The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-02

have been buying securities quietly for
weeks ,'ast without advancing prices. and
now trey are openly bidding them up in
order to get the public in to help them.
Several Of the more volatile securities,
chiefly in the steel and iron group, were
doomed up yesterday in such a manner as
the market has not seen this year or for
two or three months. in fact. The grangers
and other railway securities are likely TO
follow them on any day. perhaps even be-
fore the end of this week. Buying is ad-
vised on any reaction.
Except in the industrials and the trac-
ton securities actual results were not i'm
portant yesterday. Prices held their own
or made fractional losses or gains. The
net result of the days transactions in the
railway group was probably slight net
loss. Covering of shorts was noticeable.
but the people who always get in at the
end OF bear market sold stocks short on
the small advances so that these two influ-
enees counieracted each other. The news
of the day was confined largely TO n num-
Der of December earnings statements, all
good, and the gossip of various kinds reia-
tive to the Third Avenue troubles. The
payments OF interest on the Government
bonds were made. but they are not the full
81. 100000 or more usually disbursed at this
time owing TO the prepayments during the
money stringency. The bank statement
this week Will be an excellent one. though
probably not 50 good as that of the two
preceding weeks, There is glut of money
in New York. rates on both call and time
loans being at the lowest notch.
The weak stock-o of the day, and, in fact.
the only one in which there was any de-
cline of Importance, WIS Third Avenue. II
opened at los and sold off to 49, later re-
covering part Of its loss. The bears were
apparently responsible for the decline,
though one story is that Standard Oil in
terests are forcing It down for the purpose
OF buying it. Mr.. Lauterback gives his
word that the affeirs of the company are
In satisfactory shape, and that the divi-
dend OF per cent will be continued on
the stock without fail. The Indebtedness
OF the company is to be converted into
three-year per cent mortgages, which
may be redeemed at any time after the
f1fst year. II Is the purpose of the COM
pany later to issue a long time, low-inter-
est bearing bond for the full amount o.
the debt. Mr.. Lauterback states that
stockholders will be given the privilege OF
subscribing for this bond. but that a syn
dictate is ready. to underwrite the entire
issue. The plan has the appearance of
being entirely feasible the other traction
stocks were very, little affected by the
weakness in Third Avenue
The buoyant security of the day was
Tennessee Coal and Iron. and Colorado
Fuel and Iron. was only slightly behind IL
in strength and activity. Tennessee Coal |
and Iron advanced from 81 IA 10 IS ga,
closing at the top Price for the day. The |
buying was for insiders largely and was of |
excellent character II is believed by care |
full people that the stock will go higher. |
The same may be said In a general way |
of Colorado Fuel. The magnificent earn
ings of both these companies and the GER
tainty that both securities would advance
handsomely in a good market, has been
pointed out in this column frequently OF
late The latter company in the past six
months has earned all fixed charges for an
entire year, including dividends on the
preferred stock, and a surplus Of $4,000
in addition The net earnings during the
coming half year will all be applicable
10 dividends. with this surplus. The show
ing Is even finer than that of the Steel
and Wire Company, Colorado Fuel stock
from 4S IL TO 46 L.
The other steel ard iron securities fol-
lowed the lead of these two although their
advances we're not so large. American
Steel and Wire common got as high as
IS "a and closed at IS Ia. The preferred
to Us and closed at 81. Federal
Steel common advanced to 81 S-4 and
closed at "a 3-S The preferred got as high
as IS ID and closed at IS t-S. The Ma
tional Steel Republic Steel. and Steel Hoop
securities were all buoyant. II Is rumored
in the street that the Hoop common stock
will be put on per cent dividend basis
in May. The earnings Of the company for
the year were something like S5,O00,0 900.
There is every reason TO believe that the
other steel companies will follow suit in
dividends, and it is known that
some OF them at least will issue full state
ments. as the American Steel and Wire
Company did.
The Flower crowd was active in The
securities Identified with the Flower In
.erests yesterday. especially Peoples Gas,
Federal steel. and Steel and Wire. IT is
probable that others of the group Will be
aiken up now. All of these stocks are in
excellent condition for good bull cam
Daigns on account of the prosperity OF the
and the large declines that
have occurred Peoples Gas IS said to be
good for a considerable further. advance
although il went as high as
i07 H. and closed at the top yesterday.
Atchison preferred was buoyant during the
greater part of the day. advancing to SO Ia. |
Il closed at g. rs. syndicate is said to
be buying the stock for an advance OF
IL IL, ,s.o.I 4.