The times., 1901-05-14

London had a good effect on the American
market. and there was also buying by
two or three important interests on this
side to help along the smaller investment
and speculative purchases. Later IN the
day, and in fact soon after the opening,
there was a tendency to react shown. The
close was rather weak, at nearly the low
prices Of the day in the general list. The
advance of from 3 to 80 points from the
panic level without any hesitation to
speaF of naturally caused profit taking
by the bargain hunters that got in on
Thursday and Friday. There was good
selling, too, by the commission houses
that did not sell out their customers in
the break.
The outlook is for traders market
for a time, and for a gradual readjust-
ment of prices to a level approXimating
more nearly to intrinsic values. Buying
Of the best securities that did not ad-
vance as much as they ought in the boom
viii be profitable on all declines, and in
the same way il is probable that many
stocks that have been manipulated to far
beyond their intrinsic value can be sold
on the bulges with safety. 1t is not prob
able that the general list will reach as
low level as that of last Thursday for
long time to come, and on the other
hand the top boom prices are likely to
mark the record for this year and for
some years TO come in many securities.
As whole, however, it is probable that
the tendency Will be upward. Conditions
are superb, and even although at the
moment there may be some skepticism
regarding the entire success of the com
munity of interests plan, il cannot be
doubted that the principle has come to
stay fer some time, and that it will be a
fine thing forATaiFway and industrial COM
pany earnings.
The news yesterday was meagre. The
early cables from London were Teassur-
ing as far as. the threatened danger of
panic there was concerned. Mr.. Morgan
was On the scene and probably is to be
credited with the smoothness Of the set
ttemeht with the shorts. The suggestion
Is unavoidable that the much larger trou-
bic in New York might have been aVerted
also had he been on this side of the ocean
on thursday The tight of the two inside
factions in Northern Pacific is not so
easy to settle. As far as can be learned
no progress has been made in this regard
since last, week. Both parties still claim
control OF the Northern Pacific and both
are probably right as far as the face
value OF their contracts are concerned.
The chances seem to favor the Morgan
Hill faction in the ultimate showdown.
What relation the continued strength
OF Northern Pacific stock yesterday and
the boom in Union Pacific may have with
this situation the street is trying to frs
out but has not yet. Northern Pacific
at no time sold below 160 There We're
only few transactions in the stock but
these did not show any particular desire
TO sell. In Union Pacific in the morning
there was fine squirt to l2315. an advance
from the Thursday low level of nearly
"A points. Later in the day there was
some reaction, but the stock was strong
at all times compared with even Friday's
prices The stories of the Union Pacific
DuNlnS were two. 1t was said by one
party that immense lots of stock were
bought on Friday anu yesterday for the
Vanderbilt interests. Another rumor was
that Senator Clark was a heavy pur-
chaser yesterday.
The Gould securities generally were
wei oought and the street hears good
conservative people say that they are
Hkeiy to do as well as any other
group on the list during the coming
Two weeks. The story that the Gould
consolidation plan is to be taken up
now is heard, and there is a fairly
sood foundation for the rumor. This
pan mas been forming, and, indeed de-
Veloping for some time past. and the fine
recovery of the market from the break
Viii probably allow of its contamination
The consequences of the break are not
likely to be nearly as disastrous 10 large
interests generally as might have been
expected. The earnings of the Missouri
Faclhc are superb and the stock undoubt-
ediy wiz be put on a substantial dividend
basis This stock is tipped" to go much
nlsher' but TO conservative people II will
De less attractive than others of the
group, the Missouri, Kansas and Texas
securities, Tor instance. a certain promi-
nent Washington financial man bought
IO~ shares Of the common Missouri Kan
sas and Texas yesterday on what he con-
sldered excellent information.
The gross earnings statements for the
hrst week of May make an excellent
showing in almost every case The I,of1is-
vile and Nashville reports an increase of
S4s,VB for the week The Southern Rail-
way made an increase for the week OF
Sn,1lS The Chicago and Great Western
increase for the week was $1,000
The exp ITS in street railway earnings
sold BooklYn Rapid Transit yesterday on
the statement Of the Brooklyn Heights
Company, which indicates with sufficient
accuracy what the showing of the parent
company viii be. For the quarter ending
March 81, the gross earnings of the com
pany were 81, $50 234. an increase of only
S3i,uVV. The net earnings for the same
period were SSI4.OlS. a decrease of S42. 600
The Brooklyn Rapid Transit is very evil
oently lar from dividend 1t is earning
almost nothing over its fixed charges
The outlook is that less viii be earned
than last year At the same time the
STOCK is not likely to prove profitable as
a short sale except on sharp bulpes and
for quick turns. II closed at 74I4 yester-
day, almost the bottom price for the day.
Metropolitan and Manhattan also went
off rather badly and closed lower than
the prices OF last Friday.
Atchison common stock was one of the
weak features Of the day IT opened
strong at 35 and went to 76 but declined
steadily from that level reaching u at
one time. The close was at r. The stock
is considered too high by many conserva-
tive people. The preferred, on the other
hand, seems TO be good purchase. and
may be bought on the reactions with com
parative safety. either as an Investment
or speculation.
The other grangers. with the exception
OF Burlington, Were also weak as was to
be expected. St. Paul declined from a
high price Of l631a to 1871. and IT closed
at l5fA Rock Island went off from 152Jb
TO l46. and closed on the bottom
The statement Of the Pacific Mail Com
pany was a poor one. The stock was
quiet yesterday, but had downward ten
dency.
Amalgamated Copper was doomed In the
morning at the same time that Union Pa
cific had its whirl Il went up to 12IK
from 1l6S[- Later IL sold off to III The
street connected these two movements
saying that Senator Clark was RESPONSE
BILE for both. There is much buIlish gos-
sip regarding Copper. but the stock is a
dangerous one 70 speculate in.
The steel securities opened strong and
then went of, rallying somewhat at the
close. however. Tennessee Coal and Iron
advanced 10 % at one time and II closed
at 81, with a good net gain, and higher
than II Was before the Thursday break
10 ,fz.uw wfx...