The times., 1901-03-15
A DULL BUT FIRM MARKET
Little Divergence From the Fea-
lures of the Week.

The Industrial Quarter Continues
NeEIccted-St. Paul Directors Com
mended for Their Action on the
Dividend - Dealings i'm Railways.
NEW YORK, March l4.-With an event
impending to which so much significance
was attached as the action of the St
Paul directors on the seIni-annual divi-
dend on the common stock, it was no
more than natural that active speculation
in the stock market should have been re-
stricted until definite information was OBJ
tainable in regard to the rate fixed.
1t was. indeed. largely on account of
the general uncertainty as TO this impor-
tant matter that today's market while
fairly steady was extremely duh The
London market was decidedly strong on
the relaxation in discount there, and also
because Of the expectations Of an early
conclusion Of hostiitios in South Africa.
Foreign houses traded more actively in
this market than for some days. and on
balance were purchasers of about 25,"'
shares Of stocks. These circumstances
were largely instrumental i'm shaping the
early course Of prices. There was no
further definite news bearing on the Ia
Dor situation in the anthracite coal fields
were duh and rather heavy.
Today's figures showed that the banks
have lost since last Friday in their trans
actions with the Sub-Trcasury more than
s25eooo0 notwithstanding which fact
money continued i'm abundant supply both
for call and time loans. This last phase
Of the situation is. beyond doubt, rather
difficult to explain. Still. for some time
the bulk Of the money offering has been
from extra clearing house leaders,
since it is probable that the position Of
the banks has been materially strength
ened through the consequent curtailment
OF liabilities There was no appreciable
change in the conditions prevailing in the
foreign exchange market
The market at large varied little from
its predecessors of the week. There was
evident the same mauipulative work and
the quiet absorption Of securities of the
better grade that has been feature of
the dealings for some time. The bond
market was again exceedingly active, and
WAS firm, palpably on investment con-
siderations. and dealers in investment Sc
curities reported disposition on the part
Of their customers to turn from bonds to
the higher grade railway stocks.
The industrial quarter continued neg
lected, and even Sugar Refining and the
tobacco stocks failed to receive the at
tention that has recently been accorded
to them A sharp advance was, however.
noted in Continental Tobacco preferred.
the rise in the stock being doubtless in
fuenced by the encouraging statement of
earnings reported yesterday by this com
pany.
The movements among the specialties
were also comparatively small Peoples
Gas was decidedly strong, and there were
"a ang- ~ = 80
gamated Copper. The renewed strength
In pig iron led TO moderate buying OF
Tennessee Coal and Iron. The local trac-
ton shares were duh and only fairly
steady.
Interest in the railway list was fairly
well diversified, although the so-called
specialues In that quarter did not retain
the conspicuous position they have en-
1oyed throughout the week. The stocks
classified as the junior Vanderbilt issues
were ell firm, notably Canada Southern,
Plate shares.
The Pennsylvania group of stocks also
came in for fair amount of attention,
with a further rise showing IN Norfolk
and Western. In the Southwestern group
Texas and Pacific continued firm while
st. Louis and San Francisco was again
somewhat heavy, apparently on profit
realizing sales induced by the rapid ad-
vance the stock has enjoyed
The Wabash issues were all exceedingly
strong and active, reviving the reports,
HhANh NtAt ANNtA4ll9 LAtIEHIs InaI Ile
control Of the road was being acquired
by the Delaware, Lackawanna and West
eFn interests
The advance in St. PaulS dividend rate
to n per cent annual basis was in line
with the large majority OF the prelimi-
nary calculations. In the earlier part Of
the day a notion developed that some
higher rate might be fixed, but the con-
servative opinion of the street fixed
around the rate actually declared. II is
most unusual for the St. Paul manage
ment 10 make any change in the rate at
this season Of the year. since 1t may be
assumed that the action taken was in
fuenced by the refusal Of the manage
ment TO accept the guaranteed rate re-
Gently proffered by outside interests.
The announcement of the dividend was
received with general satisfaction and the
directors were commended for their con-
servatye policy.