The times., 1899-06-20

ana WIRE dlVluenu is tne point on WHICH
the bears base their raids. The street WAS
full of rumors yesterday that the dividend
will not be declared. What the outcome
will be no one seems to know. The people
who bought the stock at the declines yes
terday assert the belief that the raid on
Wire is deliberate market rig by the in
siders to force the price of the stock down.
They state their confident belief that
dividend will be paid. 1t was given out
by prominent house yesterday afternoon
that the Seligmans, who put out the Wire
stock and are now in the directorate of
the company, have served notice that the
dividend must be paid and that If 1t is not
they will resign from the company. The
prominence of the Seligmans and the eff
feet that such a step on their part would
have on the fortunes of the company seem
to leave il no other safe alternative than
declaration of the dividend, and after this
statement was put out the street felt bet
ter over the prospects.
Federal Steel common and preferred suf-
fered for the offences of the Wire crowd
in an unpleasant way. There has been
little if any market jobbing in Federal
Steel and yet the price of both its securi-
ties have declined steadily since the decla-
ration Of per cent dividend on the COM
mon stock. This dividend is to be paid
within a few days and there can be no
doubt that before that time there will be
a good advance in the price Of the stock.
no matter what happens to the Wire Sc
curities The continued buying by Flower
& Co. and other insiders of Federal Steel
common on every decline Of IA is signifi-
cant of the faith of these gentlemen in the
strength of the company and the future
dividend prospects.
The action of Tennessee Coal and Iron
yesterday was in peculiar contrast to that
of the other iron and steel securities be-
fore mentioned. T. C. l. has been buoy
ant for a week or more, and yesterday
morning it began to advance nicely in the
face of a generally declining market. The
top price reached was 65 3-S, or nearly
point above the opening. Later there was
selling of the stock, and it declined TO a
fraction below the opening price. There is
a well defined rumor that a certain trust
company is buying the stock all the time
in the interest of one of the steel concerns.
Another rumor tells of an early payment of
dividends.
The action of the grangers was a most
convincing commentary on the inherent
strength of the market. The leaders have
not as yet evinced their willingness to ad-
vance the market, but there is no selling
of long stocks worthy of the name, as they
are all held by strong people who believe.
with the best of reasons. that the level
OF prices is to be advanced rapidly in the
near future. Rock Island declared its reg
ular dividend yesterday.
The gross earnings OF Brooklyn Rapid
Transit for Saturday and Sunday increased
s15, 500 over those of last year. The daily
pany is in excess of $1,000, which will make
the gross earnings of the system for the
year Sl2, ,000, 900 or more. This will assure
something like per cent for the stock.
The company has as yet made no an
nouncement as to the dividend but unof-
ficially the promises of Mr.. Flower are re-
peated. Brooklyn declined rs of a point
as result of yesterdays selling.
Despite the general bullishness regard
ing the coalers yesterday morning nearly
all those stocks had defines during the day
The buying in Reading first preferred was
called good. Jersey Central had the worst
tumble in price, from III to lis "a. On
tario and Western In its statement of gross
earnings for the second week OF June
shows an increase of $23, 600
Missouri Pacific for the second week of
June, had an increase in the gross earn
ings of $37, 900. The stock was dealt in
considerably on the strength of the earn
ings statement, but the good showing did
not prevent a fractional decline in the
price of the stock.
1t is stated on excellent authority that a
per cent dividend on Southern Railway
preferred will soon be declared. The
stock was inactive yesterday but it has
had little or no decline during the rast
week of bear raiding and its friends are
predicting a good advance in the price
before the end of the month.
The talk is of a good advance in New York
Central during the coming two weeks. The
action Of the stock recently has been such
as to suggest the working of pool to ad-
vance the stock. The talk in the street,
possibly circulated by this pool, is that
the dividend on the stock is to be in
creased.
There is talk of bullish developments
regarding Tobacco stock and 1t is said that
the insiders are buying it all the time.
1t made n fractional advance yesterday de-
spite the general declines.