The times., 1901-06-07

reduced Z Of l per cent to 3iA. and the
| London market which had before beer
| some what dull. lyened up as result
! American securities were both bought
! and sold, and the balance of business IN
| these securities was not large either way
! In New York early trading was in1-'-
| enced by London purchases and by a tirsi
| impression favorable to the Rock Island
matters. Later there were stories OF
| crop damages in various Western States
/ and the professionals quite generally
! turned bearish FOR a time. The close of
| the season saw a slight rally in most Sc
! curities.
| Rock Island at first advanced. reaching
| 155 after closing on Wednesday at III.
! Later it dropped TO 10 and closed at the
/ bottom, more than points off from the
! top level The Rock Island issue of new
stock will be SlUuh.Un and each stock
! holder viii be entitled To- receive 20 shares
/ 1t par for every 100 shares held by him.
/ II viii be seen that with the stock at l3l
| the rights are worth Il. On the surface
| il would seem that the stock should have
advanced quickly TO above $50 instead of
! tumbling on such news As a matter or
| fact. the insiders have had advance news
| of the issue for several days. and the
| thing has been pretty thoroughly dis
| counted. AZ 10 the real worth of Rock
Island being any greater for the new
issue there can be but one opinion. There
will be ~ per cent more stock to pay diVi-
deuds on. and the CHARGE of an increase
in the dividend rate is leSSened exactly
SO much. The stock looks entirely too
/ high to many careful people
The Southern Pacific people had a
meeting yesterday and failed to take any
action on the dividend question. The
stock then tumblCd from 623s 20 5gls and
closed only fractionally above the low
| price. There is no particular reason for
/ expecting a dividend on this stock except
that Union Pacific, the controlling inter
est, may wish to pay itself something on
its holdings. But perhaps this can De
done in other ways than by the straight
declaration OF a dividend, as by divertiHg
Southern Pacific business to the Union
Pacific, for instance. - The stock looks
high at 60, and it would be sold rapidly
except fer the uncertainty as to what the
harmony Hpans will be. on the whole it
looks a better sale than purchase, any
way.
None of the securities involved in the
harmony plans had important movements
in either direction. St. Paul was weak,
with a break from high price of 1I2%4
to a low Of 1885, and a close at 169A The
weakness here was probably due largely
to the crop damage stories rather than TO
any developments in the harmony plans.
Union Pacific was weak, getting at one
time as low 1892, and closing at 1875,
the opening having been at H.
The Atchisons were fairly strong. The
street seemed to be favorably impressed
by the election Of two Morgan men to the
directory Of the company. This election
suggests strongly that the Morgan party
is still quite in trim If not on top In the
fight for harmony" Atchison common
is selling at a price not warranted by
the business of the company.
AmaIgamated Copper was weak, break
ing at one time TO 1872. and closing less
than a point above that level The street
heard the opinion early in the day that
. laHa h IL an no
absorption Of the other copper com
panies were not worrying the AmalSa-
mated people, but this did not help the
stock when the general decline began. 1t
is said that the present proposition is to
pay > Is shares of Amalgamated for
of Boston and Montana. and l-3 shares
of malgamated for one of Butte and
Boston.
Des Afoines and Fort Dodge stock has
been advanced well recently. This com
pany is leased by the Rock Island and the
lease will expire in about four years Al
ways in the past when there has been
any activity in the stock it has been
whispered Immediately that the Rock
Island people were getting ready to buy
in the line and issue new Rock Island
stock in place of il. Some such plan may
be under consideration now. The stock
is not a very large block. and only small
portion OF the new $lO,0Vo,Oc1 Of Rock
island stock would be required to take it
all up.
Rumors Of an increase in the Louisville
and Nashville dividend from TO 6 per
cent were responsible for an advance in
that stock while the general market was
going off. The price reached as high as
lO45z at one time Even . per cent
basis the stock is considered fairly at
tractive by many conservative people 1t
looks much better than Union Pacific on
a per cent basis.
The steel issues held their own and
closed with fractional advances Many
brokerage houses are adyis-
ing their purchase.
There IS good buying Of Chesapeake and
Ohio. and an advance in the price seems
not improbable The present level is not
inflated.
Washington stock Exchange.