The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-04
RAILWAY SHARES IEAD
Baltimore and Ohio Common Stock
Advances Sharply.
The Price Rises Above That of Pre-
fcrrcd-Reports That Holders VIII
BE offered Valuable RiShts-fe"-
eral steel Declines Four Joints
The Industrial Quarter Unsteady.

NEW YORK, April 3.-The stock market
throughout the forenoon had an uncertain
and rather unsettled tone, chiefly in sym
patty with the Industrial quarter, where
some severe declines took place. Federal
Steel was the conspicuous feature Of that
quarter, breaking 1 points.
This mornings announcement in respect
to what the holders OF the common stock
may look forward to in the way OF divi-
bends in the current calendar year proba-
bly, accounted for the heavy selling in
that instance If it had been the inten-
ton of the management of the company
to alter its constitution so as to permit
OF the payment of dividends on the com
mon coincidentally with the payments on
the preferred it is rather remarkable that
they did not undertake the necessary steps
in time. As it is, however, the Federal
Steel common stockholders have probably
got to wait until December, as they did
last year, to learn TO what extent they
are to share in the company's profits. The
other steel industrials were likewise de-
pressed during the weakness in Federal
Steel but aside from that stock and Sugar
Refining the industrial quarter was not
conspicuous IN the utdlinSS.
Sugar Refining was notably strong and
active. the purchases in that instance be-
ing apparently based upon yesterdays
sharp break in the raw sugar market,
which. of course. tends to introduce some
margin of profit between the raw and the
refined article.
The railway list again enjoyed firm
undertone and with the course of the
day there were a number of sharp ad-
vances in that quarter of the market.
The conspicuous features of the railway
list were the New York Central, Pennsyl-
vania ST. Paul. and notably Baltimore and
Ohio common. The rise in the last named
was noteworthy particularly inasmuch as
the stock advanced materially above the
preferred Ii is understood that the com
pany has recently disposed of its remain
ing treasury common stock, but little else
that was definite attended its remarkable
advance. Other firm features of the mar
ket were General Electric, Western
Union. Tennessee Coal and Iron and local
traction shares.
There were published in the course of
the day a number Of interesting traffic
statements for the month of February.
including that of the Burlington and Quin-
cy company. and the strong showings gen.
orally made We're doubtless effective in
the strength shown by the railway list
at large. The completion of the April in
lerest disbursements notably those of the
Government was followed by an easy
money market. Sterling exchange condi-
lions were not essentially altered. and the
day was otherwise devoid of developments
OF general Importance.
The unsetting effects of the deferring Of
the Federal Steel dividends wore away
completely with the course of the day and
the general market developed aggressive
strength and activity. The anthracite coal
shares. with the Reading issues in the
lead, were conspicuous. The ease of mon
ey and the probabilities of an extremely
strong bank statement az the close Of the
week were referred to IN connection with
the markets tendency. Baltimore and
Ohio retained its leading position in the
market with reports current that val
liable rights would be offered to the stock
holders in connection with the sale of
the treasury stock noted above