The times., 1899-03-10

bIit II - ibttltS ~ NIUE Alldl
inent Washington speculator has nearly
10000 shares of the stock, which he has
bought all the way up from much lower
figures.
The market took the news of the regular
dividend on ST. Paul very well. 1t had
been expected generally. and in addition
10 that II was known that a much larger
dividend had been earned and could be
paid. The stockholders have really very
little TO complain of and no investment
holders will desire TO sell out. The earn
ings are in the treasury of the company
and will be paid out TO them some time.
The impression now seems 10 be that the
new rate will be declared at the beginning
of the new fiscal year. The earnings state
ment for the year will probably be public
property today, and it is sure to be mag
nifcent one. The erangers were strong in
the early market. but later declined some
what when the st. Paul dividend was de-
clared Toward the close Of the day there
was a good rally in this group. The
strength of the grangers is considered
good sign Of the underlying strength of
the entire market.
The matter OF most interest in the street
yesterday after the St. Paul dividend ques
tion and the Brooklyn Rapid Transit an
nouncement was the coal roads agreement.
AS many had expected MIR. Morgan and
I others connected with these railroads en-
! phaticaIly denied that any consolidation is
/ in contemplation. Ii seems certain that
the deal is of a less formidable nature.
/ There is, however. no question that a
/ combination of the roads for mutual pro-
lection of interests has been decided on,
I If indeed. it has not gone into effect. The
nature of this agreement and its effect on
! the roads and their securities were matters
j dispITgSn6 In frSt
place it is said that the interstate COM
merce laws and the antitrust laws will
prevent any permanent agreement OF this
| character The record of similar attempts
to combine by the coal roads in the past
is one of repeated dismal failure.
/ AS for the benefit that such combination
] would be there can be no question. II is
estimated that 40 cents ton will be saved
! in mining and marketing coal This would
mean something like $4,000 600 10 the
( roads. Reading would be the greatest ben
/ Gifted because its business is largest Prob
! ably at least 81. 000. 600 would come to this
( road If an operative agreement were kept
for year. And this makes no account of
the increased prices that might be put
/ on coal All OF the roads would gain
largely in earnings and perhaps all go on
( a permanent dividend basis. But this
/ scheme is too clever, TOO much in the
future, in the opinion Of many who have
studied il. Readings many receiverships
and many demands on its stockholders for
money for reOrganizations have made a
large section of the speculative public
pessimistic. The stocks of this group were
strong yesterday, as was TO be expected.
The Union Pacific preferred dividend is
aw r d with some excitement, and some
misrepresentation also. The talk in the
street yesterday was that only IL per
cent viii be declared. There has been a
general belief heretofore that > per cent
would be the rate. II is feared by some
that the lesser rate may hurt the tone
of the market. The Union Pacific Sc
curities. both the common and the pre-
ferred were weak yesterday. If the stocks
20 on much further they look to be a good
purchase on the prospects OF the road.
Pacific Mail was one OF the best stocks
on the list yesterday. II had an advance
of Two points and more from high OPEN
ing. and closed with nearly d point and a
half net gain.
Talk OF an early distribution of stock
at par 10 the present holders Of Metropo =
tan was the cause of a quick advance Of
this stock yesterday. The close was at
246 the highest point for the day.
! The record OF business on the local STOCK
exchange yesterday was fully up TO the
recent average of big days. About 70C
shares were traded in, making more than
$50 900 in value.
Mergenthaler has been advancing in price
steadily of late and yesterday reached 19l
perhaps on speculative buying for the div
! idend.
2 The feature of the days business was the
slump in the price of Metropolitan Rail-
D way stock, which dropped to below 2OC
4 on sales of fifty shares. The publication
D in The Times yesterday Of the fact that
e the deal for the purchase of the road is
8 on, for the time being at least, seems Il
have been the cause of the selling. Buyer,
appeared for all the stock that was Of
e fered however. Capital Traction also de
| clined, perhaps in sympathy with Metro
= politan. The total sales were over Z;
: shares and the last price was 81 IA Co
d lumbia Railway, on the other hand keep!
y well up to the highest prices. A sale wa,
4 made yesterday for lis.
Q The Washington stock Exchange.
c les-Metropolitan r. r., conyertibl,
5 SIS: $l,0o6a 200; Capital Traction: 200