The evening times., 1900-06-13


'Ex-diyidend, per cent
a sharp and welcome revival occurred in
the stock market this morning. LOnCOn
was buoyaEJ and there was good buying
Of Americans Tor that market On this
side uEler the stimulus Of this buying
there were some commission purchases
ana the shorts covered heavily, the latter
being the more effective factor in the sd-
vance tnaJ followed Prices during the
first hour advanced from point 10 two
pCiLts or More from the low level of yes
terday. There was nothing in particular
in .he news to cause the change OF tone
and there is no good reason to expect that
the revival VIII be more than a temporary
0ne, as all the recent movements Of the
market up and DOWN have been. under the
manipulation Of the professionals. Ii is
possible that there may be q gradual ad-
Vance from now until the Republican Con-
vention. but even this is not very devOut-
ly believed in by the general professional
element II the course of time there is 20
De good strong advance, sustained and
Important. in accordance with the present
business conditions which warrant much
optimism. This may come in a month or
lwo, or not until after the election Stocks
bought On the decline should be profitable
Investments TO hold until this boom comes.
J. p. Morgan is in New York after his
rip TO Europe to confer with the foreign
5nanciers. 1t is not unlikely that during
the next few days or weeks Wall Street
may see lJ.POrtaDt results of these cor
lerencss. 81 the moment the Street is in
ierested il what Mr.. Morgan will wish re-
garding the Northern Pacific, common
stock dividend. The meeting CT the diree-
tors Of the company has been postponed
from today 10 Friday in order that he may
have a chance to indicate his views Some
people talk confidently still of the per
cent rate on the stock and others assert
that hints from insiders seem to diseour-
age these rosy expectations.
All Of the granger securities were tive
and stronger this morning.
The Government crop report indicates
q yield Of wheat of $40 900. 900 bushels,
which is about 7O,0OOoOO bushels better
than last year. Good rains in the North
west would increase this estimate by sew
eral million bushels. 1t Will be seen that
the granger hnes and the Pacific lines
that haul mucli grain viii have plenty OF
this business this year from all indica-
tlOns. The bears have simply sprung their
usual wheat scare story with rather less
than the usua foundation. For this rea-
son the gTaTgers which have been sold
off badly on the bear talk, from level
already TOO low should be a good purchase
now. The st. Paul statement for the first
week OF June shows a decrease in gross
earnings of approximately 500. 600. This
makes II probable that the gross earnings
OF the line viii not Increase quite 81 ,000-
coo this year AS TO the line not doing
a good business that of course is fool
ish suggestion. II is earning more than
double the dividend requirement of the
common stock.
A dividend of l-2 per cent has been de-
elared on Great Western preferred "a"
stock, the fun dividend.
As TO the Atchison situation at present.
II is hard to conceive of a better The
company is earning about 10 per cent on
the preferred stock. or many millions of
dollars in excess of the amount necessary
for the per cent dividend. The Kansas
wheat crop. from which it derives a large
part OF its revenue. will, according to
present Indications. be the largest on
record. Atchison preferred advanced to
above ~ this morning.
The regular quarterly dividend Of l 4
per cent on Western Union Was
declared yesterday. There was tax
of the possibility OF lower
dividend, and it is known that the
earnings Of ths company are far less able
to support a per cent rate than the earn
ings OF some of the railways, whose Sc
eurisiss are selling at lower prices.
The statement OF the Colorado Fuel and
Iron Company is q most interesting one
The April net earnings of the company