The times., 1901-04-25

! emulsion OF COd-llVer OIL.
Wen send you a little to try If you like.
SCOTT & BOVINE, 400 Pearl street, New York
industrials. There was little news during
! the session and the weakness therefore
| should be attributed TO growing DeIleI
/ among the professionals that the market
/ is high enough, together with continued
! heavy realizing by the large interests;
/ The public bought on the recessions ana
I on the bulges regardless of news.
! The outlook is not a hopeful one for the
! bulls Another day like yesterday woulo
! begin to reach stop loss orders ana forced
orders to Iiquidate. The bears are most
/ aggressive AS usual, of course, there
] are many people that believe the market
/ has not yet reached the top prices OF the
1 boom. II may be said with entire truth:
! however, that the conservative people are
/ getting out Of their long stocks or are out
/ already. The best of the commission
! houses. almost without exception, are
! advising their customers TO sell out
The money market again begins to at
/ tract attention. The banks have lost
/ since last Friday nearly $2,000 coo. and II
| is feared that there will be another poor
! bank statement This, with the shipments
! of gold TO Europe that have been ar
! ranged. make It very certain that all dan
ger of trouble in this direction IS not yet
out of the way. on the whole, however,
Il is fair supposition that there VIII be
! no money stringency during the coming
month or two. The money that will go
! abroad to pay for the British bonds will
/ only go as long as money is easy on this
/ side. If the rates are advanced in New
! York the outflow will stop, as the Amer
/ ican balance on the other side Is an i'm
! pcratiVe thing. 1t is not on account OF
/ the money outlook that conservative peo-
| pie consider stocks too high, but simply
| on account of the long advance without
| break to prices above any ever before re
/ corded. and in many cases to a level not
! warranted by earnings or dividend pros
/ poets.
! The Union Pacific boom, while not in
/ harmony with the general market, and
/ not in the least indicative OF its tenden-
cies, was the most interesting feature OF
/ the market yesterday. The stock opened
! below par and advanced 10 107Iz, closing
/ at 1925, practically at the top The buy
/ ing Of the stock was simply stupendous,
and its advance at times was startlingly
| rapid. The story that the street heard
| regarding the stock and the movement
/ was that the Northwestern people were
/ buying il for control Indeed one story
/ that had many believers was that this
control has been obtained already. This
story is in line with the rumors early in
| the week and during the last few days of
/ last week that the Northwest and the
! ST. Paul would combine to control the
! Union Pacific as an offset to the Burling
| ton deal II may be that the st. Paul is
! to be included in this deal yet, though
i there was no evidence Of it in the move
ment of St Paul stock yesterday. One of
/ the statements made regarding the Union
| Pacific deal is that the Northwest will
/ guarantee 5 per cent dividends for the
stock. Another makes the proposed diVi-
/ dend rate per cent. Nothing official in
/ all these rumors was heard anywhere.
( ana IL Is, Of course, possible that the en-
4 tire story is a msnipulators fiction. St
Paul went off to 1863 and closed at 1885,
| after being fairly strong at times. The
boom In Union Pacific has been predicted
in conservative quarters for some time.
Burlington and Northern Pacific were
both strong all day, though the latter did
not close at the top, but only fractionalIy
! above the opening. The suggestion that
the Burlington directors will take some
formal action on the offer of Mr. Hill at
their adjourned meeting today was prob
ably the cause of the steady strength of
these securities. The proposed Northern
Pacific-Great Northern bonds when is
sued were traded in on the curb yester-
day around 49, according TO the tickers.
Inasmuch as il is not yet officially stated
that there will be any bonds, and as the
| terms on which they will be issued are
not known, it is probable that there was
not any very heavy buying Of them at 80
or any other price.
The weakness of Sugar was one of the
features Of the market The stock sagged
down TO l42 al one time and II closed at
| l43 only. This break caused much sorrow
among the talent, who had been advised
! by many insiders" to buy the stock for
a big advance. Tobacco was also weak
| closing at l25, five points off from the top
Of the movement The cause of the break
in Sugar apparently was q story of big
opposition 10 the Sugar Trust to be
formed in Boston. II was said by the
people that put out this story that the
new concern viii have $780, 900 capital
The bulls have not vet given up hope re-
garding either Of these securities II
seems probable that the break in Sugar
especially may have been made simply to
| get rid of too large a following on the
gr.y, lx1I--
! very much ike the work Of MIR Lawson
and should not be taken too seriously.
| The earnings statements continue good,
| though there is not the same uniformity
! in the gains that there was few weeks
ago. The net earnings OF the Great West
/ ern for the month Of March were s167, ,7S1.
showing a decrease Of S35,S30 The gross
/ earnings Of the ST Paul for the third
week Of ADril show an increase Of only
/ 81 ,162 The increase in the fiscal year TO
| date is only $4,000 The earnings of the
| Wheeling and Lake Erie for the week
! show a decrease of $539.
| There were big dealings in the United
| States Steel securities all day. but as
! usual, they failed to advance The real
| izing in these stocks since they first
reached their present price must have
/ been tremendous as the transac ctions in
| them have been very heavy every day for
| weeks.
The traction securities were weak and
| the public is wondering why they do not
! advance. The reason probably IS to be
/ found IN the fact that the public Is heavi-
/ ~ long of them. An advance in the near
! future would not be a surprise to some of
| the best posted people, but It may be pre-
! ceded by a slump OF few points further
| No new facts develop as TO the Greater
1 Gould system deal. and rather heavy re-
I alizing in this group yesterday seemed to
/ indicate that somebody is getting tired
/ Of waiting for official news. Missouri Pa
! cific went off TO 1861 AT one time, and
closed al 1862 Missouri, Kansas and Tex
| as declined to G3. and closed practically on
/ the bottom. Texas Pacific, which has been
! held up strongly, declined 10 &c. and closed
~ Observation-Disclosures sssssssEssskg |