The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-04

yesterday afternoon it was said that it
would occur today. The Rockefeller hold
ings Of the stock Of the company are to re-
ceive representation OF the directorate
when the meeting occurs. II is now stated
semi officially. too. that a dividend will be
paid on the stock in the near future.
though probably not this week Missouri
Pacific was steady yesterday all day, but
made no net gain. The other Pacific Sc
curities refused to decline on the passage
II the Canal bill by the House. perhaps be
cause many regard the bill as a iockeying
measure to get votes in the coming cam
paign. and not TO become a law. There
is now very little doubt that Union Pacific
viii be put on a 3 per cent dividend basis
Immediately. Probably later in the year
1t will receive per cent Six per cent
at least, is being earned, and per cent
could be paid now, with a good surplus TO
spare.
Sugar was the most active security on
the list. but its movements were not re-
markable in any way. II advanced TO III
at one time and then sold off TO 1l3 II.
The close was at ia 1-2, with a net loss OF
two points for the day. There is support Of
the stock at all times, and 1t seems ex-
tremely probable that some progress is be
ing made toward a settlement OF the war
in the trade. If an announcement Of
settlement Of the war is made at any time
in the near future it will be a strong in
centive to a bull market.
st. Paul is selling below panic prices.
Rock Island is around the lowest level
OF the past two years. with the one excep-
ton of the panic price Of last December.
And yet St. Paul is continuing to increase
its gross earnings at the rate Of almost
500 600 a week. The total increase OF
gross for the year will be more than
81 100000. If the cost Of iron and steel is
cut during the next two or three months
the company will be able to show much
better net earnings than have been the
rule during recent months. At present
the earnings are at the rate of more than
10 per cent on the common stock. 1t
would seem that the grangers should be
among the first to advance in any good
market.
The steel securities were stronger yes
terday than any other day recently. Ten
ncssee Coal and Iron sold as high as so
and closed at 20 1-2, with a good net gain
for the day. Federal Steel common ad-
yanced to II and closed at 40 1-2. Steel
and Wire common was bought by insiders
apparently, and at any rate received good
support and made a good net gain for the
day. The talk that Mr.. Gates will resign
his position in the wire company is again
heard. despite his brave assumption of in
nocence regarding the scandal in the af-
fairs Of the company two weeks ago. 1t
would seem that il is very near the time
for a good rally in this stock and in sew
eral others Of the group which have
been affected entirely too much by the
Wire robbery.
The figures of the Lake Shore and Mich
igan Southern statement for the year
which ended December 81 are most fiat
tering They should have a good effect
on the Vanderbilt securities generally.
The gross earnings increased 1873 per
cent and the net earnings IA per cent. The
freight traffic was the largest in the his
tory Of the company.
The Norfolk and Western statement for
March is attracting much attention among
careful market people The company
made the finest showing ever made in
March. The offerings Of the company
for the first three-Quarters Of the year
indicate that in addition to the full divi-
dend Of 4 per cent on the preferred stock |
there will be at least 1 per cent earned |
on the common stock.
Reading first preferred was sold off yes
terday morning on the statement pub |
that the new Independent anthracite line |
viii receive support from all the coal |
people not in the coal combine. Late In |
the day there was support of the stock |
The anthracite lines generally do not |
seem N fear the now ron1pe+itfon much