The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-02-21
And Sugar Go Up the
Ladder.
CALUMET HOLDERS
Are Happy Over a Hand
some Dividend.

Yesterdays market continued strong
as had been anticipated. Tobacco
opened at 15S and before the market
closed had run up TO ~, 16 points over
Saturdays close.
Sugar opened up one point and sold
up four more to 14O -, a gain of 5 Ia
points for the day. 1t eased off two
points toward the close to 1875 1-2, and
closed at 13S ga.
The general market gained four
points from Saturdays close, hut lost
one late in the day. Peoples Gas, st.
Paul, and Rock Island, each gained
point,
Stees were steady with a strong I'M
dertone. American, common, opened
at 49 SIS high, and sold low at AS rs.
Federal, common, opened high at 81 ga,
sold low at 81 "a and closed al 81 3-S.
Holders of Calumet and Hecla were
made happy by the declaration of a
regular dividend of $10 ard an extra
dividend of 800 payable March % to
stockholders on record Feb. %. The
stock reached S90--a rise OF rs points
from the opening.
Central Massachusetts rose three
ferped up II ga al 70. In Copper stocks,
Santa Fe rose to % IA from u IL at
the close Saturday. Winona rose ? 5-8
to 10 49, Mohawk l IL to g. ID; Old
Dominion l ga to 40, reacting to as IL
and rallying to Al L.; Isle Royale / to
81; Arcadian l Ia to 70 "a reacting to
II and rallying IL; Osceola to 105,
with loss of /; Butte gained 1 to "a 1-2,
falling back to SO; Tamarack eased from
go to 244, with rally of l; Parrot was
up IA at Al ga.
High prices are looked for in Federal
Steel preferred this week As has been
already stated in The Spy, if a quorum
can be obtained Thursday, they will de-
clare the first quarterly dividend Of ~
per cent on preferred stock, payable
April Is. This will establish a new
status for these shares, and place them
in the category of investments. As
such, they are entitled to sell higher
as an assured per cent. Industrial
stock like Federal Steel preferred can
not be considered other than cheap at
any price below par. The Federal Steel
unlike many other industrials, mines
It's own ore, ships to its own mills over
its own railways, and buys it's own
SHIPS and so manufactures its pro-
ducts at minimum cost through con-
Solidation. 1t has its own selling agents
throughout the markets of the world
1t seems as though it would have to be
a peculiar state of affairs to jeopardize
dividends in such an industrial.
OF course, all this talk about consol-
idation of the Federals and the Ameri-
can Steel is cheap market gossip. The
pest men in the street scout the idea
although they say that it is possible
that at some time in the future an am
1cable agreement may be reached rea-
ave to uniform schedule of wages.
The Calumet & Hecla Mining Com
pany has declared its 10th dividend
The amount is $40 per share 81 O00 0OO
payable March % to stockholders Of
record Feb. %. This makes the fourth
dividend of the current fiscal wear
winch began May l. 1898: the three nrior
payments were of SO each making $40
per share thus far, or 81 900 600 for he
$ year. It is understood that the Calu-
met d Hecla win receive an average ~
about fifteen cents per pound for tie
product for the first six months of thie
calendar year. If the copper market
hold a few months longer it should Sc
cure from seventeen to eighteen cents
per pound IRON It's copper to be mined
and delivered the latter half of tbis
fiscal year, or an average of sixtaan us ta
seventeen cents for the year. This
copper will be mined and sold a. tbara
are no accidents fires or casualties AZ
a proht OF ten cents per pound. and tho
proouct may easily be made 100 o0o 400
pounds. This figures a profit Of about
800 per share per annum for CeIIroet
q Heclas 100, 900 shares and makes this
stock intrlnsically still the cheannst
copper stock in the world, based unon
hgures Of present production.
From this distance the action of the
New York park commission apainst
Manhattan, which has been ordered TO
Nacate Battery park within six months
on the ground that its loop there is ~
public nuisance, and that the connpanv
has never paid for the privilege. looks
like a metropolitan move 1t has been
evident for a long time that Manhat-
tan and the New York municipal an
thorities have not been in harmony
while at the same time the Metronol
ltan has received valuable concessions
from the authorities, and several timeg
within the past few months high city
officials have been quoted as advising
the purchase Of Metropolitan stock.
The outcome of the event Il is i'm
possible to foresee. The object NAV
readily be to force the Manhattan into
a consolidation with the Metropolitan
and other city roads. Even if the mat
ter il suffered to drop, which, under
present conditions, is improbable, the
possibility Of such action in the future
would tend 10 shake public confidence.
Another Wall street broker adds his