The times., 1899-06-13

parently are to continue but II seems quite
as evident, too, that the street considers
them OF no particular importance. Wheat,
after advancing cents bushel over Sun
day, declined steadily yesterday until
neerly all the gain had been lost
The features of the day were probably
the common stocks of the two most prom
inent steel companies. Federal Steel COM
mon advanced from 62 3-4a high openng
to IS Is closing at the top quotation.
Steel and Wire common went up from
61 1-2 to 63 1-2, and then declined TO 62 SIS,
thus showing a good net gain for the day.
The reason for the buoyancy OF the stocks
was undoubtedly the near approach of the
declaration of dividends on both. The
meeting of the Federal Steel directors o.
ours on the 18th of the month, next Thurs
day. 1t has been decided already that the
stock shall receive a dividend OF at least
Ia or at the rate of per cent per an
mum. The reason why a stock on per
cent basis, and on which double this rate
is being earned, should advance from 81, is
not hard for anyone to understand. Never
theless, it is a fact that there has been
selling of the stock short during the past
week, and that many bearishly inclined
people are talking of much lower prices for
it in the near future. 1t is predicted here,
as it has been for some time past, that the
month and next. Careful students of the
market do not hesitate to state their belief
that it will go to 20 this week.
The jockeying of Steel and Wire common
has been completed for the present at least
apparently. The stock has been held down
and sold by insiders for two weeks or more
and the stories of no dividend have been
circulated persistently. AS matter of fact
there is the best of reasons for believing
that there has been no question as to the
declaration of dividend at any time. The
understanding at present is that faction
in the directorate of the company had near
ly sold its stocks and wished to get it back
and took this means of depressing the
stock knowing it to be u very small trick
all the time. Somebody in the Steel and
Wire crowd must be as INSCRIPTIONS a
manipulation as the Sugar confidence men.
| The company is known to be earning a
full I per cent on the preferred stock and
| at the rate of 20 per cent annually on the
common in addition. There should be a
| rapid advance in the price of the common
stock this week and next, but the public
will probably prefer to buy the Federal
Steel issues for the very reason that up
to the present time this kind OF manipu-
lation has not been so apparent in them.
1t may be as vel Ito call attention here
| again to the action of the so-called Flow
er stocks as a group 1t Will be remember
ed that when Mr.. Flower died predictions
were offered in all sections Of the street
that these stocks would be dangerous from
that time and would certainly not keep
up with the remainder of the market. IL
was said that they had been inflated far
beyond their legitimate value by him and
his followers, and that the reaction would
surely come in the desertion of the group
by the public and the insiders who had
looked to him for advice The fallacy OF
these statements, if not their intentional
untruth, was pointed out in this column
and in other respectable quarters. Mr..
Flower was a long headed man, surround
ed by others equally capable. His party
had picked out the securities that 1t be-
lieyed in from its knowledge of present
earnings and potential capabilities The
death of Mr.. Flower could hurt such pro-
perties as big street railway systems, trunk
line railroads, and gas companies none
whatever, and it could hurt their securi-
ties if any only temporarily. The thing
has happened that should have been ex-
pected and exactly that. The Flower stocks
have continued to be the most prominent
in the market, with the greatest gains In
prices and the greatest steadiness in their
respective classes. Federal Steel has been
spoken of heretofore Brooklyn Rapid
Transit is remarkably strong despite the
Ford bill and its effect on the market
which Mr. Flower did not expect. Chicago
Gas has been one. of the steadiest and
surest stocks on the list. 1t has advanced
further on the upward movements of the
| market, and it has receded less under the
bear attacks than almost any other stock,
industrial or railroad. Rock Island and
Atchison preferred have at least kept pace
and perhaps more than kept pace with
the other granger securities. The annual
reports of these two roads have been
among the most inspiring news of the
year, from no matter what source. AS a
| plain matter OF fact the friends of Mr..
Flower have continued to buy these stocks
| on every recession, and have now more OF
them all than at any previous time before
or after his death There is every reason
to believe that the entire group will con-
tinue to be among the leaders of the
market.