The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-15

| situation. The present is undoubtedly an
| excellent time for the market leaders TO
advance prices, and secure the help of the
! public. too, if they are persistent. The
| Currency bill is not the kind of measure
| that can be treated lightly by the profess
sionais and ignored by the remainder of
the speculative and investment world. The
| Street believes that the new law will lead
to easy money Imitation is the word used
| by some of the most conservative authori-
tiesl, and no matter what the actual vir-
tues or faults of it may be. the Street
seems certain TO make its view prominent
and important in market sense In the
course of very short time. The buying Of
the low-priced railway securities is ad-
vised. Sugar, Tobacco, Leather. and other
securities of this character are likely 10 be
manipulated rankly at the will of the
insiders, as usual, no matter what their
intrinsic merits may be.
There Is now sufficient reason to believe,
as stated in this column heretofore, that
Secretary Gage viii pay the premiums of
the refunded bonds out of the funds in
the Treasury instead of out of its de-
posits with the banks. The banks continue
10 lose money to the sub Treasury, and
also the flow Of gold TO the West is unin-
terrupted. The effect OF the new law in
furnishing funds will not be felt this week,
and for this reason the Street is looking
for another poor bank statement. II is
even probable that the surplus reserve
in the banks may be entirely wiped out.
The fact that this does not cause liquida-
tion of long stocks is sufficient evidence
that the faith in the new Currency law is
abundant II seems probable. too, that
this faith will prevent any acute stringency
in money before the effects of the law are
felt. for the very good reason that Dor
rowers will not be willing TO pay high rates
for money when by waiting they can secure
easy rates. The call loan rate was bid
and asked at the opening yesterday. and
hung around these figures nearly all day.
Atchison continues TO be one OF the fea-
lures OF the list, although it made no new
high price in yesterdays trading. The buy
ing Of the stock is Of an excellent charac
ter. 1t is one OF the features OF
the market that robs it of an en-
tirely professional character. The present
immense earnings of the company and a
significant offer yesterday 10 purchase the
dividend on the preferred stock for next
year, in any amount up to 1000 600 shares,
for 12. shows very clearly why the stock
is attracting the attention of buyers. On
Tuesday Burlington and ST. Paul closed
within a fraction of each other, st. Paul
having been particularly strong all day.
Yesterday there was imme 1istely re-
versal OF this order, and st. Paul was
sold and Burlington bought, so that be-
fore IL O'Clock they were 9 full points
apart. Rock Island advanced to los rs,
but later lost all its gain.
Fuller figures were available yesterday
regarding the Missouri statement, and
fha Ctyaa frO1ir a1 To tf
very satisfactory showing The figures are
as follows:
Gross earnings. SOS, org, $50: increase, 81
S5i. 9s7. Net earnings, sS,447. zoe: increase.
$685. Gross income, $40, 1862. 03i; in
crease 81, s54 .345. Interest on bonds, rem
tails, and taxes, s7.l0e, 100; increase, $751;
us. Net income. SO. 252 .S44; increase, 81
6o2.l67. Sundry amounts charged of, 81
096 172; increase, 81, 625. 1894. Balance, 81
1861; decrease. s2S,277. Dividend paid,
S5l5, 145; increase. S515, 745 Surplus, $780,
s26: decrease s53s,s73. Total surplus. So
90l. oil; Increase. s640, g26. dividend
TO S515, 745 declared by the St
Louis, Iron Mountain and Southern to the
Missouri Pacific is largely a matter of
bookkeeping, IN the consolidated account
and having been credited as other income"
1t must be deducted as above as "divi-
dend paid" The stock declined fractionally
yesterday. with the remainder OF the mar
ket. 1885,.
The outlook for the best of the Steel
and Iron securities is excellent. President
Gary makes the statement that the Fed
eral Steel Company has received orders
for 10000 tons of rails and So 1000 tons of
structural steel during the past ten days
at highest prices. II is stated semi Off
cially that the American Car and Foun-
dry Company has made net earnings of 81,
200. 900 during February. The net earnings
for the year were almost $4,000, 900. Talk
of dividend on Colorado Fuel and Iron.
common. is heard again. The steel securi-
ties all declined yesterday, Tennessee Coal
and Iron going of more than . points. Nc
action on the dividend question was taken
at the meeting OF the Tennessee Coal and
Iron people on Tuesday.
The traction securities were rather TN
yesterday until the last FIVE
minutes of the session, when Third Avenue
made a pyrotechnical advance of points
10 66 and then tumbled with equal rapid
ity, if not SO far, TO So. The opening price
for the day was SIS. from which there was
a decline to Sc. The price then gradually
got hack to around IS and stuck there all
day until the squirt "a the close. There !
was much gossip over the meaning Of the
boom after the market closed yesterday.
One theory that obtained credence in some
quarters was that the fare-up was a pre-
limlnary to another nasty tumble TO 90 OF /
40. The gossip of the street now is that
an assessment Of SIS a share will have to |
be made. This is better than the first |
idea that 1t would be 500 a share. but Il is ,
certainly bad enough. The stock is likely |!
TO be manipulated shamefully for some |
time to come, irrespective of its merits or /
lack OF merit. and it is a treacherous ONE /
10 speculate in. Brooklyn Rapid Transit |
declined TO 67 Ia and narrowed to 6S at |
the close. Metropolitan went off to 1853 1-2 |
and closed at the lowest price. Manhattan |
also declined.
Sugar stock was sold nearly all day and |
the support that has been prominent re- |
Gently was almost entirely absent From |
an opening at 104, a decline over night, the |
stock went of to 100 3-4 yesterday after |
noon, and the recovery toward the close |
was only TO 101 IA Bears on Third Ave |
nue. also predict that Sugar will have a |
tumble 20 lower price than any yet |
reached, but they are quite as likely TO be |
wrong as not, for the very good reason !
that the stock fiuctuates on its smaller |
without much regard TO in |
trinsic conditions.
Western Union was neglected all day, |
yesterday decided on the issuance Of 500 |
000. coo 1-2 per cent fftyyear bonds. The |
dividend on the stock was declared at !
i