The times. [volume] (Washington [D.C.]) 1897-1901, 1899-02-25


doubted that the people who now own the
stock intend to sell it to the public at
much higher prices than the present II
possible. They bought it at low figure.
and wish to float it at a good profit. Up
to the present time the public has not in
vested heavily.
Tobacco yesterday went to 191 1-2, or
within seemingly easy reach of the 20
which certain insiders are said to have pre-
dicted for the stock. This advanc. makes
a total for the past week of about $50 a
share. There are somewhat less than a
million shares of Tobacco stock, which
makes the advance in the price foot up
about $50, 900, 600 for the entire capital
stock. The absurdity in the supposition
that any fact in the Tobacco situation
could make any such increase in the value
of the American Tobacco Company is real
lied by everybody. The advance has been
largely due to manipulation and the COW
ering by the shorts. Undoubtedly this
manipulation was aided by the stories of
the identity of the trust and the Union
Tobacco Company.
Aside from the strength OF the stocks
above named the coalers and Tennessee
Coal and Iron were the most buoyant yes
terday. The latter stock showed a good
advance for the day and the coalers were
held up well to the higher prices of the
last few days. The reasons for this
strength have been discussed in this col
umn heretofore 1t is generally believed
that better times are in sight for the coal
roads. For many years they have been a
drag on the market. Also there are strong
cliques in the stocks. AS to Coal and Iron
there is much talk Of good earnings for
the company, but it is believed that the
nipulation. OF class with these securi-
ties, but more especially with American
Steel and Wire, are the Federal Steel
stocks. which were also strong yesterday,
for similar reasons
One OF the rumors afloat in Wall Street
yesterday, accredited to a high London
source, was to the effect that J. Pierpont
Morgan and W. X. Vanderbilt have con-
cluded a deal whereby the Pennsylvania
Railway property is to become Vanderbilt
concern. The story looks like fable, but
the authority quoted is apparently in po-
sition TO know and not in a position to
make senseless misstatement.
The statement of the st. Paul earnings
for the third week of February is one OF
the finest ever issued by the company
even when compared with the series of
past three months or more. The increase
in earnings for the week over the same
week OF last year is over S100 600 the
total OF earnings being something under
100000. This is despite the inroads made
in the business of the company by the ter
rible weather in the West during the past
two weeks. The increase during the cur
rent fiscal year to date is over s., 600, 600.
This most excellent statement had no good
nm ha fnrE r1atr
haps, 1t prevented an even greater decline
than occurred. st. Paul, with the other
grangers, went off badly. The decline of
ST. Paul in two days has been three points
Burlington, from high OF l49 in the
same period, has dropped to l43 Rock
Island yesterday touched lis SIS. and the
close was at 119. There is much buiIish
talk OF st. Paul and 1t seems probable
that higher price will be reached by the
stock on the next move upward, when
such move comes. Also it seems hardly
probable that there will be much further
reaction.
Atchison preferred was hammered with
the remainder of the market yesterday.
and In what seemed TO be an almost total
lack OF support 1t went off nearly two
points The close was at a net loss of /
point, for the day. The earnings of Atch
ison are said to be almost as satisfactory
as those of st. Paul and higher prices are
predicted for the stock
Pacific Mail was not forced down in all
the general selling of the market yester-
day The price is now within point or
TWO OF the highest. No news of the sub
sidy bill can be learned and despite reas-
surances sent to Wall Street from Wash
ington 1t seems probable that the measure
VIII not again see daylight this session. As
is proven by the buoyancy of the stock
however, this fact does not discourage tho
holders of Mail
New york Feb. 24.-Bradstreet's tomor-
row will say:
Iron and steel and cotton goods have
shared in public interest this week because |
u urgency in demand and consequent buoy
incy IN prices. In the former Industry the |
striking feature has been the continued call |
or supplies alike OF raw and of manufac- |
tured material, not only on domestic. but |
even on foreign account. and it is as vet |
100 early to ascertain the effect of the |
numerous and heavy advances announced |
Turing the week upon the export demand. |
Il is OF course TO be remembered that iron |
md steel are in active demand at advancing |
prices the world over, and it is encouraging |
10 find that export buyers of pig iron are |
following up their demands notwithstand- /
ng recent advances in this line. 1t is be- |
ginning to be questioned, however. whether /
his country can hold its export trade in |
some products if present price tendencies |
continue. notable example of this is fur |
lished IN steel rails. which are now up TO |
/ parity with quotations in other countries |
and some business is said TO have gone |
abroad on account of this Prices as a |
whole are from 10 TO $50 per cent higher |
han this time year ago, and considering |
he cost of production and output IL is as
serted that profits are but little below those |
If 1880. In cotton goods, as in iron and |
steel and number of other products. ac- |
i've export demands seem to have been at |
he bottom of the unquestionable improve |
nent which has occurred in the last three |
months. Bank clearings show. as was to |
De expected. a considerable gain in volume |
over last week, although a holiday short
.ned this week also. The total exchanges |
or the week aggregate 81, 656. 347 GA, an |
Increase over last week of 1873 per cent. a |
gain over this week last year of 81 per cent. |
md no per cent larger than those of 1897. |
Compared with 1893, the gain is IS per |
'ent and with 1892 "a per cent. Business |
ailures for the week number go, a gain |
If 60 over last week, and compared with |
1873 in this week year ago, 25S in 1897, |
III in 1896. and ga in 1885"
New York, Feb. 24.-Dun's weekly re-
view of trade tomorrow will say:
The situation is without precedent |
Business has never been better on the |
whole in some great industries the gain is |
Exports surpass last years as |
much as imports though the excess over
then was heavy. Failures are
smaller than last year and smaller than in |
either of six years past. Stocks are |
stronger, the average for the active rail- |
way securities being a little higher. and |