The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-10

lStlc HaNemeyer resolution that may re
construed to suit anyones views. but
which. on the whole. is not cheerful. A
! break in prices at the close was said to
be due to the illness of President Me
Kinley, hut to many II looked very like
| an attempt on the part of the bears to
! get prices down az little for the purpose
[, of covering.
The Sugar Trust resolution was the
most interesting news of the day, though
| it cannot be said that any light is thrown
on the Sugar situation by 1t. Its word
| ing is as follows:
Resolved That accumulated profits. les divi-
| dends which have been declared up to this
| time including dividend of January 3 1901. be
] reserved working capital less such amount as
directors see fit from time to time, 10 declare
as dividends.
Resolved That stockholders rstify and approve
action of directors in management of company S
business and conduct of its officers generally down
to this time.
| 1t will be seen that the ostensible mean
| ing of the resolution is that the directors
| do not bind themselves to any rate of
| dividend in the future. They propose to
declare such dividends as they see fit.
The wording might be paraphrased as fol-
| lows:
Resolved. That the directors will see fit to de-
and that they Will fit to declare It at sueh
time as they see fit to declare it.
If one believes that the sugar war is
! over, and that the trust is making money
more rapidly than ever before, such a
decision by the company should be con-
strued as most encouraging. If, however,
/ there is to be a new war, more virulent
/ than any heretofore, the situation is much
/ less pleasant. AS usual, il is the public
do % guessing and in
slider that will reap the reward.
The feature of the market was the
Gould stocks. which made an advance
equal in important and startling charac-
teristics to any that has been seen up to
the present time. Even St. Paul has hard
/ ly shot up more rapidly at any time in
its wild boom than Missouri Pacific did
yesterday morning. The low price on Mis-
souri, Pacific on Tuesday was IS and the
high price yesterday 81. The close was
at So 1-s, the highest in many years. At
the same time with this advance Mis-
souri,, Kansas and Texas doomed up to so
and Texas Pacific to 90 1-2. Both closed
off somewhat from the highest. Western
Union buleed up to Sc SIS, according to
the tip floating on Tuesday night. The
explanations of this buoyancy of the
Gould stocks were numerous. 1t is highly
probable that Missouri Pacific will receive
a per cent dividend, as its earnings have
been increasing steadily and are now well
in excess of such dividend. This is
real reason for optimism regarding the
stock, but it alone would hardly account
for such a big advance in 1t. One of the
stories yesterday was that the Rockefel-
Ter interests are heavy holders of all
these securities, and that they are buying
more stock rather than selling out what
~ ~fa I1v~ mi. lacf
mer. Another story is that Russell Sage
is telling his friends to buy. Perhaps the
simplest and most satisfactory explana
ton of the advance is that there was a
heavy short interest, and that the insiders
saw a chance when the general market
was strong to force this interest out. The
boom is not one to beget confidence in
Missouri Pacific on general principles.
Louisville was very strong with a sharp
advance to 81 Ia and close at 80, well
above any previous high price. Dividend
talk is given as the reason for the
strength of the stock. Mr.. Belmont is
credited with having said yesterday that
IL per cent will be paid for the half
year. Another story is that there will
be a regular dividend of 2 per cent and
an extra of 1 per cent. The outlook at
the close yesterday, seemed good for a
further advance in the stock, if the gem
eral market is in the least favorable.
The grangers were erratic. but on the
whole strong though the best part of
their gains were lost in the last half
hour OF the day. Rock Island sold as
high as 128 and closed at 126 3-S. Bur
lingtcn as high as AZ I-2. and closed at ,
145. and ST. Paul as high as 159 ga and /
closed at 157 IL. Atchison preferred |
went up to so is and closed at So IA |
Unless there is a calamity" one of the |
most important brokers in Wall Street |
said last night, st. Paul will continue |
to advance and will get to a much high /
er level than any yet reached. The |
plan is to put it to 175." The same may
be said of Burlington and Rock Island. |
II is probable that even a calamity would |
hurt Atchison preferred very little and !
that it will sell at par shortly. II is the |
cheapest railway stock on the list meas
ured by its earnings and dividends.
Northern Pacific common. only recently |
put on per cent basis, and Missouri
Pacific only now hopeful of dividend of
per cent, are both selling at very nearly |
the same level. II is a fair estimate that
they are not worth as much by $25 a |
share.
The movement in Pacific Mail does not |
begin with the promptness that was hop |
ed for, despite Mr.. Hannas alleged state
ment yesterday. that an extra session |
will be called if need be to pass the Sub |
sidy bill.
The steel securities and the New York |
traction stocks all had spurts during the !
day, but they declined before the close. /
The Tip" is persistent that Manhattan |
will have sharp advance in the m |
mediate future.
Washington stuck Exchange.
Substituted States Registered 3's $500 |
a l09 1-2; United States Registered As. /
$490G113 81; Columbia Railroad SIS. 81 coo /
a 1903 Ia Washington Gas AS $l,OOOGil5. /
Washington Loan and Trust Company, ga /
163; Capital Traction l55M lO4 IL Gu /