The times. [volume] (Washington [D.C.]) 1897-1901, 1899-02-26

q point 10 three lOuT
The American Steel and Wire stocks
have been the feature of the market dur
ing this period, as the phenomenal advance
in the Tobacco shares had become an old
story in the early part of the week. On
Thursday morning there had as yet been
very little activity in the Steel and Wire
shares. Since their admission to quota
ton privileges on the exchange they had
| fiuctuated little. II soon became evident,
| however that the securities had been taken
I'D by interests identified with the COM
pany The general theory is that ii is de-
/ sired to float both the common and the
/ preferred stocks at a much higher price.
| The advance has already been about ten
points on the common since the stocks
| were first quoted and somewhat less on the
preferred. II is believed that the public
| will take the stocks, as the position of the
company is an alluring one, with its prac-
! ticable monopoly in a business constantly
growing in a wonderful way. There will
be no doubt as to the success of the plan
of the nsider if the market broadens into
a big speculative boom. for then stock
will not need merit to be gladly grabbed
for by the public.
In connection with this buoyancy of the
Industrial shares there are many tips out
TO buy Rubber and Leather. The former
stock seems the more attractive OF the Two,
but even in this case it must be remem-
bered that the best season for the COM
pany is nearing its close Rubber stock
has a way of declining when people begin
| 10 put away their mackintoshes and over
shoes for the summer.
One of the tips is that Mr.. Flower will
soon take up Federal Steel preferred and
put 1t to par. The company has an i'm
-E., To-, a baG
doubtedly prevented many from buying
the stocks, but when the first dividend is
paid on the preferred stock and something
authoritative is given out as to the Won
derful earnings that have been made I'M
doubtedly in the last few months it is safe
| to say that the public will be eager to in
vest even al much higher figure than
al present The talk of combination be-
tween this company and Carnegie is based
, on the fact that there have been meetings
S recently between the latter gentleman and
{ people representing the trust. but 1t may
] be stated on very good authority that Mr.
Carnegie has no desire or intention of be-
ing amalgamated or merged. 1t is no
: improbable, however, that little arrange.
ments may be made as TO trade matter:
that will be beneficial to both sides.
The trading in Tobacco shares was con
: tinued yesterday. apparently with as mucf
+ enthusiasm as at any time heretofore II
: ! the recent boom of the stock. For n tint
|, the opening high price was inclined Il
| shade on, but before the close OF the dal
: decline of three points had been entirel.
regained. No new advance was made
, | however. II seems probable that a pri
waite settlement by the shorts must hav,
been made by this time. and il is the gen
eral opinion that the bottom may drol
out of the present price at any moment.
The railroad stocks that have acted hes
during the general slump have been o
the group of securities in the second class
. 10 which the leaders have not as yet turne,
their attention 10 any great extent. n,
phenomenal advances had been made b.
these securities and there was less dispo
4. sition TO attack them by the bears. /
seems probable. too, that in any furthe
reaction a number of such stocks may b
7. able to hold their own for the same rea
: sons. One of these is Southern Railwa
:: preferred. In the decline of three week
: ago this stock was little hurt and in tn
: | present decline IL has lost less than tw
N points from the high figure of the weel
I. The stock was one of the last taken up /
the boom which eliminated in January
and IL had been put up little when III
break came. But its price is undoubtedl
much lower than 1t deserves in compari
- son with the greater part of the railroa
list. Miller a. Co., in their letters, hay
pointed out the many excellent matters
the position of the road and in its presei
= condition. They are among those VII
r. predict very much higher prices for tn
stock this year.
There is talk of a strong pool in Loui:
~ vile and Nashville and as this stock
oii in much the same position as SoutheI
=. preferred. as far as having had little az
he vance with the general market, 1t seen
le. probable that the pool may be successf
speedily. The talk is of Is for the stock.
The grangers were active yesterday, b