New-York tribune., 1902-04-27
f1nanrlat.
The Financial World.

Securities decision. The result was tehipoid'y
demoral liza ton. The Western men were scaiVu'
and Monday morning began throwing over tn9H
stocks as fast as the market would take tnefn-
r;o. aronnad under the hasty unloading, par
+icu1arIv Union Pacific which was most hetNl'N
sold and II was not until Thursday that Things
got into normal condition again. ana recovery
set in The rains had followed the hot wave
West and the Western men got back their Ooui
age Luckily they had been buliing some ol
the best stocks on the list those Which nave
the broadest market; when. therefore, they
hastily unIoaded. buyers were Iouhu oiiiS e" ~
less ready than sellers
,rba-a 1,as talk about the scare being pre-
terca II was nothing Of the kind The Western
men were really much disturbed. FOR the redso'I
that there had been complaints OF lach oA
moisture for two three weeks. ana eApreSSioi
of very earnest hopes for rain lnstead Oh ram
came the sudden hot wave. The prospect iooNeu
blue On the top of it was the supreme Cou'O
decision. A couple of body blows like that WAS
too ,nucb With the coming of the rams 'Heie
,r ra,iae. and consequent renewal OF courage
,rb,s first crop scare of the season Will not 'e
the last. We must all devoutly hope that '"eie
will not be any crop failure TINS year. 9eei'9
what we paying now for corn laiiuie u -
wear The bowling about Beer Irus' pu''iI7
lid prices Is nonsense Corn at over oo ceiitS pr
rl,sbo, AT Chicago with prospects of going higher
high range. account for the price OF the meat
.stob g. ssd on those products. This is the pam
e,d sensible explanation; but the senssf'loliai
ono of a trust conspiracy is much more taAl'S-
II ia objected that the corn is not Pidh'eu -
True but If pastures are dried up tie S'o
old corn must be further called upon anu D7
sides the winter wheat is of some important
However we have the rafns-wnich oi'eh' ~
bv no means certalnly-follow close on carry
warm waves.
When the market was most under the p'e9SuIe
or the Western selling a great sustaining force
Was found In the heavy buying wh1ch ue'7i
onAd in the coal stocks. The Reading lsSues
have been preached about as sure Pur'haS
until one almost got tired Of the SUBJECT UuI
the buying came at last. and IT was ooHe "i'''
such vfgor as TO give rise TO rumors Oh t'i
test for control. Yesterday, 1t was reporueu oi'
-ba+ anneared TO be good authority. that the
New, York Central and Pennsylvania companies
had agreed 70 a Joint control Of the property
II-La.ter this he true or not it is certain that
tho Morgan people have been persistent ouils
~, Beading and have repeatedly asserted OF
1a,a that they expect TO see Reading sellhs al
par o,,
Another rumor current during the Week.
though semi-oficially denied was tnat 'le
pannsvlvanfa would lease the New haven rod'i-
that the necessary legal steps 70 this emu laA
been taken. and that announcement VI
,.as NOT far off. New Haven stock has ad-
vanced considerably lately, and predictions nav
baen made that IL would sell at 300. IL W'ul1
cor, IN require Pennsylvania lease at 10 per
cent to make it seu at that p@'A--
Good Investment buying OF Pennsylvania mas
been noted recently and also OF Ne" ioiA
trail. Bull points the latter stock nave OeV
getting rather thick since the Lake Shore 'epC--
came out Lake Shore stock is owned Oy l'i7
Central. which issued its bonds for H. Aiter
having the interest on these bonds there remains
over profit from the Lake SHORE earhihs7 %
raar,v s.. 100000 which goes TO the oenent OF
>-avr York Central On this showing. and On
che tncrease of its own earnings. it is claimed
that Central will sell much higher IL Is hNelE
that Pennsylvania will not be found far oehiho
in such a movement.
II would appear that there Is stlll a CONSUL
arable outstanding short interest in LoulsNll'e'
and the only people from whom the stoch eoA
be borroved are intimating that they have been
patient long enough. and that these ou'7''iiAi7
accounts must be settled. In connection "Ith
+h T o,,isv-fI1s deal there was Thursday an
ether ,,toIent outbreak OF trading in southern
common. 1t did not last long. and the Pdi
uIar nurpose OF II is a little obscure In the
e-o,,r ~ traction stocks the successful rnafAet
ing OF Brooklyn's $Jotoco bond issue was
made the occasion for advancing the STOCK
outside the railroad list much has been DOING
The steel stocks largely bought. anu
scored what for them was quite an auNd"1e.
Tho circular explaining the object of the pond
,gS1a and preferred stock conversion was OUT
-, Friday morning II only gave in detail Wna-
,.as already known in the main features: am
with ALL due respect il may be said that inc
circuIar as a literary production was ho' d
success 1t was too involved But TINS VIII NOT
prevent the stocks going up. which IL Is s7'u
they will do Analgamated Copper mas oeei
rising II started TO do so Immediately 'l'er
the reduced dividend was declared Ihose "io
o,o,r, 20 bs nosted on the situation hint that
the creation of a new company taxing oNei "4'
the He,pze copper properties is a step prelimina-
W IN eventual union with the Amalgamated
Company.
Something new appears 10 be up In Leather.
What n ts outsiders can do more than guess;
but the recent buying OF the preferred stock ana
an apparent effort to accumulate the common
without advancing the price. points 70 some ne"
scheme in contemplation. There has also oeel
an unusual movement in Cotton Oil. company
controlled by the First National Bank people,
The story Is that a combination is to be made
with the Virginia Chemical Company Whleh
does an allied line of business. and whose stock
has been recently advancing. and the dividend
unon which is to be raised 10 per cent.
Now that the rains have dsspated the crop
scare IL is likely that the stocks which the
Western men were bullish on, will again De
bought AS said above, they are among the
best on the list including Illinois Central Union
Pacific St Paul, and one or two others Ch'oh
Pacific has become one of the most popular
trading stocks the market This because OF
its intrinsic soundness. and because whenever t
falls back in temporary depressions or the mar
ket, the strongest banking interests in the street
s+.,d readv To buy IT, The increase of its d1vi-