Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-20
Little Activity Shown for Great
er Part of the Day.
AWAITING B.& DISPLACEMENT
Long Delay in Announcing Action Of
Directors.
OPENING SAW HIGHER PRICES
Upward Tendency Of American Stocks
in London-Money on
Call Easy.
AWAITING B.& O.STATEMENT
OPENING SAW HIGHER PRICES

Special Dispatch to The Star.
NEW YORK, June 20.-After the first
hour of business and up until the middle
OF the afternoon the stock market made a
poor showing In respect OF activity, the
trading after midday being we'll nigh sus-
pended pending definite information as to
the action taken by the directors OF the
Baltimore and Ohio railroad at their meet
ing held this morning.
For some unaccountable reason a long
delay preceded the issuance of the Balti-
more and Ohio statement after The meet
ing of the directors had practically broken
up.
In the meantime a large number of other
interesting dividend declarations were an
nouneed including those the shares of
the American Locomotive Company. The
regular dividend is ia per cent was de-
clared upon the preferred stock. and an in
ttial quarterly dividend of IA per cent was
declared upon the common stock
1t was made clear after the meeting or
the American Locomotive directors that they
felt altogether confident of the ability OF
the company easily to maintain dividend
payments upon the common on the basis
established today.
1t had been commonly taken for granted
that American Locomotive common would
pass upon a dividend paying basis today.
and there was little resultant effect upon
the stock.
previous TO the publication OF the FORMAL
statement Issued by the Baltimore and
Ohio directors the stock market underwent
variable changes in tone. but was generally
speaking strong.
AT the opening of business higher prices
were commonly scored. largely In response
to the tendency of American stocks in the
London stock market and the prices which
were sent from that quarter were followed
UP by larger purchases for foreign account
than have been observed here tor long
time There was no particular feature to
the trading apart from the rather wide anu
uncertain Quotations In Baltimore and
Ohio and the constant pressure upon the In
terborough-M metropolitan stocks. Wall
street in general seems, however, to have
made up its mind not to be further discon-
certed by the course of the last-named Sc
curities. and at all events the dealings in
that direction today had little influence
upon the remainder OF the market 1t was
nearly an hour after the ad1ournmcnt of the
Baltimore and Ohio meeting that public
announcement was made that the dividend
on the common stock had been increased
From . per cent to a per cent annual
basis.
Expectations to this effect had been gem
orally held in well-informed quarters, but
rather persistent rumorS attained circua-
ton during the morning that no alteration
would be made in the rate, and the mis-
glytngs which were In consequence excited
were by no means allayed by the pro-
racted delay In announcing the final de-
cision OF the directors. A considerable short
interest appeared TO have been created in
Baltimore and Ohio during the early period
of uncertainty. and the stock consequently
rallied very sharply upon the receipts of
definite information as to the action of the
directors, but its subsequent movements
were very irregular, as indeed were those
La the market at large.