The Washington times., 1901-07-19

I a 4 y
| again yesterday. and at the close many
| securities were from 5-to 10 points above
the level of Wednesday morning. st.
Paul and Union Pacific. especially. were
buoyant in the extreme. while many
other securities of companies less affected
by the community of interest news were
soaring in most encouraging way. me
general list was strong all day. The news
OF this deal is undoubtedly of the ut
most Importance, and no surprise should
he felt that under its influence the street
| should diSrC gard, for time At least. the
fact that the drought in the West and
| the steel strike are still dismal factors
| in the situation. 1t is probable that the
announce emcnt of this news was the turn
ing point in the market. and that the
lowest prices of the summer have been
reached. The probabilities are that the
gradual tendehcy of prices IN the future
| vii! be upward. ana that stocks bought
on the declines will show good profits
before many weeks have passed.
Caution is advised. however, by care
ful people. The market is of such
nature that fluctuations of Importance
| are more than likely. The crop news is
! undoubtedly bad. Dispatches yesterday
reported rains in many localities, but not
such big downpour could be said to
| end the drought. The corn crop will be
eurtailed lla d, in n many localities 1t may not
| be 1,IH,U1J,0D bushels all told The strike
| news, too, is not encouraging as far as
| any outlook for an early settlement is
| concerned. These matters are likely to
| i'NtIll any runaway Duli market LOT
present. and they may cause a sharp re-
| action in prices at any time. Money con-
| ditions are satisfactory. The bank state
| mt mt this week will make a good show
| ing, it is said. The Bank of England did
| not advance its rate yesterday, and eN-
| change rates are satisfactory. Call
money was easy yesterday. 1t is entirely
! probable that money will be easy for a
month to come, and that if the insiders
| wish to make bull market between now
! and August Is, they will not be hampered
| by money conditions.
The latest gossip regarding the COM
munlty or interest plan is that 1t con-
| templates the early declaration of divi-
| dends on securities that have not been
dividend payers. as far possible. and the
| advance of the dividend rate on other Sc
| curities. 1t is said that this method will
| be adopted for the purpose of making the
| plan as important possible in the eyes
| of the public, and to give the entire West
ern railway situation most prosperous
| appearance. The Burlington dividend has
| been raised to per cent it is pointed out,
when many people would not have con-
| sidered such dividend warranted by the
earnings of the company. The Missouri
Pacific has been put on a per cent basis.
In the same way it is suggested that a
dividend of per cent is likely on Union
Pacific and an advance of the dividend
rate on the St Paul to or per cent.
There is even talk of dividend for South
ern Pacific. This plan of declaring divi-
dends wherever possible will. ii is
thought, induce the public to buy these
securities at the best possible prices, and,
OF course, ii is this end that the insiders
| have in view as the ultimate result of
| their operations. However much this may
be true in a general way, it is probable
that too much attention should not be
| paid to Il in particular cases. There is
| no probability that there will be any diYi-
| dend for the Southern Pacific at present,
| despite the fine earnings of the company.
Some people are inclined to doubt very
much if the st. Paul rate will be ad-
vaneed to : per cent. For the present it
| may be assumed that Mr.. Morgan and his
friends will think most of making q good
showing of earnings for the companies, of
perfectlng the community of interest plan
practically. They will declare dividends
when they are earned and when the ac-
tual business of the companies warrants
them. The outlook for their plan in this
real and substantial way is certainly ex-
The next development in the big har-
mony plan is likely to be the announce
ment of the Greater Missouri Pacific con-
solidation. This plan has been under con-
sideration for some time and it is under
stood that it has been formulated TO the
satisfaction of the various interests in
volyed. Its announcement will logically
follow that of the adjustment of affairs
in the Northwest. One of the tips yester-
day was that the Goulds and the Rookie
fellers would make an announcement this
week or early next week. II is thought
likely, however. that a formal announce
ment may be postponed for policys sake
for fear that such a bull item of news
may be needed more In the market later
to offset bad crop or strike news. At the
same time some of the best informed peo
pie are buying the Southwestern securi-
| ties in the expectation of an early good
advance in prices. II may be suggested
that a number of these securities look
fairly attractive on the basis of earnings
and dividends. or dividend prospects
alone, at the present time. Missouri Pa
cific does not seem TO be selling at too
high a level. The st. Louis Southwestern
securities look cheap. The Missouri. Kan
sas and Texas stocks represent a property
| that has been making fine showing dur
ing the past year and they cannot be said
to be selling at exorbitant rates.
There is much buIiish talk regarding
! Union Pacific. The rumor of a per cent
dividend is heard repeatedly and it is
said good authority that the insiders
have been buying the stock during the
past two days heavily. The earnings of
the company have been entirely satisfac-
tory and the price level does not look too
| high even after the big bulge Yesterday.
| AS to the dividend, nothing official is said,
I however.
! The declaration of dividend of IL per
cent on Erie first preferred stock was one
| of the most important pieces of news yes
| teriay. The news was received differently
! by different people. II was pointed out
| by the bears that there has been talk
| of a per cent rate, and further that even
/ the per cent rate is not made annual.
/ no stipulation as to a regular disburse-
ment being made The bulls on The Erie
I securities We're content with the fact that
! a dividend has been declared on a stock
I that has not received dividend before.
( There has been some gossip of 1 per
] cent rate and it is possible that the larg
er disbursement would have been declar-
ed if it had not been for the strike of the
mine engineers at this time. Whatever
the rate may be. the company Is making
fine shaving of earnings and the money
/ will not he lost Friends Of the company
state that the outlook for the preferred
and for the other securities is excellent
( They hint that the Morgan-HiIl plans con-
/ template excellent things for the com
pany aside from what has been disclosed
/ up to the present time One story recent
! ly much heard is Of the retirement of the
! small amount of second preferred stock.
/ There was a tip yesterday that Norfolk
4 and Western and Chesapeake and Ohio
arc likely to have a good further advance
I in the immediate future.
| Sugar vas advanced TO a new nigh price
| yesterday and the friends of the stock
| talk confidently of the outlook for fur
! ther advance.
| The Steel securities were dealt in heavi-
| ly. but did not move over very wide
4 range of prices They are being supported
| stUrdily by the Insiders and ii is not prob
/ able that they Will be allowed to 20 much
/ If any. lower. On TIE other hand if the
| general market is coed il is fairly proha-
/ Bile that they will be advanced MIR
! keene's contract with the insiders un-
! doubtedly calls for better prices for
I the stocks than those ruling at present
The New York Curb Market.
NEW YORK, July 1s.-The outside mar
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