The times. [volume] (Washington [D.C.]) 1897-1901, 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 DIRK banks and the
probability that the statement this week
Will he poor one. 1t is estimated that
the banks have lost in cash this week
about S25J0.O00. The declaration of the
per cent semi-annual dividend rate by
the St Paul directors was not a surprise.
but nevertheless il should be considered
a bull 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-
sidered by many as indicative that there
is to he a reaction.
The Grangers 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 specua-
ton in them from getting into a rut. st.
Paul, which has been dun for several
days, with a tendency to decline, in fact.
was doomed up point or more early in
the day. 1t was supposed then that the
friends of the insiders had received the
tip that recent dsquietinE rumors of no
change in the dividend We're without
foundation. Burlington, on the other
hand, went off point and the other
grangers barely held their own.
The announcements regarding the divi-
dends were not made until near the close.
As stated heretofore. St. Paul is to re-
ceive semi-annual dividend Of , per
cent. Rock Island is to receive the reg
ular IL per cent quarterly only. There
was little time after the dividend an
nOuncements to do anything in the mar
ket that the movements We're feVerish
and of little Importance as indications of
what will occur today and later. st. Paul
tumbled a point and then recovered
part of its loss. Rock Island went off
point also and also recovered somewhat,
but closed with 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, it is probable that
there Will be small reaction in st. Paul
now. and with il n decline in the granger
list generally. Rock Island. on the other
hand, is likely to have an advance in the
near future. II is y points below the
level of the other two grangers, a 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 a 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 will 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 good
purchases.
There was a further decline in San
Francisco common yesterday morning,
the low price reached being below i3.
Later in the day there was recovery of
a part of the recent loss. The outlook
for these securities and also for the other
Southwestern stocks generally is good.
1t is probaDie that they will be less reg
ular in their advances in the future, how
ever. A reaction now in the group would
not be surprise.
Western Union was not so active yes
terday as on Wednesday, but II held its
gain well The statement of the company
for the March quarter shows a surplus
after dividends of $4,000, compared with
a deficit last year of Sl32,00O.
People's Gas advanced to above IOs. 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 OFF 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 dull. fiuctuating narrowly be
tween 139 and 140 IL all day There Is
much bearishness regarding the stock
for which there is no good reason In sight,
and an advance would not De surprise
The anthracite securities were dull all
day yesterday, until few minutes before
the close, when they were doomed sharp
ly. Reading first preferred leading. This
stock got as high as 70 IL and closed at
70 3-S Ontario and Western went as high
as SO 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 Fries 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 high as 30 3-S. |
The old stories We're told regarding this |
line, and others with which 1t might be |
supposed to have deals.