The times., 1901-03-15

American securities The end of the Boer
war is in sight apparently. The Bank
Of England discount rate remains the
same. Money is easy despite the low re-
serve in the New ork banks. and the
probability that the statement this week
viii be poor one. It is estimated that
the banks have lost in cash this week
about g. .510,O 600 The declaration Of the 3
per cent Scm-annual dividend rate by
the St. Paul directors was not a surprise,
but ncN ertheless il should be considered
Dun argument on the market. On the
other hand. Of course, the Rock Island
rate is a disappointment. The activity of
the low priced issues yesterday is con-
siGeTrd by many as Indicative that there
is TO be a reaction.
The Eraugers were perhaps the most in
teresting securities on the list yesterday.
as they have been for several days now.
The fact that the St Paul and Rock ISL
and directors were to meet yesterday was
the factor that served TO prevent speculd-
uon IN them from getting into rut. 81.
Paul. which has been dull for several
days, with tendency to decline. in fact.
was doomed mp point or more early IN
the day. 1t was supposed then that me
friends of the insiders had received the
tip that recent diSQUictinE rumorS OF no
change I'm the dividend We're without
foundation. Burlington, on the other
grangers barely held their own.
The announcements regarding the dvi-
dendS were not made until near the close.
AS stated heretofore. St Paul is to re-
Coive a semi-aunual dividend OF per
cent Rock Island is To receive the reg
Ular II per cent quarterly only. There
was so little time after the dividend an
uouncements to do anything in the mar
ket that the movements were feVeriSh
and of little Importance as indications of
what will occur today and later. st. Paul
tumbled Il point and then recovered
part of its loss. Rock Island went off
point also and also recovered somewhat,
but closed with a net loss for the day.
The general market was stronger after
the announcement than before. on the
theory that good news of this kind is
always discounted. il is probable that
there viii be a small reaction in St. Paul
now, and with it decline in the granger
list generally. Rock Island, on the other
hand. is likely to have an advance in the
near future. II is > points below the
level of the other two grangerS, differ
ence that seems unwarranted, even al
though there is TO be no increase in the
dividend rate.
Chicago Great Western common was
active and strong, making new high
price. The earnings Of the Little Granger
are superb and in addition to this there
are rumorS of persistent character that
this line viii be taken in by some one of
the combinations now forming in the
West. The stock and the other Great
Western securities all look to be god
purchases.
There was further decline in San
Francisco common yesterday morning,
the low price reached being below 49,
Later in the day there was q recovery of
a part of the recent loss. The outlook
for these securities and also for the other
Southwestern stocks generally is good
IT is probaDIe that they will be less reg
uaT in their advances in the future, how
ever. a reaction now in the group would
not be a surprise.
Western Union was not so active yes
terday as on Wednesday, but it held its
gain well. The statement of the company
Tor the March quarter shows surplus
after dividends of 81. 900 compared with
a deficit last year of $500
Peoples Gas advanced to above l06. the
highest recent price There are tips that
the stock is to have an advance, but it
has been neglected for so long that the
public generally does not become inter
ested in them. Consolidated Gas was also
strong in the morning, but went of IN the
afternoon. The gossip regarding this
stock is that the company Will sell large
part of its surplus holdings of real estate
in New York. If this is done there Will
of course. be a tremendous fund to dis
pose Of in some way.
Sugar was dun. fiuctuatiug narrowly be
tween 15s ana l1U - al bdN iA'it -
much bearishness regarding the stock,
for which there is no good reason in sight.
and an advance would not be surprise.
The anthracite securities were dull all
day yesterday, until few minutes before
the close, when they were doomed sharp
". Reading first preferred leading. This
stock got as high as % - and closed at
T3 3-S. Ontario and Western went as high
as 50 IA and closed at 81 IS. The soft
coalers too, were active and strong, es-
pecially I'm the last few minutes of the
day The Eries doomed up two points
or so each. the first preferred to 6S and
the common to % rs. Norfolk and West
ern and Chesapeake and Ohio were both
buoyant at the close making new high
levels. The latter went to IS Is
The Wabash securities were doomed,
the preferred getting as high as 30 3-S.
The old stories We're told regarding this
line. and others with which i might be
supposed 10 have deals.
Washington stock Exchange.
Sales-C. s. coupon 3's. $7O904ll Union
Trust and Storage Co: I0GlOS IS; 2OG
10S 81 Capital Traction: 30al04 IA; IA
l04 3-S Mergenthaler Linotype: lO0dl6l:
l0Hl5l Is; l0dl60 IS LanstOn MonOtype:
SAILS; l0QG4 "a
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