The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-31

NEW YORK. Jan. 30.-From a specUla-
tive point of view. it might be said that
today's stock market was occupied by
dealings in an unknown quantity-the So
called st. Paul deal" Inasmuch as yes
terday's conferences were apparently
fruitless, it is thought that interests in
this stock might consider their invest
ment good from the simple standpoint of
earning power and dividend possibilities,
aside from any question OF leases or guar
antees.
Authoritative figures published today
show that this road earned in 1906, some
thing more than Is per cent on both class
es of its stock. Such an exhibit might
readily account for the indispositiOn of
the controlling interests in the property
TO lease II on the basis, which, accord
ing to general notions, WIS a guarantee
of 1-2 on the common stock and Z IL
on the preferred.
Under the dominating influence noted.
the dealings in the railway department of
the stock market showed unusually irreg-
ular changes. Logically, or otherwise,
according to the point of view, St. Paul
and Northern Pacific were depressed on
the noted disappointment that the road
was not TO be taken over on a dividend
booAS vi less ALdH HAL lQdl IL mas 6HFtltu.
Some Of the more striking movements in
the railway list were in the Atchison
shares, Southern Railway common and
preferred, and Rock Island.
The last named stock enjoyed note
worthy advance on reports that the man
agement would in March next declare an
extra dividend on the stock. The higher
priced issues were strong. notably for
New York Central and Pennsylvania
4. 81
ings in Louisville and Nashville, but in
that instance nothing aside from invest
ment considerations appeared TO be eff
fective in the trading. The Erie and Read
ing issues were somewhat reactionary
with no particular gossip attending their
course.
No surprise was expressed at yester-
days action of the Steel and Wire man
agement in suspending at least temper
arily, all the dividends on the common
stock. Indeed il would be difficult to con-
lecture any action the management might
take which would surprise the speculative /!
community The comparative steadiness !
of the stock during the greater part of the !
day suggested that the negative procedure |
regarding the dividend was taken with an |
eye on the stock tape. as indeed. IL is |
generally thought that every development |
in Steel and Wire affairs is ordinarily |
done
There were no other movements of
special Importance In the industrial |
group, wherein the fluctuations were as
irregular as those in the railway list. |
Among the specialties Consolidated Gas
was rather heavy as were the copper
stocks. while Peoples Gas was decidedly
firm.
Uncertain tendencies prevailed in the
local traction group. among which Man.
haitian Railway was the feature in re-
spect to activity. Speculative Wall Street |
appears 10 have abandoned the idea tina
any immediate deal is on foot in respect |
10 this property.
As in the case of St Paul, the dismissal
OF these notions will probably make for
greater stability of market values. That
the traffic Of the Manhattan Railway Com
pany is Increasing to a noteworthy extent
should be apparent TO any resident of this
borough, and after the forthcoming cleo
trical operations of the line a very strik-
ing I'm provement may be expected to the
casual observer.
The sooner Wall Street recognizes that
the final market values OF securities are
determined solely by their earning power.
the better ii will be, both for the stocks
concerned and the spectators in them
London houses were fairly large buyers
in this market after a lower range of |
prices was sent in from the English mar
ket. The further engagements Of gold for
export announced today did not appear 10
affect the speculation. nor was any par
ticular attention accorded to the traffic
returns submitted
The money market continued exceeding
" easy.