The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-06-18

There was little significance in the open
ing OF the market this morning. Prices
opened of fracuonally and recovered their
loss for the oss part before noon. Bust
ness was dull and there were no move
ments OF Importance, and no news deVel-
opments likeIg 10 cause much change IN
the situation. After the slump on Satur-
day there had been some expectation of a
continuance of the tumble this morning.
Perhaps the fact that no such break oc-
CURED is as significant as anything II the
situation. The selling OF securities by
holders is small and The buying for invest
ment is noticeable at all times This
seems TO indicate that while the profess
slonal market may continue for some time
and while even declines may occur the
next big moevment will be upward in har-
mOny with business conditions, which are
good despite all the croakers and their ut
terances- II is not d time to buy stocks
On the buIgcs but there are many that are
buying on every decline. 1t is not a time
TO 10 short of the market except for the
very quickest Of profits on the advance
Missouri Pacific was particularly weak
this morning, selling below as at one time.
Southern Pacific also was weak, as it has
been for some time past. The clique IN
the former stock seems TO have iquidated
In part at least during the past week.
eral days after the remainder OF he mar
ket had begun 10 tumble. 1t was a ques-
ton if it would be able 10 hold out. The
disappointment regarding the Northern Pa
Gifts dividend with the other beaTish de-
velopments OF last week. seem TO have
been too much for these gentlemen. Their
losses may have been heavy or they ray
not. Probably no one is in a position to
know as to this except themselves. Much
Of their stock was bought at low prices.
The suggestion regarding Southern Pacific
IS that the insiders sold out al much high
er prices ana are now anxious 10 buy lack
their holdings at as low a level as pos
sible There now seems to be no chance
OF dividend for the stock this year
There is much gossip regarding another
OF the Huntington properties, Pacific Mail,
In The Street recently. The stock is sell
ing at %. which Is half the high price Of
some months ago. when the Subsidy bill
was assured, whec nothing had been
said of stopping the dividends. and when
the earnings OF the company had not began
to fail on from the high figures Of the
Spanish war months. There can be little
doubt that 20 is a very low price for the
stock, price away below its intrinsic val
ue The price It will be seen means that
the entire capital stock Of the company
could be purchased for a little more than
s. GOO coo The actual property of the COM
pany is worth much more than this. TO say
nothing OF its earning power. and lis pros
poets whiCh are usually capitalized, by the
industrial companies. and rightly perhaps.
1t is pointed oct regarding the business Of
the company that during the past four
years out Of its earnings Il has paid of
all it's floating debt. distributed Sl,70O, 900
in dividends paid 81. zee. 600 for new Ship,
a.- NV has remaining $4,000 surplus.
This is not 49, from 4 per cent yearly on
the capital stock. People that understand
the meaning of these facts are buying the
stock at its present level.
The earnings of Hooking Valley for the