The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-11-14

CHICAGO, Nov. 1s--Announcement by
the officials of the American I.inseed
Company of the possibility that 1t will
pass the dividend on the preferred stock
at the quarterly meeting Of directors in
New York. on Thursday, sent iinseed
prices downward here today. With
in fifteen minutes after the market opened
over 1900 shares of the preferred stock
was Sold causing slump to 10. The first
quotation was As. one point below yes
terday's close. During the same time
the common sold of TO Q.
After its rapid decline to 10 the pre-
ferred stock rose more gradually and
touched IS. receding afterward, at the
close, TO 45ls. This Is loss from the
first price on the morning after election
of 1o%. The bottom price today is the
lowest the preferred has reached since
the company was organized. The cios-
ing price Of the common was ~ below
the opening quotation when the election
boom for stocks started. last week.
The sales of the preferred stock today
aggregated q .3S3 shares and of the COM
mon 2,eil shares. The Tribune tomorrow
will say:
s'All talk regarding the company CEN
tered about the dividend. and according
to ths best-posted men IL was too early
TO say whether u would be passed. Ihe me
lieved to be In favor of passing II. ana
using the money to add to the working
capital while the New York interests IN
the company are understood TO favor the
paying of the regular quarterly rate OF
2I per cent
Company Needs Money.
THAT the company needs the use Of
money to aid II In handling the hax-
seed crop this year IL not questioned
since its formation tho company has
not been a heavy borrower of money on
fiaxseed but apparently lacks enough
ready capital now.
what the companys position on the
faxseed market Is none but the officials
know positively. II was reported that
instead of being long on the crop, and
having made good deal OF money out OF
the rise in flax. MS has been intimated
frequently. the company has been short
of the market, or was until recently. Ine
r,iu,or is that the British oil and coke
mills had bought flax here AT S.4o. from
the American company. and that the lat
ter concern. being unable to deliver u
later. was forced 70 buy on q rising scale Ale
credited, however. by leading financial
Talk of Dissen.ion.
s'The reports OF dissension in the board
OF directors OF the company current last
wesg were swept aside by the more Sc
rious ones regarding the dividend on the
preferred stock. and the result of The fail
In the stock ! y nndsaNlooa ,. INA, ,snr ,nvas
several OF the directors for some time re-
gariinr the advisability OF paving diyi-
d4nds on the preferred stock at this
time The company claimed its ablhty
LAST wear to control the price of fax
aeed. vet at the last meeting the Lack
of working capital was the subject Of dis
ru<ston by the directors. This = Que 10
ne high price at which iaxseed has been
seiitng during the present season.
Chicago stockholders ot the com.
uany Who are many. fail 70 understand
the undertaking course OF the STOCK down
- aSft-laIs -taifn that more money Is be-
tra made than ever before. The com
u1nv a said to have on hand iarxe
amount of fsaxseed. and also OIL which -
- the face ~ these statements the sfnf
rnt nfd enough yet TO ne marketed We;
mas gone an down. and insiders " ne
cnmnanv have done part of The selling