The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-11

The Gates incident is most interesting.
| Steel and Wire stock has been surprisingly
| strong this week for the chief performer
of the bear hippodrome. 1t refused to
| tumble on Tuesday and Wednesday, when
| all the rest of the market was going to
pieces. Yesterday it spurted quickly
points nearly TO Al. The cause of
this strength in the stock and in other
steel securities was disclosed early in the
| day when it was whispered that Mr.. Gates
| would resign after all. There were vary
| ing stories regarding the matter during
| the session. but the general opinion SEEM
ed to be that the company is really to be
rid OF the gentleman. Mr.. Gates sailed
fer Europe yesterday. 1t was said on
the street further that the Wire Com
pany will issue a statement covering
the past four months. that will show
the full years dividend earned On
the preferred stock The street is row
al loss TO know what TO do about it.
Perhaps Steel will really have good
advance and help the entire market, as it
has hurt the market for a month or more.
But there is certainly a large possibility
that the professionals will take occasion
TO sell again on the publication Of the
good news.
American Smelling stock was active yes
terday and there was very evidently good
buying in it. 1t was said that the Standard
Oil people were heavy buyers but this
crowd is given credit for everything in the
market that is not ascribed to M. Keene,
go that no particular Importance should
necessarily be ascrlbed to this particular
tip.
The grangers generally were strong and
the buying in the group was good, ST. Paul
kaf,, an inn tn he val 10 II
was said that there was some selling of
this stock on account of the disappoint-
ing gross earnings statement for the first
week of May. The company reports a de-
crease of S2S $3.50, the first decrease in
many months. 1t is not matter Of much
Significance as the business of the COM
pany is known to be excellent and the out
look fine. The grangers are among the
favorite securities on the list among in
vestors at present. owing to their low
prices and the outlook for a good wheat
crop. Atchison preferred advanced to 60
and closed at the top price for the day
Burlington went as high as 124 3s, and
closed at 124 3-8. with small net gain
Rock Island sold as high as 106 12 and
closed at that price. ST. Paul hung around
ZIG all day, closing at ! l6 Ia.
One of the tips In the street yesterday
was to sell Metropolitan for a big tumble
in price. The suggestion was that the
company has an immense load to carry
with It's own very heavy capitalization and
its new Third Avenue obligations. In ad-
dition to this there is still much work to
be done in the improvement of the system.
A large part of the lines are yet to be
converted from horse to electric power. The
stock was strong yesterday. regaining a
point or more of its recent loss. and clos
ing at 153, the highest price of the day.
The other traction securities were rather
dull.
Western Union had decline yester-
day. II opened up 10 81 1-2 and sold down
to IS 1-2 in & few quotations. There are
a great many people who regard Western
Union a fine barometer Of the market.
They watch for its tumble at the end CT
every bear movement and for Its quick
advance on the last day OF every boom.
These people were telling their friends TO
20 long of the market yesterday.
American Tobacco broke badly yesterday
morning from above par to IS 1-2. 1t re-
covered two points before the close, but
still showed heavy net loss for the day.
Many people alleged their disappointment
over the statement OF the company, but
there is nothing in 1t to cause stockholders