The times., 1901-06-14

! aging than for several days past. and the
! fact that the several developments OF
! interest could not get the public into the
! market is very good evidence that the
/ situation is not one TO arouse much enthu-
/ siasm. London was good buyer of
/ American securities. The Bank OF Eng
/ land reduced its discount rate to per
cent the lowest rate for many months
/ and this was considered the best of in
| dicatiCus that the London bankers con-
slider the financial situation entirely salts
! factory. 1t Is suggested that they may
/ have news not generally obtainable re
garding better condition OF things IN
/ South Africa. If the African gold mines
are To he opened fully the question of
sufficient gold for the worlds commerce
| viii hc settled .eyOud question. ON this
| side of the water there We're dispatches
/ OF most encouTa Eing nature regarding
/ the crop outlook, and the street begins TO
predict that the crops Will be large. If
not record breakers. 1t is, of course,
| early to take any such rosy view.
Among the minor items Of news of the
! day was the statement that the courts
J have decided in favor of the common
/ stock Of the Baltimore and Ohio in the
/ dividend question suit that has been
pending for some time. This had good
/ effect on Baltimore and Ohio common
/ and sent the preferred stock of. natural
! ly- The report of the Western Union
Company for the fiscal year was received
/ with favor in the street. as were various
rumors that may or may not have any
/ foundation regarding this company and
/ regarding an agreement between st.
| Paul and Union Pacific were also re
/ Ceived with favor and caused bulEes in
! both these securities, though conservative
people do not seem to place much faith
/ in them. The Gould rumors were mostly
! only revamps of recent stories.
The St. Paul-Union Pacific rumors
came late in the day. 1t is perhaps for
| this reason uat Union Pacific was
strong up to the very close of the ses-
Ef.. eaA ~ Ily a.
the day, and advanced to 1872, closing at
the top. St Paul advanced from 1909 10
1702s and closed at 40. one of the tales
regarding the relations between the two
systems was that the st. Paul will guar
antee a 6 per cent dividend on the Union
Pacific common stock. Another was that
the Union Pacific people We're very heavy
buyers Of St. Paul. on general princi-
pies the dividend guarantee story does
not look plausible or particularly worthy
of Credence. II would almost neceSsttate
the theory that the St. Paul has been
bought up by the Harriman-huhn, Loeb
q Co, COterie.- and this Is not believed to
be so. The boom in both stocks is looked
upon with skepticism by many people,
despite all the bullish talk that has been
heard regarding them.
The inward movement in Western I'm
ion was one of the features OF the ses-
sion. The stock advanced from 9l44 to
g5Iz and closed At 957s. Western Union
is one Of the securities that Is usually
taken up at the end of boom. Hester-
day il was one Of the SpeclslueS that
are usually brought forward when the
market is dun to help make business. In
any event its sudden burst Of activity Is not
calculated to arouse enthusiasm. me
real basis of the movement IN the STOCK
was probably the annual statement
which was Especially good, and much
better than had been looked for he
company had net earnings for the year
of S6,6l0,oy1. an Increase Of $5ere0A II
surplus after the payment Of the divi
dend was SsfS,Go0 an Increase of $i5IHl
The figures are partly estimated, but un-
dOubtedly are very near the truth. They
show that the company is doing better
than il has for several years past. For
. time it barely earned its dividends, and !
careful people were skeDtcal Of the value 1
of the stock, despite the steadiness with
which the dividend has been paid The |
increase in its profits this year, however, |
is most gratifying
Tie story in the street yesterday. prob !
ably the result Of the movement in the |
stock and not the cause Of II, was that |
the Bell Telephone Company viii guar |
antee SO per cent dividend on Western |
Union. This would suppose that the com |
panies are TO combine. Such comblna-
tion is always possible, but the absence !
of authentic news regarding the ruInor |
makes it probable that there is no truth !
In it this time. The present dividend rate |
on the stock is ; per cent and II has been !
paid more regularly than that OF any |
railway stock on the entire list.
Colorado Fuel and Iron, and the Car and |
Foundry securities were the subject OF /
much comment yesterday. All these Sc |
curities showed strength and advanced TO !
the highest recent prices. The Car and (
Foundry securities and Colorado Fuel and |
Iron. indeed all made the highest prices |
in their histories Foundry common went |
TO 34as and the preferred TO STs. The close !
in each case was near the top. Fuel and /
Iron went tc lI6i- and closed at the top. !
Tennessee Coal and Iron went to G67s and /
lFg NIL. hHIi cd ~
the movements in these securities fore /
shadOwed some disclosure regarding a /
combination Of the companies outside the !
steel Trust, and others thought II proba- |
ble that the movements were entirely pro- |
fessional, and due 10 the dullness in the |
railway list.
Pennsylvania. which was taken up so |
Handsomely on Wednesday, had almost /
dropped back into obscurity again yester- !
day Mr.. keeuC manipulated the stock /
rather vigorously, and II was thought /
that he sold more than ne bought. The |
stock viii Likely have a decline Of point |
one anxious TO invest IN It viii probably /
better wait for q few days.
The Tobacco securities were neglected. |
The abrupt termination Of the manipula- |
ton Of these securities fills the street |
with surprise Quite number Of people /
bought the group At the top prices, and |
are now waiting patiently in order TO sell |
out without q loss.
The announcement was made yester- |
day by the Union Lead and Oh Company |
that in view Of the fact that the Standard |
OIL people have secured controlling in /
terest in the Linsccd Oh Company there |
viii be no merger between the Linsecd |
people and the Union Company. 1t is |
stated that the two concerns viii work in |
entire harmony and that the Union Com |
pany has q large interest in the Linseed. |
Baltimore and Ohio common advanced
from lG91s 10 1l24s, and although it sold
of somewhat at the close it showed an
excellent net gain for the day. The
courts have decided that the preferred |
stock Is entitled TO only 4 per cent divi-
dends, and that the common shall receive |
all dividend paid after that amount. The 1
case may be appealed. OF course For the |
moment il Is a bull argument on the com
mon stock. no matter how much II may |
be doubted that any necessity for the de
cision win arrive in the near future by |
reason of big surpluses over 4 per cent.
Washington stock Exchange.
Sales-U. s. Electric Light, debt. 6's: l.
GOGGLES: Columbia Title ms. Co: 20a4K;
Washington Gas: 27G59&4, 50H59as; George
town Gas: 22HGgi4-buyer 30. 22H69, Mer- |
n. T4.rg |