The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-04


Suying stocks in any quantity. The situa-
tiol depends much on the staying qualities
OF the pool and without the public the
pool may lose its nerve important and in
huential as it is undoubtedly. Nothing of
this. however should be taken as predict
Ing that prices will remain a. their pres
ent low level permanently. Despite their
s-epticism regarding the permanency of
the present boom" some Of the most con-
servatiye people in the street believe that
the low prices of 1900 have been reached,
and that there will be q big rally in the
near future. This. however. is rally to be
considered by the investor and the specu-
latoT on long margins who does not bother
about reactions of few points.
The sugar business was perhaps the
most interesting matter of the day. Late
Tuesday afternoon the Sugar Trust an
nounced cut in IT, price of refined
sugar. Immediately this was followed
by a cut still deeper by the Arbucklss.
Yesterday this game was continued near
ly all day, cuts of and 10 points follow
ing each other in rapid succession. Be
fore the close it was said that the total
cut was 40 points or nearly half a cent.
This would mean that the price had been
reduced from 6.10 to $40. Thu street did
not receive any explanation of the move
by the sugar people, but it is supposed
that some Of the raw sugar from Java
that has been expected for some time has
arrived or is looked for Immediately.
Sugar stock opened off badly. and dur
ing the forenoon was very weak. getting
at one time as low as ia Is. The price
early in the week had been lis. When
the general market began to advance
later in the day Sugar accompanied it
fairly well, recovering to lis SIS. At this
price there was very little net loss for
the day. Naturally there are all KINGS
of theories TO account foT the movement
of the stock yesterday. One of these is
that the Trust wished to get more stock
for itself before the rally, that the
clique is said to be attempting. AS the
first cut in price was made by the trust,
and as the professionals undoubtedly
sold the stock because of the cut, this
theory has more or less of probability.
Some OF the best market people do not
look for any further decline in Sugar
stock, but rather for a good rally to a
much higher level in the near future. 1t
TO know that there is no longer any sugar
war, in the sense of wish for cut-throat
rates below profitable basis.
The Tennessee Coal and Iron break
was even more severe than that of Sugar.
The low price reached by the stock was
49, This was the lowest in many long
months, or since the first big boom of the
stock to above par. The insiders in this
case were undoubtedly the people that
forced the break. The Hanover Bank
people, or their representatives, were
said TO be ostentatiously selling the
stock. as they have been for some time
past. The theory Of some astute people
regarding this recent tremendous down. |
DESTROYS of securing a much larger block |
Of the stock than they have at present, |
and at the best possible price. If the |
Hanover Bank crowd sold out it's hold |
ings above par, as is believed by many, |
it is, of course. easy to see that there is |
a tidy profit in buying it back now at so |
and more points lower.
AS to the business of the company, |
people who have been most familiar with /
it scoff at the idea that it is going to
pieces. AS a matter of fact although /
there was a cut in profits during the
summer, this has been overcome already |
largely by q better export business and
by a slight hardening of prices on this
side. There is talk of a reduction Of the
2 per cent quarterly dividend on Tennes-
sec Coal and Iron stock, but this will
hardly be made.
The steel and iron securities generally |
were strong yesterday, though they did
not advance so we'll as some of the rail-
way stocks of the better class. Federal
Steel common got as high as 80 is and
closed at 80.
Brooklyn Rapid Transit at first was in
ciined to sag yesterday, but during the
Afternoon ii advanced with the remainder
IF the list. and the close was at 80 Is, the
best price of the day. 1t is said by some
IF the astute that there has been much
such a game in this stock as that in Ten
1essee Coal and Iron recently, selling by
The insiders 10 force the price down, while
IN reality underneath these same people
we're accommodating long stock in large
blocks. One well-known firm of brokers is
known to have bought blocks of 1000
shares or more every day since the price
recently touched 50 on its downward
course. The business of the system is
known to have increased handsomely dur
ing the past month or more. and it is said
that its net earnings for the present quar-
er will show an increase equal TO at least
per cent on the stock, or $3.50, coo
The grangers were all buoyant yesterday
afternoon. The developments of the day
Iffecting these securities were the publish
ng Of the gross earnings statement of the
md the selling of st. Paul "ex'' (the semi
innuaD dividend. The statement showed
hat the company had a decrease of earn
ngs for the week of se2,919. Neither of
hese matters, therefore, could b. consid-
,red bullish item in the situation as the
stock usually sells of somewhat imme-
lately after the half-yearly dividend
,omes off. Despite this. however, st. Paul
vas strong and even buoyant. 1t closed
he day at 112 5-S, the highest price, hav-
ng regained more than a full point of the
dividend. Burlington was the best of the
sroup as far as advance was concerned. 1t
losed at 126, the best price of the day,
md the best also for several days, with a
let gain of three points.
The coalers at first were Inclined to
weakness, but later they made gains with
he general. list. Reading first preferred
getting as high as sc 3-S and closing at
3 rs. and Jersey Central getting up to
"a and closing at that price.
Washington Sock Exchange.
Sales-Capi:al Traction. 20@101 1-2;
Gas, 10d53 IA, 1888 IL;
Linotype. 50G1s0, 100
$50 Ia; Pneumatic Gun Carriage, 1000
Is.
GOVERNMENT BONDS