The times., 1901-03-13

An Element of Strength Given the
Market ny Easy Money Conditions
-RcceSsions Toward the Close on
Account of "a Rush to Take Profits
NEW YORK. March 12.-Today's situa-
tiou was repete with incidents Of i'm
yortauce to particular securities, but very
little of general weight developed with
the course of the day. Interest was again
keen regarding ihe possibilities Of the
money market. but. as was the case yes
terday. borrowers had no difficulty what
ever in obtaining accommodations for all
periods at virtually unchanged rates.
Little positive information was received
from the anthracite coal regions regard
ing the deliberations Of the miners con
vention in session there, but notwith-
standing the reassuring indirect reports,
the anthracite coal stocks did not partici-
pate I'm the hrmness appearing in the
market at large.
At rhe opening of business the usual
transient effect OF the higher range of
prices for American stocks shown in
London was apparent, but on balance
The dealings here for foreign account re
suited IN the sale Of some $1,000 shares of
stock. q circumstance altogether ignored
The selling by commission houses on
the advances occasionally scored fur
nished the chief supply of stock during
tn day. and here may be cited one Of
the chief elements of technical strength
which has been present in the market
certainly since the advance following
upon the election set in.
Taking the market in its various sec
tions. il may he said that the movements
among the industrials and the speclaiues
were irregular, that the traction stocks
were decidedly strong, and that the ran
way list, for the most part was Llhe"Ast
firm CONSPICUOUS in the industrial quar- :
ter were American Tobacco ana Cnlltu
States Leather the first named advancing
with special rapidltN.
The steel industrials and American
Smelling were rather heavy. A good deal
of unwarTanted confusion OF mlhd aP-
pears to exist in regard to the ulNtatle
declared Yesterday on American steer SIlu
Wire common. but the uncertainty leII
simply shows that the circular issued py
the mana gers of the steel amalgaiha non
was not attentively scrutlnlZed. II II
therein plainly stated that Deposited
common stocks must carry all dlNldehuS
or rights TO dividends declared or pay d
ble on or after March ], 1891, ana no aa-
justment or allowance VIII be mace III
respect thereof
Put in another way an individual hav-
ing deposited his holdings in common
stock OF one OF the old companies ceases
by 1nat IaCI TO pc SIdItLoittl tA4tA Sliis
and becomes, in effect, the holder OF a
trust company receipt, eXchangeable later
on for the shares of the United States
Steel Corporation, upon the terms set
forth in the plan of merger
There was nothing whatever ambiguous
in the circular issued, hence II seems
strange that there should have been so
much uncertainty as TO who would be
the recipient of the dividend on Steel and
Wire common. Holders Of the stock not
participating in the consolidation viii, of
course. receive any further dividends de-
clared. but those who have participated
in the plan have cast their fortunes with
the United States Steel Corporation.
The most conspicuous movements among
the specialties were in Amalgamated Cop
per, which was rather reactionary, and
in Consolidated Gas, which was firm. The
upward movements in the local traction
group. and perhaps In Consolidated Gas
appeared to be gain based on the belief
in beneficial notifications in the fran
Chise tax law.
In the railway list noteworthy advances
were made IN Burlington and Quincy,
Missouri Pacific, Texas Pacific. and in
deed. the stocks Of the Southwestern
Railway companies generally. The ad-
vance in Missouri Pacific was logically at
tributable to the magnificent showing the
company made today in its annual report
for its fiscal year. Specifically, the
statement showed earnings equal TO -
per cent on the stock but an additional
amount, equal to fully per cent. vas
actually earned in the year. The advance
in Burlington was the strongest feature
of the granger group.
In the last hour material TeceSsions were
scored throughout the list on heavy profit
realizing salec. which We're not. however.
attended by any untoward news or deveI-
opmentE