The times., 1899-06-09

the Flowers bought 10000 shares of the
stock during the day. There was four
point advance, to lis 3-S, half of which
was lost in the afternoon recession. The
rumors regarding the stock are nearly all
| hullish, though news of the road is scarce.
| II Is said that the Flower buying is all for
| Investment and that several other impor-
| taHi investment purchases have been made
| recently. The other New York traction
/ siot Is seemed 10 follow the lead of Brook
| lyn largely. Manhattan advanced two
| points and lost more than a point of the
| gain. Metropolitan advanced from ZIG to
2l9 rs and then declined to 21S.
American Steel and Wire common as
weak again yesterday and made one of the
few net losses of the day. 1t opened at
| go, got as low as SO Is, and closed at
! SO SIS. Rumors of delay in the dividend
on the stock were circulated persistently,
most of which took the form of statements
| that the dividend will not be declared until
| July. There was little disposition TO as
sumo that it will be passed. 1t is known
that the company is earning far in excess
of the most liberal rate that has been men
| toned, and 1t is known also that the
| directors are unanimously in favor of a
| dividend. If there is to be delay in the
payment IT will be because the books of
| the constituent companies have not all
| been brought up to date. The friends of
| the stock, however, believe that the divi-
| dend will be declared on June %, as here
| tofore announced, and that the stories of
delay have been put out by the bears in
order to get the price of the stock lower.
/ 1t seems possible that it may have some
further decline but people who have kept
posted as to the iron and steel trade and
the earnings of this particular company
Will buy il on every such chance.
The Federal Steel securities and Ten
nessee Coal and Iron were also sold rather
heavily at times, and they made no net
| gains for the day. Apparently they were
sold by the bears on the theory that they
| would be easy to force down in sympathy
with American Steel and Wire No in
| roads were made in the recent gains of
J these stocks but there were no advances
| either. Federal Steel common is to re-
ceiye its dividend without fail and the
rate is TO be declared, it is officially stated,
on June Is. There is every reason 10 be-
lieve that the price of the stock will be
advanced before that time.
The grangers were features OF the days
| business Atchison preferred advanced
rapidly during the entire morning on Gov
ering of short contracts and good invest
ment buying, which has been delayed from
| fear that there would be no increase in the
dividend rate. Rock Island was even more
buoyant, advancing 2 points. The bull
news in this case was the annual report
of the company, which makes an excellent
showing. Burlington and ST. Paul, al
| though less buoyant than these two stocks,
were marked up well in sympathy with
them, and in harmony with the weakness
of wheat The selling OF these stocks dur
| ing the general recession in the afternoon
was important, but Rock Island and St
| Paul both retained the greater part of theit
| gain, and the other two stocks closed
above the opening prices. The street is
bullish regarding all this group but 1t
seems probable that there may be some
| slight further recession today, especially
| II there is a revival in the price OF wheat
The report of Rock Island is considered
especially good. In brief, ii shows that
after paying i per cent regular dividends
during the year and making three extra
payments of Ia per cent each, and after
increasing the betterment account s500,C00
over that of last year, there still remains
in the treasury of the company as surplus
for the year 81, 500 900, or nearly per cent
on the stock.
Ontario and Western was taken up yes
| terday after many days of dullness. There
was heavy buying OF the STOCK, IL was salu,
for German houses, and it advanced from
| % rs 10 q. In the afternoon recession
half a point of this gain was lost. The re-
markably good showing Of this company
recently and the bullishness of many lead
ing interests regarding it have been alluded
to in this column heretofore several times
Reading first preferred was we'll bought
also. 1t is said that Mr.. Morgan's return
is likely to have an excellent effect on the
| coal stock in general.
Both American Tobacco and Continental
Tobacco were buoyant, and both made
large advances, which were well held dur
| ing the afternoon recession. There have
been very positive assurances in the bear
crowd that both these stocks were rotten
and destined to go OFF many points, but
these bearish predictions have SO far failed
| lamentably.