The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-15

eral Steel broke to Sc. National Steel
tumbled The preferred stocks OF the
group Jared in the same way. 1t vas
thought by some that there was TO he
another announcement Of cut in steel
prices, and by others the attack on the
group was considered purely a bear raid
without any real cause.
Sugar was weak with a break to LOG "a
and with net loss for the day of points
Some of the bears suggested that sugar
will probably be tumbled now to prevent
the remainder of the market from ad-
vancing too rapidly while the shorts are
covering There is little disposition, how
ever. among careful observers of the re-
cent market to take pessimistic view OF
the Sugar question. 1t has been supported
with too much persistence. suit was
filed in the chancery court of New Jersey
yesterday against the Sugar Trust by
stakeholder who wishes to secure an ac-
counting and who states as his reason
that the company has no right to engage
in the coffee and spice business. He says
that the profit of the sugar business, the
immense surplus of year or two ago. is
being dispelled In the war of the company
with the Arbuckles and other Independent
refineries. All of this latter statement is
undoubtedly true, but it is not considered
probable in the street that the suit will
be an important one or that 1t will hurt
the stock.
The Tobacco securities were all inclined
to be strong. The street Seems to believe
that the speculative crowd in the .imeri-
can Tobacco Company has been deposed
and that this will be an excellent thing
for the company and the stock 1t is
cd n
regularly and frequently hereafter full
statements of its business for the benefit
Of its stockholders, who have. up to this
time, known very little of its affairs.
Louisville and Nashville was one of the
strong features of the railway list. 1t
sold as high as 80 1-2 and closed at 80 IA,
losing less than the general list in the
break of the last few minutes of the day.
The buying of the stock was considered
good. 1t was caused partially by the
statement Of the gross earnings for the
first week of May, which showed an in
crease of $4,000. Southern Railway pre-
ferred and. Norfolk common were also
strong, though they were not very active
The Pacific securities generally were
strong, Northern Pacific common and
Union Pacific common being the best of
the group, perhaps. Northern Pacific
common gained full point, selling as
high as 81 Ia and closing at 81. Union
common sold as high as SO Ia, closing at
the top. Missouri Pacific held its own.
There was gossip of various kinds regard
ing this latter stock during the day, one
story being reassertion of the statement
that the company will pay per cent on
the stock after June. Officers OF the COM
pany said that they had not authorized
any such statement, but they would not
deny the truth of 1t. There is still much
hope in many quarters that a dividend is
to be declared, despite the issue Of bonds.
Pacific Mail was again weak and dull
The low price reached, 80 Ia, was again
record price. The close was at % L.
1t was thought by some that the report Of
the Nicaragua Canal bill by the Senate
committee was an adverse factor for Pacific
Mail
Burlington was buoyant at times and de-
spite a tumble of nearly point in the
last few minutes Of the day made good
net gain over the closing price of last
Saturday. The high price reached for the
day was 125 1-2 and the close was at 124 SIS.
Rock Island held its own. St. Paul was
especially weak In the last break, getting
as low as ia IS and closing on the bot
tom. The general sentiment regarding the
grangers is that they are purchase at
their present level for much better prices
in the course Of not very many weeks. The
crop reports continue favorable and with
the immense general merchandise bust
ness that these lines are doing big wheat
and corn crop would undoubtedly make
their earnings for the coming months the
best OF record. This makes an excellent
outlook for the stocks. especially when 1t
is remembered that the present level of
prices is far below the best of last year.
Western Union was dull all day, but
closed the session with a small net loss.