The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-10

rates for both call and time loans. Cal
loan rates yesterday we're and 12 per
cent There is abundance of funds for tine
loans at per cent. On the other hand,
juniors Of further disaster to the British
Army in South Africa were hslTd IN ...e
street all day. Inc newest bear story was
that Great Britain will soon evacuate
Egypt under pressure OF the European
lowers # would seem that this story
might be the climax of Wall Street special
cables. The reality Of the bull factors in
the market situation is unquestionable, BIT
il is no more so than the mendacity OF the
bear rumors. The outcome Of such sit
uation can only be one thing. according TO
conservative market people, and there are
the best of evidences that continuance of
the upward movement is at hand. The
bears are likely to cover heavily again to-
day. and il they are not forced to do so
now they will be next week. The support
given securities in all parts of the list yes
terday as unmistakable II was the
same quiet absorption of securities seer
two weeks ago. when on the surface the
market was dead. The bears sell shor;
and the insiders buy from them. The in
siders control the market. The bank state
ment today will be good one. but as the
figures are not likely TO be as large in
recent weeks. the bears will have chance
TO express disappointment over it. They
may take this opportunity to cover. The
market will be closed on Monday. Lincoln (.
birthday. There will he some evening up
of accounts before the holiday, and the
chance seems 10 be that the shorts will be
more anxious than the holders of securi-
ties.
In a generally declining market the
strength of New York Central yesterday
afternoon was noticeable and should not
be overlooked. The Nanderbilts have been
among the largest buyers of securities re-
Gently aud their advance OF this stock yes
terday looked much like one of the second
moves OF bull campaign. The stock ad
vanced to 1SJ IL and closed at 1874 rs,
with good net gain. Big Four sold EEK"
dividend yesterday and closed at 81.
Union Pacific was sold viciously by the
shorts all day on the theory that after its
good advance il would be one of the yul
nerable stocks. but the selling produced
almost no effect on the price as the sup
port was excellent The closing was at
40 rs.
American Tobacco was one Of the few
buoyant securities. 1t advanced rapidly
10 Jos 1-2 in the afternoon and closed at
Jos 3-S. with a net gain of nearly Two
points. One Of the stories regarding the
stock is that il will be given a : per cent
dividend instead of the present per
cent rate. There is a basis of probability
for this in the eXcellen; profits known 10
have been made by the company during
the past year. The Tobacco Trust has Sc
cured control OF the Japanese cigarette
business and is now closing up a deal for
a like control of the Por:o Rican field it
is said.
Sugar tumbled again yesterday. getting
as low as 109 5-S and closing at 40 L.
The talk in the street is all bearish re
garding this stock and IL may be that il
is good time TO buy H. Such a thing has
been known before Everything has been
said that could be 10 depress the price.
The company is losing money. Dividends
are 10 he cut or passed entirely. The
sugar war is further from an end than
ever before. All OF these things have
had their effect. and been discounted
whether they are true or not. The next
news regarding Sugar will be good news
whatever il is In passing il may be noted
AudA btlu ilit fAlbhfkltS anu Allt sugar
company have just advanced the price
of coffee.
The earnings of Northern Pacific for the
fourth week of January increased si32-
3sS the increase for the month was
s3S7.579.
Pacific Mail was again weak yesterday
getting within a small fraction of 40. The
Il. % % - -
people express the opinion that an advance
in the stock is not unlikely from this
level. The company is paying per
cent dividends and is earning much more
than that with very near a certainty of
increasing its business steadily. Under
these circumstances 40 can hardly be con-
sidered an adequate price for IL whether
the subsidy bill passes or not. If the COM
pany is TO be given heavy subsidy, par
will be very small price.
Western Union continues weak The
stock declined to 80 SIS yesterday and
closed "a SO rs, showing a net loss for the
day OF a full point The street considers
tinctly unpleasant affair 1t fts into the |
recent stories Of poor business in a most
way. The issue is to be for
800 900. 600 instead of SO. coo 900 as at first
The money realized from the |
sale OF the bonds is to be used in better |
ments. and gossip is heard that much |
larger part of il will go 10 the replacing Of |
WORKOUT equipment than the company |
would like tc admit.
II is understood that George c. Bloomer |
and John Seager, who recently retired |
from the firm of W. B. Hibbs & Co, will |
form partnership and enter the broker
age business in the near future Mr.
Bloomer has purchased seat on the New
York Stock Exchange and will be formally
elected in few days.
Instead OF the slump in the iron trade |
and the lower prices predicted by the |
pessimsts a few weeks ago, there is every |
prospect of even greater business this |
year than last. Predictions are now made |
freely by experts that there will soon be /
another advance in prices. Production Of |
pig iron and of steel is increasing steadily |
md rapidly. but il does not keep up with |
he demand. Scarcity of coal in Great |
Britain and in Europe is becoming an i'm
,ortant factor. and steel and iron prices |
ire advancing rapidly on the other side
n a short time there will be a demand for /