The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-13


NEW YORK. March 12.-Today's situa-
tion was replete with incidents Of i'm
portance to particular securities but very
little of general weight developed with
the course of the day Interest was again
keen regarding The possibilities of the
money market, but, as was the case yes
terday. borrowers had no difficulty what
ever in obtaining accommodations for all
periods at virtually unchanged rates.
Little positive information was received
from the anthracite coal regions regard
ing the deliberations of the miners CON
vention in session there, but notwith-
standing the reassuring indirect reports,
the anthracite coal stocks did not partici-
pate in the frmness appearing in the
market at large.
At the opening of business the usual
transient effect Of the higher range of
prices for American stocks shown in
London was apparent, but on balance
the dealings here for foreign account re-
suited in the sale of some 1900 shares of
stock. a circumstance altogether ignored.
The selling by commission houses on
the advances occasionally scored fur
nished the chief supply of stock during
the day, and here may be cited one of
which has been present in the market,
certainly since the advance following
upon the election set in.
Taking the market in its various sec
tions. il may be said that the movements
among the industrials and the speclalties
were irregular, that the traction STOCKS
were decidedly strong, and that the ran
way list for the most part, was likewise
firm Conspicuous in the industrial quar-
ter We're American Tobacco and United
States Leather the first named advancing
with special rapidity.
Smelling were rather heavy. good uedl
of unwarranted confusion of mnd ap,
pears to exist in regard to the dlVloeh9
declared Yesterday on American steer anu
Wire common. but the uncertainty lelt
simply shows that the circular issued py
the managers of the steel amalgafa tloi
was not attentively scrutinized. II Is
therein plainly stated that Deposited
common stocks must carry al ulNlueIIuS
or rights to dividends declared or paya-
BILE on or after March ], 1901, ana no al
justment or allowance VIII De Haue III
respect thereof"
Put in another way, an individual hav-
ing deposited his holdings in common
stock of one of the old companies ceases
by that fact to be shareholder therein,
and becomes. in effect, the holder OF a
trust company receipt, eXchangeable later
on for the shares of the United States
Steel Corporation, upon the terms set
forth in the plan of merger.
There was nothing whatever ambiguous
in the circular issued, hence it seems
strange that there should have been so
much uncertainty as to who would be
the recipient of the dividend on Steel and
Wire common. Holders of the stock not
participating in the consolidation will, of
course, receive any further dividends de-
clared, but those who have participated
in the plan have cast their fortunes with
the United States Steel Corporation.
The most conspicuous movements among
the specialties were in Amalgamated Cop
per which was rather reactionary, and
In Consolidated Gas, which was firm. The
upward movements in the local traction
group, and perhaps in Consolidated Gas,
appeared TO be again based on the belief
in beneficial notifications in the fran
chise tax law.
In the railway list noteworthy advances
were made in Burlington and Quincy,
Missouri Pacific, Texas Pacific. and in
deed, the stocks of the Southwestern
Railway companies generally. The adj
vance in Missouri Pacific was logically at
tributable to the magnificent showing the
company made today in its annual report
for its fiscal year. Specifically, the
statement showed earnings equal TO IL
per cent on the stock, but an additional
amount, equal to fully 2 per cent, was
actually earned in the year. The advance
in Burlington was the strongest feature
of the granger group.
In the last hour material recessions were
scored throughout the list on heavy profit
realizing sales, which Were not however
attended by any untoward news or devel-
opn1ents