The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-23
WILL THEY DIVIDE =?
American Steel &Wire
Men Off for New
York.
DIRECTORS MEET TODAY.
w O IL
Western Bears Selling
Openly-Profits
Figured.


of the directorate to be held there to-
day.
1t will be one of the most important
meetings ever held since the great
combine was organized. The principal
question 10 be decided is as to whether
a dividend should or should not be de-
clared on the common stock.
Every stockholder in this city is
hoping for one, and they feel they have
a right to expect it. 1t is asserted that
the Seligman interest has won over
Chairman Gates to consent to a divi-
dend. Whether or not this is true, the
stock has suffered irremediably in pop
ular credit.
The western bears were selling open
ly again yesterday after an intermis-
sion of a fortnight, and there is eX-
cellent reason for believing that the
directors themselves do not know about
the dividend today.
Dispatches from Chicago yesterday
stated that one of the directors said
before leaving for New York: There
will be no dividend on common stock
declared, it being stipulated in the
charter that a full years dividend on
preferred must be paid before the divi-
dend on common can be lawfully dis
tributed."
A. Sanford Adler, who has had very
correct views on American Steel &
( Wire lately, says: 1T is hintcd in the
financial district that the bear ele-
ment in Steel & Wire has accomplished
something that has rarely ever before
been accomplished in a bear raid.
Those who have been short of Ameri
can Steel & Wire for some time Vera
IT,, l.,
ing made confidantes of their best
friends and told them that they would
declare a dividend on June %, as they
had a surplus of is per cent on the
common stock after paying a dividend
on the preferred, finally came to Il e
conclusion that in order to Vindicate
themselves they would have to play a
new role. Therefore, the first act was
that Mr.. Kern, a preferred stakeholder
of Federal Steel, has had the court
temporarily restrain the payment Of
the dividend on Federal Steel common
and now the American Steel & Wire di-
rectors say: THAT is the reason why
we refuse to pay the dividend on Amer
lean Steel & Wire common, because our
preferred stockholders will file an in
junction, and rather than have them
do this, we will pay no dividend"
Dispatches from Illinois state that
the American Steel & Wire Company
has been indicted by the Dekalb cOun-
ty grand jury for maintaining a nUi-
sance. The Indictment consists of FIVE
counts, the penalty of which would be
abatement or loss of charter.
The trust is sued by thirty farmers.
One count is that the firm, manufac-
turers of galvanized wire, does unlaw-
fully and injuriously allow great guam
f{tioc of tiN and Gnlnh1srip api6G
together with grease and other poison
Gus, noxious and deleterious substan-
ces, to run through tile without pu-
rification directly into the Kishwaukee
river, a certain ancient stream of pure
water. The fishes in said stream, 1t is
charged, are all killed and the water
made unfit for use for man and beast.
The water in the river is giving a
rusty color, the banks and bottom are
dyed the same color and it is stated
that stones are often dyed clear
through, the water is made nau-
seous, scummy red liquid, which is
poisonous to stock, and farmers have
had to fence the stream, as the hair
comes off the horses that drink from
it. The farmers intend to get dam
ages and stop the nuisance. The factory
which has caused the trouble is loca-
ted at Dekalb, Illinois.
New York market reports state that
the net earnings of the American Steel
and Wire Company for the last four
months are placed at 81, 10000
Current prices for steel would mean
still larger earnings Placing year
ly figures at say $12,00O,000, there is a
balance equal to 20 per cent on the
SAT, 100 900 outstanding common stock
after per cent on S,15O,O00 preferred.
The Wall Street Daily News, under
the title, They sand-bagged Wall
street" has this to say of the meet
ing today:
"Conviction is steadily growing
stronger that no dividend will be de-
clared on American Steel and Wire
common at the directors meeting on
next Friday The wild and woolly west
just now is laughing loudly over the
success of its buncO game In unloading
its steel and wire shares on Wall
street. This was done on deliberate
| Misrepresentation, and the parties that
brought it about can take all the credit
for it that they want. The Old rule
that He who laughs last laughs best,
holds good in the game now being
played, and Wall streets time to laugh
| is probably not as far off as the Chi
cago sand-baggers imagine"
| (Howard, Crosby & Co.'S Boston letter.
Boston, June 22.-Liverpool opened dull,
with wheat 1sdAd lower but it gained
strength later at AQ12d. higher, so our
market opened Ad3sc. over last night
on firmness of second cables in connection
with yesterdays late rumors of heavy
rains in France and unfavOrable condi-
/ lions again in South Russia. There was
moderate foreign buying, but some dis
| appointment was expressed that French
cables failed TO reflect the alleged more
| bullish crop outlook in that country, and
! part of the early advance was lost under
realizing. Seaboard clearances were
moderate. Chicago reported a few orders
| for wheat and there were some CONT
mental orders at New York, but a Liver
pool cable stated: Good rains have fall
len in Russia for several days; prospects
! of spring wheat much improved" Price
/ Current says: Nothing less encouraging
| in winter wheat prospects; spring wheat
/ prospects fully as favora BILE as previous -
| Kansas City received I15 cars of new
wheat today, and the market closed
| strong on bullish news from Kansas
| The stock market opened strong. with
advances which suggested change of
| Importance in the speculative manipula-
! ton th several issues. Tobacco started
/ higher and the general tone of specula-
/ ton was helped by the strength displayed
/ by the Vanderbilts. The market hard
1 ened as the morning advanced and for
I eign adViceS were aupOura zinc