New-York tribune., 1899-06-11
finanfia!.
The Financial World.


10 sell out on the advance. The rally did go
further. and II must be confessed that the al.
parent ease with which the advance was mads
was something OF n surprise. IL was made also
In the face OF gold exports, which usually chin
the bull ardor OF the Street. market which
In three days makes up what II lost In three
weeks is certainly not one 10 be indscriminate.
ly short or II argues that the supply Of stock,
for sale Ia not large or. rather, that the llquI-
daton which followed Gov. Flowers death wn
not so large as It seemed TO be.
1t is necessary, however, to discriminate
There is lot OF new stuff quoted on the tan,
which is practically unsalable. The. latest crea
tlons OF the Industrial boom are where they wer
two or three weeks ago-without a market Bu,
the older stocks. whether railroad. traction. or
Industrial. rally with after depression
which shows that there Is stlll a good market
for them. II makes the trading rather narrow.
as compared with what IL was in the spring;
and there are frequent dull spells; but. az Just
said, the supply OF these older stocks does not
press on the demand much at this time. or the
rallies could be made so easily.
The gold exports did not exert any bearsh
influence. They will not. probably, until they
have been running for some time II Is always
a guess how much gold will go out In any given
export season: and II is a guess now. As
guess. a bank man whose opinion s as good as
any ones. says he thinks II will not go beyond
5000 900. The present surplus reserve OF the
banks, as appears by yesterdays statement is
nearly S4000O.000. The fact that we are send
ing out gold at ALL shows that the big balance
OF Indebtedness to us by Europe, which was ap-
parent last year, has been Cancelled. 1t has
been Cancelled in the main by the return Of our
securities. one notable item was the outpour
OF Anaconda stock for London. when IT'S price
was moving UP toward GO
There a haltng and hesltatng tone TO
the market the past week until 1t became known
that the Sugar dividend would be the regular 3
per cent; and about the same time the Atchison
directors declared a dividend Of IA per cent on
the preferred stock. Sugar led the way up
ward, and the balance OF the list followed. In
its usual volatile style. Sugar ran up about ten
points or so, and encountered very little stock
on the way until it struck 1J6. which FRI
day afternoon. Then stock began TO come out
In volume It worked up to 15I, then fell back
a. little; yesterday 1t worked up again to lJs
It's performances bear close resemblance TO what
occurred when It ran up to l63 just before the
last big break In IT, Not much stock was en-
countered on the way up until lOo. Then came
such supplies that a 20 point collapse soon fol-
lowed. OF course we now have the sugar war
settled The declaration OF the dividend pre-
sumably proves II. Also that the stock ~ going
to 2OO-which we have heard before, occasional
ly. Incidentally It may also be noted that the
gas war is settled-as proved by Consolidated
Gas recovering part OF its recent large decline.
However, a gentleman who has many excellent
reasons for devouty wishing II was confessed
Yesterday that the settlement had not reached
him yet.
The Atchison dividend was misunderstood at
first It was supposed TO mean quarterly rate
of IN per cent The resolution Of the Board OF
Directors explained 1t. This was TO the erect
that calculation Of the net earnings for the
fiscal year now closing. showed that DIVIDEND
of 21h per cent could be paid on the preferred
stock; which would be paid ia per cent In Juiy
and III in January next This is practically
the system OF the Delaware & Hudson Com
pany-declarfng the rate of dividend for the fol-
lowing fiscal year in the last month of the cur
rent year. Atchison preferred. therefore, Is
21 per cent stock for the next fiscal year; and
probably for two years as with the present crop
outlook in its territory the company is not like
ly to earn more in the twelve months beginning
.Julv next than it has in the twelve months
which close June 80.
The strength Of the anthracite stocks Is 10 DO
noted. Evidently those best posted on the situ-
alton of the coal trade see something ahead
which makes them willing TO pick up these
stocks on all soft spots.
Steel Wire common was considerably hurt by
rumors which may be said to have literally
flooded the Street that the directors would not
declare a dividend on 1t this month. "A chicago
dispatch said the President Of the Company had
stated that at time had a dividend pohcy
been announced with respect TO the common
stock This is absurd. Mr.. Gates, Chairman on
the Board has over and over again, since ias'
January stated that dividend would De ue'
clared in June. He has asserted this positNeY'
unequivocally, and without reservation. lie mas
also repeatedly emphasized 1t with the addl'
ton that the statement was made after con-
sultation with our bankers" All that has oeeh
written about the dividend in this column sihee
January last. came from Mr. Gates himself per-
sonally In speaking about Steel Wire sloeAs
here. the following was said March 9th:
The preferred stock pays per 1--WE regard It as
good as a bond" says Mr. Gates The same au'ho'"
says the common go the dividend lis' IN '9S
This thing keep in mind because the ouy'"S u
the stock has this basis there is nothing TO H.
This was emphatic enough. The ~ question
was as to the rate of dividend. Mr.. Gates say
ing 1t might be as high as per cent. but the
directors would determine that
The position of the bankers In regard 10 ''e
matter was defined in formal declaration !"
Messrs. Seligman on Friday afternoon tha' '"''
were in favor of declaring dividend OF ~ pe'
cent quarterly This declaration caused qu'0A
recovery In the price of the stock In vie" u
this declaration. and those OF MI ua'es a.
| above stated. the holders OF the STOCK VIII Ca
| pect the dividend as promised.
! II is unfortunate that doubts should nave Oeen
raised about the matter at all IL ineVNaop
suggests comparisons with the different ac''"
of the directors OF the Federal Steel Compah''
Whereas It was promised Of Steel wire COM
mon from the very start that it should become
q divldend payer in June. Gov Flower for