The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-02-18
Follow the Setbacks
Quickly.
UPWARD START ON
Burlington Catches the Eye
Of Spectators.


stock market yesterday, but they were
in the early morning and We're followed
by good rallies and 4 general strength
was maintained most of the day.
The upward start is one that has
been inevitable since the January
earnings of the railroads were known
and the natural slight January reac-
ton had spent itself.
The condition of business, the state
of the money market and the drift
of speculation will throw the weight
of much good buying into the market
now and cause further advance to
prices for good things above any yet
recorded.
Whether keene's line hand is in the
deal or not, the buying Of Quincy shows
that there is a strong belief that steps
have really progressed for funding, and
it would not be surprising to see the
price reach 50 within the next few
days.
The original issue of Chicago, Bur
llhgton Quincy convertible bonds
was sl5,26S,9O0, but eince July / the ad-
Nanclng price for the stock has result
ed IN a considerable conversion of the
bonds into stock. This conversion has
amounted to 1852, 800, increasing the
capital stock of the company to SSS =
b55l00 as against $8S,002 600 July l last.
During the last two weeks the CONVEX
sion has aggregated 100000
Yesterday the stock opened at IA.
Went 10 az "a fiat, climbed to las IA
and closed at 147 rs.
American Steel Il Wire common
opened at 4S ga, sold down TO 4S is and
closed at As rs. Preferred opened al
"a Ia, ran down to 90 - and closed at
80 rs. az
Federals held their own, common
opening at 81 IL, selling down to 81 IA.
up TO 81 Is and closing at 81 ID. Pre-
ferred began at S8 1-2, sold down to
81 ga and closed at IS.
Much of the strength in Federals is
due to short covering, particularly in
the common, the bears having become
uneasy at the strength developed in
other parts of the list. Aside from
inns an advance in the Federal Steel
shares is undoubt adly due. as on
Thursday next, if a quorum can be
obtained. the directors will meet and
declare the first quarterly dividend Of
IL per cent on the preferred stock.
While it is not likely that an official
statement Of earnings will then be is
sueq' II is no secret that the earnings
OF the company up to April will show
that dividends on the preferred f0l
nearly the entire year will have to he
earned. If it We're deemed advisable
dividends on the common stock could
be begun at the same time. but it is
given out that the matter will be al.
lowed to go over until summer.
Federal Steel preferred, as al
assured per cent dividend payer, is
certainly cheap below par. and il
would not be surprising to see it sell.
ing in that neighborhood before the
frst dividend is paid. which will be or
April l coming
Shortly after the opening yesterda,
dealings We're considerably mixed
weakness and strength cropping out II
many quarters. Realizations in tn,
Changers and standard stock caused :
lower level. Central Pacific and South
ern Pacific showed buoyancy anC
Third Avenue and Metropolitan Trac
ton We're lifted five points each Tn,
latter did not retain its rise. Suga1
worked up point over last night anC
Tobacco made far more than a fun re
covery of the early loss.
The bond market was quiet. activ,
and firm, with an exceptional demand
for the Central of Georgia issues. !
drive against Tobacco and Sugar un
covered stop loss orders with CORE
spending losses, but quick recovery.
Operations in other parts of the lis
favored bulls, enormous purchases %
the Changers exercising a healthfu
tone generally. Burlington and Ouin
cy finally passed 144. After noon Suga
and Tobacco were in request and re
covered sharply. The low-price,
stocks figured in unison with the lead
ers. Speculation generally improve
after MONDAY.
Not only cash wheat. but Marcl
wheat, continues to rule at big pre-
miums over May in New York. Marcl
closed yesterday at SSss bid. agains
f7ss for May, being 5A premium Chic
buying is for foreign account Casl
premiums are No. ! Hard Duluth lie
No. Red Winter S1ac,'No / Northern
5h-6, No. 1 Hard Manitoba 61 Eve
the inferior non-contract grades of Nc
Spring, No. 2 Hard, etc, comman,
1la-2h better prices than contract
grade May wheat. The stock of con
tract wheat is only 1,1S6,772, of whicI
24,SS is No. Red and 1,161,S 1886 No
Northern. Stock contract corn is onl
390099, against 2,004,979 a year ago, an,
of contract oats none, against POI, 512.
Winslow &; Co. of this city, through
Redmond, Kerr & Co. Of New York, of
fer at 9Sla and accrued interest $10O, 90
first and refunding mortgage pc
cent gold bonds Of the Minneapolis an,
So. Louis Railroad Company, du
March !, 1919. These bonds are a par
~ the present issue Of s5,O00,000, o