The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-08-06
THE RISE IN B. & M.
President futile Says
It Is Perfectly
Legitimate.
BEST KIND OF INVESTMENT.
The Many Reasons Account
ing for Its Reach
to 204.

tory, Joining with the New Haven road
AZ Springfield, and owning the Con-
| necticut and Montreal and the Con-
necticut and Passumpsic railroads, and
many of the smaller lines leading north
from central Massachusetts. An ALI
ance with this road would give to the
consolidation a strong hold on New
England lines, and would materially
strengthen its position in New Eng
land. The Canadian Pacific, which
would gain an entrance into New
england by purchase of the Boston &
Maine, is also regarded as seeking con-
troll Of the road. Whether this road or
the American Express Company which
already owns $4,000 shares, favors alli-
ance with the New Haven road is a
matter of differing opinion
rubbish, rubbish, nothing but rub
DISH! Not even straw upon the
water" President futile of the Boston
& Maine road is reported to have thus
characterized the above dispatch
President Tuttle said that stories of
similar import had been launched from
New York at frequent intervals ever
since the present consolidation epidem-
lc set in They usually came Monday
mornings, he said, "but this one an
pears to have been delayed l look for
them regularly, and, Notwithstanding
my repeated denials of their truthful
ness, it appears to have but little eff
feet in checking the supply 1 am get
| ting somewhat tired of this business.
| as there is absolutely no foundation for
| these persistent rumors of a coming
change in the management of the Bos-
| ton q Maine road. l have endeavored
10 Show that the stock of the com
pany is so placed as to thwart any at
tempt by outside parties to secure a
controlling interest in it. There is no
| secret In the recent advance of the Sc
curities, notwithstanding the numerous
| efforts to make it appear so. The fact
| that the stock is a good permanent in
yestment. with prospects of increased
| dividends. tells the whole story of its
| increasing valuation, and, further than
| this, there is nothing to be said.
have been making an effort to keep
| ahead of the flood of consolidation ru-
mors, SO far as they relate to the Bos
ton & Maine, but it is a hopeless task
AS matter of fact, the rise in the
price of B. & M. stock may be various
| ly accounted for. Some attribute il to
| the probability of an increase in the
| dividend rate from 6 to per cent:
| others hint at a possible union between
| the Boston & Maine and Canadian Pa
| cific. The management, however, stout
~ maintains that there is nothing I'M
| usual in progress and no kind of a deal
such as is limited at is being consum-
mated
| That there is something developing
or about to develop, is generally be-
| heyed, for 1t is hardly possible that a
| per cent stock like this should sell
| for over 200, unless that rate of interest
was to be guaranteed. Boston & Provi-
dence which is guaranteed 10 per
cent stock sells for 300, at which price
| it nets the purchaser 8 1-3 per cent.
| But Boston and Maine, even if the
! dividend should be raised to 7 per cent.
would net the purchaser at 204. 3.4 per
cent. The former, however is a guar
anteed dividend payer, while the latter
is not, and is at present paying only s
| per cent
| 1t is stated that the Forthcoming an
nual report will make an improved
showing over the previous one, but not
! SUFFICIENT, it is believed, to account for
| such rise in the price of the shares,
known to have been purchased quite
freely recently by houses identified,
more or less, with Boston and Maine
| interests.
(Howard, Crosby & Co.'s Boston letter.
! Boston, Aug. 5.--No Liverpool or Lon
don markets today or until next Tues
| uetyy anu wheat opened Gull and easy,
with no important local or foreign trade.
Bradstreet reports the exports Of wheat,
including flour as wheat, from both coasts
TINS week at 4,Ii1,614 bushels, compared
| WIN S,S66, 4S2 the previous week and
41l,Sl2 same week a year ago. The
weather map shows moderate tempera-
lures in the. northwest and west. with
! more rains in the western states. The
Kansas state crop bulletin for August
| says the wheat crop was IS, 000 600 bushels
sa nSe that IN there was on hand Of old wheat
| 6SUoUO0 bushels. Primes crop bureau
| says that rains last week were Just in
! time to help the corn through ST. Paul
| reports the spring wheat yield consider
a a Eeauuce1i owing to rust, lodging, heat
ana hail. The free movement of wheat
TO primary centres would seem to indicate
no unwillingness on the part of the farm
er TO part with either old or new wheat,
and the Decent decline in the price has
mad no apparent influences on the move
ment from the farms. Foreign quotations
nave shown of late relatively greater
| steadiness than the home market Reck-
oning on the spring wheat acreage
| claimed at something over 100000 acres
would bring the total crop probabilities
| seems to be very little announcement for
| the bull trader until the pressure from
farm marketing is somewhat diminished
dull at the opening, and dealings were
| connned largely to the room traders.
Although there was no selling pressure
the feeling was bearish in the expectation
of an unfavorable bank statement and
also because OF the talk Of some fric-
ton over passenger rates in the north
| west and between the trunk lines. The
tendency of money is toward firmness
and this is particularly true of time
loans. Money on call rules from sis6I4is
per cent, mostly at per cent. Today
being holiday in London, the stock
exchange there is closed and there was
no quotations and the market showed
| that It felt the absence Of London Pact
nc stocks had some buying orders from
commission houses, but there was an an
pearance of selling from the sources
which have been Conspicuous in these
bacco stocks were fairly strong and the
| CHANGERS showed no tendency Pacific
Mall statement for June. showing d de-
crease in earning, is said to have been
| quite satisfactory TO the management
! because as compared with 1897 ii showed
4 important gains in every direction. One
prominent New York banker, with large
continental connections, said that the IN
dlcations pointed 70 large imports of gold
bank statement showed decrease in the
surplus reserve OF 81, Zoo. 525 and was gem
orally admitted TO be poor showing. and
the closing on the general list was soft