The times., 1899-06-17

the street is to buy stocks on Ill reac-
tions and sell with small profits for the
present The general news continues TO
be excellent. Money is cheap. The out
look for today is for a higher opening
which seems likely to be followed by de-
clines ON the expectation of a poor bank
statement. Conservative people would not
be surprised if good buying should de-
yelop after the announcement Of the state
ment no matter what its character may he.
Tnc principal news of th7 day was of
the declaration of dividend OF ! Ii per
cent quarterly on Federal Steel common
in addition to the regular 1 IL per cent on
the preferred stock. This dividend had
been generally expected and despite its
great Importance had no immediate effect
on the market except to cause some timid
holders TO liquidate. 1t was noticeable
that although quite large block of stock
in the aggregate was thus offered, the
price was not broken except fractionally,
the buying on the whole being better than
the selling. II cannot be doubted that the
near future will see much higher prices
for both the securities of this company.
The preferred stock has now a common
stock behind it receiving a full dividend,
and surplus OF Importance is to be laid by
for future dividends il necessary. On such
basis the preferred should be classed
almost, if not quite, as high as 6 per
cent Gas stock. Considering the present
outlook for the steel trade and the unique
position of the Federal Steel Company,
many people of good judgment do not hesi-
tate TO predict that this preferred Will sell
as high as Peoples Gas is now. within two
months. The common stock, on a per
cent basis at 81, is most attractive un-
questonably, even allowing a wide mar
gin for the distrust OF the public for the
common stocks OF the industrials. The
dividend is about per cent on the price,
and there are excellent reasons for be-
lieying that ii VIII be paid for long time
to come.
The other Flower stocks, with the Fed
eral Stecls. were the features OF the day
and practically the only ones that had any
fluctuations. Brooklyn Rapid Transit was
strong all day getting as high as llS S-S
and closing at the opening price, III l-2
The buying was by the Flower crowd, and
il absorbed all the short selling that ap-
peared. which gave rise 10 the supPostion
that there may be quite a short interest
in this stock as well as others. Peoples
Gas closed at l20, the same price as the
closing on Thursday. During the day it
was as high as l2l.
An authority on Brooklyn Rapid Transit
matters made the statement in a private
letter TO a Washington man yesterday that
the company is earning about 81, 900 900
gross Z year and operating for 80 per cent
which leaves net earnings large enough
10 make a liberal dividend in the near
future among the large probabilities. The
rumCr is tnat n per cent rate will be
declared. This showing is very nearly. if
not quite. as good as that OF the Metro
the great optimism OF the Brooklyn in
siders and for the constant demand for
the stock from the Flower crowd. The
talk is OF 200 for the stock thisFyear
The grangers were again weak yester-
day although their prices were little
changed by the day ) business. The
strength of wheat and the stories Of poor
spring wheat crop frighten investors away
from these stocks for the time being. and
one of two things. good buying by the
market leaders or much better wheat news,
will be required to induce the public TO
get into them again. IL may be stated
however. on the authority OF people whose
judgment is usually excellent that there
is constant though quiet investment buy
ing by important people which promises
TO send the level of prices in the group
much higher at some time in the near
future. Burlington. which closed at 13l is
on Thursday. opened at l31 as yesterday
and closed at 1870 rs, net loss OF IL. St.
Paul had net loss of Is Rock Island
closed at the same figure. Ill SIS on both
days, and Atchison preferred had n net
gain of Is. Wheat closed a trile off as
result of the DAYS trading.
The anthracite stocks were the most
buoyant on the list. Reading first preferred
being especially active and scoring net
advance for the day of SIS. The arrival
of Mr.. Morgan from Europe. who has been