The times., 1901-05-21

vised by careful people only on sharp re
actions and many conservative traders
VIII sell the most inflated stocks on the
| bulges.
There was little news yesterday and til,
| rumors afoat had little of novelty. Lon
don sold American stocks on balance
Money on call was fairly easy. 1t i:
thought that there may be shipments oil
gold this week as there were last. The
1 earnings statements received during the
uaE, including those of the Southern Rail
way and the Louisville and Nashville all
I showed gainsr There Will be q meeting OF
the Missouri Pacific directors today and il
Is thought by some that action will be
| taken on the dividend question. 1t is au-
1 thoritauvely stated that a 5 per cent lumr
sum dividend need not be looked for. and
! some people go so far as to say that there
! will be no dividend declared at this meet
/ ing. The Burlington stock has been near
! ~ all deposited and the stock will not be
/ traded in on the board hereafter. The
/ deal. therefore. may be considered Vir-
| tually completed. Interest attaches to the
| Erie securities in connection with the
! hill Morgan plans and the course of the
| stock viii be watched by careful people
! for indications that the insiders are tax
! ing them up There was again yesterday
/ the rumor of a consolidation or cOmbina-
/ tion of the Atchison and the Rock Island,
! but the securities Of the two lines did not
! show any buoyancy that would suggest a
general belief in the story.
Missouri Pacific was one of the weak
stocks yesterday. 1t went off something
like two points. The other Gould securi-
ties were also inclined TO weakness. The
break in Missouri Pacific does not suS
Sest any great optimism regarding the
action OF the directors on the dividend
question today. 1t is probable that a div
idend viii be declared in the near future.
and there is no reason to doubt that it
viii be at the rate of per cent per an
mum. A lump dividend is not likely No
official information was available yester-
day The earnings of the company are
making fine showing, something like II
or y per cent on the stock Despite this,
and despite the outlook for a dividend, the
stock looks too high TO buy to many care
ful people. The Wabash preferred stock
is more attractive as. If the Greater Gould
system plan is to be carried into effect,
there is more chance for Improvement in
this quarter. The Wabash is certain to
occupy prominent place in the plan.
The statement made yesterday after
noon was that practically all the Bur
ington stock had been deposited, pur-
suant of the Burlington deal plan. There
was no trading in the stock yesterday.
one or two transactions taking place at
1877, and a fraction. The Erie securities
sold of TO below the closing price of Sat
urday. These securities seem likely to
have some further advance If the general
market is in the least favorable, as there
can be little doubt that the Morgan-Hill
plan includes this system as Its Eastern
extension. The present theory is that
the recent purchases of steamship lines
in the Atlantic by Mr.. Morgan have been
for the purpose of connecting with the
Erie urlington-Northern Pacific-Great
Northern system. There will be some i'm
portant financing to do in connection with
the Erie. The second preferred stock viii
be retired in all probability, and perhaps
the first preferred also. Whether the
first preferred is retired or not 1t is en-
will ha rnrrf on, 4
per cent dividend basis. These facts make
these securities look more attractive than
the general run Of much inflated stocks
The anthracite coalers were strong at
the opening, Reading first preferred max |
ing a particularly good record with an ad- |
vance vance OF more than 2 points. Later the |
group went off with the general market. |
but the close was better than the average. |
There is a fair chance that these secur- I
ites Will be advanced during the coming |
weeks. if the general market is in the /
least favorable. The anthracite trade is /
In excellent shape.
Baltimore and Ohio common was the
feature of the morning, opening with an
over night of three points or so
at 10l. This price was the best of the day
and the stock went off gradually to 104i4, |
the closing and lowest No exclamation
OF the early bulge was given. The stock
looks high above par, and none the less
SO since IT became known definitely that
The Pennsylvania is In control The Penn
sylvania controlled securities have a way
Of selling at lower level compared with
their earnings than the railway list in
The Pennsylvania people are In
elined to extreme conservatism regarding
dividends.
The Steel securities were weak all day |
under what looked like persistent liqui-
1ation. The common broke to 43s4 and
closed at 4S5s- The preferred got as low
as 92A and closed at 80. The New York |
raction securities, regarding which much
0ullish gossip has been written of late
we're also weak in the extreme, Brooklyn
Rapid Transit breaking to below 70, Man
lattan to il4 and Metropolitan TO 165.
There was little recovery in any of the
yroup.
Sugar which was doomed so handsome
Y on Saturday. was reactionary all day
yesterday. closing at 146 the low price Of |