The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-20

The grangers have been the best secur-
tiles in the list during the week. At ali
times they have showed strength and oE
some days much buoyancy on inside buy
ing that was unmistakeable. Their net
gains for the week have been important.
The opinion regarding these securities ex-
pressed in this column heretofore recent
ly are seen to have been accurate. They
are the carefully weighed judgment of
some Of the shrewdest of the market peo-
pie, including bankers and insurance COM
pany people who must be right in their
investments in order to pay fat salaries
and pile up big surpluses. The grangers
have been selling at prices where they
net the purchaser between 4 and per
cent. When it is remembered that the
companies are earning double the divi-
dends paid, that immense improvements
have been made during the past few years,
which will greatly reduce operating ex-
penses in the future, that money is very
cheap, and that the crop prospects are
brilliant. it will be seen why the banks
and insurance companies are willing to buy
these stocks Notwithstanding the walls of
the calamity howlers.
With especial reference to Burlington
which has been the most conspicuous of
the group, II is known that Union Pacific
1t is also known that refunding plans are
under consideration, though it cannot D.
stated as yet that they will be put into
execution Immediately. The fact that mon
ey is very cheap at present should be an
inducement to the Burlington people how
ever, as II would undoubtedly facilitate
the floating OF low interest rate bond.
Burlington will sell "ex'' dividend tomor-
row. Atchison has been helped during
IL 49, 81 ,l.l.x
is to be put on 4 or per cent dividend
basis at the meeting of the company two
weeks from Wednesday.
One Of the entertaining bits Of gossip re-
garding the steel securities yesterday was
to the effect that John W. Gates is buy
ing the Steel and Wire stocks by cable
from London. The steel and iron securities
generally have improved during the latter
part OF the week, though they have not
kept pace with the railway list. There is
still much skepticism regarding the group,
owing to the jockeying by Gates and others
a month ago. but there is also much care
full consideration of the fact that notwith-
standing this manipulation the actual value
Of the stock cannot be destroyed. The COM
panies are earning money rapidly, and will
continue to do SO. Their prosperity during
The remainder Of the year is likely to be
more solid, If not SO glittering as II was a
lew months ago. Careful buying OF both
Steel and Wire and Federal Steel on the
weak spots is advised by some OF the best
brokers in the street, and Tennessee Coal
and Iron is favorite with many.
There is said to be bull pool in the Nor
folk and Western securities, again. and the |
strength Of the stocks yesterday lent color |
to the story. Southern Railway preferred |
and Louisville and Nashville are both |
strong on good buying for London and i'm |
portant interests on this side The earu- |
Ings OF all these companies. as shown in |
their weekly gross earnings reports. con- |
Iinue excellent. The Southern Railway |
for the second week of May shows an in |
crease of $21,35 and for the period since |
July i an increase of SO, 191, 100
Tobacco was a trifie weak yesterday and |
for the week makes a poor showing al |
though the close was somewhat higher |
than the lowest. The street hears differ
emit stories regarding the significance of |
he formation of the new tobacco COM
)any. On the one hand it is said that the
concern will make only a small amount |
Of tobacco compared with the American
md Continental companies, and that it
will interfere very little with their bust
less. Others say that already the Amer
can company is having struggle to earn
is dividends and that with the new com
,any in the field it must begin to fall
behind Immediately.
The movements of Sugar continue to be
.rratic. The stock advanced well yester