| remains In statu quo. The gross earnings
| of the St Paul for the second week of
| June showed an increase of $f5.2l7.
|
Missouri Pacific continued the decline
| begun en- Monday after the announcement
| Of the declaration Of a dividend for the
| stock. 1t went off at one time TO l204
| and closcd at l2l. more than points on
| from the high price. The decline seemed
| to be due 70 realizing by people that had
| bought the stock at much lower prices
| Whether il has reached its top price Is
| "A matter for the future to determine, as
! far as the outside world is concerned,
| but il IS very certain that conservative
| people will not consider II a very attrac-
| tive purchase at this level The good
| news is all out for one thing The other
| Could securities all followed the lead Of
| the Missouri Pacific. There was no news
| regarding any Of the group except that
| the Wabash earnings for the second week
| Cf June showed an Increase OF $lU,l52
Rock Island was exceedingly erratic
/ advancing points and then declining 3,
| not &c mention a number Of lesser move
| mcnts meanwhile. II closed at LVA, max
| ing a better showing than that Of the
| other grangeTs and Pacific securities gen
| orally. 1t was said that excellent crop
| reports were being received from Rock
] island territory for one thing. RumOrs
| Of a deal with the Atchlson, heretofore
! mentioned, also caused some professional
| buying Of the stock The Atchisons also
! were fairly strong. Forecasts regarding
| the Atchson May net earnings report are
! son preferred looks equal to considerable
! further advance If the general market
| is in the least favorable.
The Colorado Fuel and Iron boom met
| with a violent setback yesterday. and
| the stock at one time tumbled to l23
! breaking away point or more between
| quotations There was recovery from
| the lowest price Of points but even al
! I29 the net loss for the day was a bad
| one, Tennessee Coal and Iron was also
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