The times., 1901-05-06

The April meeting of the directors of
I the st. Louis Southwestern Railway Com
Z panN having failed to result in the eX-
pected dividend declaration regarding the
: preferred stock, ii is confidently thought
/ that such action will be taken by the
board at a meeting which has Just been
announced for next Thursday. One of the
directors said that the money for a sub
Stantial dividend on the preferred stock
is in the treasury, and that the outlook
for the future as to earnings, with the
road in as good physical condition as it
is, would, in his estimation, warrant the
placing of the security IN the dividend
paying list, but he added he could not un-
dertake to forecast the action of the board
on this question at its coming meeting.
The stock is selling at price which Wall
Street believes warrants the expectation
that il viii not be long now in getting
/ dividend. II was ninted on Saturday that
the Thursday meeting viii disclose impor
tant developments in the Southwestern,
or so-caIled Greater Missouri Pacific, deal.
Missouri Pacific stock, after several
weeks Of comparative quietness. has been
so active in the last few days that some
basis has been established for the cur
rent belief that this long pending deal
now is not far from accomplishment.
The new board of directors of the
American Steel and Wire Company is
minus John w. Gates and minus a num-
ber of his associates-in fact minus the
old element which Wall Street used to be-
ieve was more particularly concerned
with the stock market or speculative end
of the company. Mr. Gates friends claims
for him that he retires with flying colors,
having survived several attempts to oust
him. On the other hand it is commonly
reported that the new turn is not alto
gether 10 his liking. 1t is said he earn
eSuy desired an important place In the
affairs OF the United States Steel Corpora
ton a membership in, IL not the chair
manship Of, one of its committees, but that
Mr.. Morgan would have none OF him. The
result is that ne sewers his official connec-
tion with the giant Steel Trust altogether,
since his resignation of chairman of the
board Of directors Of the American Steel
and Wire Company leaves him without a
voice in the affairs of the big concern.
The reorganization of the Wire Company
board viii be followed in quick order by
the reorganization OF the boards OF all the
other constituent companies OF the United
States Steel Trust. 1t is Mr.. Morgan's
plan to have their boards less cumbersome
as to size than when they were independ-
ent trusts. and to have his leading lieuten-
ants dominate in each one of them. The
new Steel and Wire board, as first an
noCnced in Wan Street, includes Messrs
Edenborn, Ward, Gary, Schwab Keefe,
Badckes and Miller
The railroads traversing Texas and
nearby States are earnestly looking into
the possibilities Of Texas oil as fuel,
and tests are being made on engines of
several of these Foads. If the oil is at
all suitable or adequate its cost undoubt-
edly would be less than the cost of coal,
which is necessarily a large item in the
expense of operating a railroad, so that
an important question OF economy is at
stake President Charles NJ. Hays, of
the Southern Pacific, is quoted in an Aus
tin despatch as saying that If tests of
the oil now being made by his engineers
show proper results and the cost Of the
oil is sufficiently below what is now paid
for coal, the oil will be substituted for
coal throughout the whole Southern Pa
cific system. The Southern Pacific, IL
thus appears was not satisfied with its
tests of the oil of California, which pre-
ceded Texas oil in the prevailing boom,
or it would not be experimenting with
Texas oil.