The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-12
known that the disposition of London and
Continental investors at present is TO buy
American stocks


American stocks
American Tobacco was the weak feature
of the list all day yesterday, as it was on
Thursday. The stock opened at 81 IL. the
best price of the day. and sold down TO
90 1-2 near the Close the last sale being
,, at go IS. 1t was said that the insiders
We're heavy sellers OF the stock. though
whether this selling was liquidation or
simply one of the Tobacco Company's
speculative ventures could not be deter
: mined. outside holders also sold the
| stock The ostensible reason for the SELL
ing of the stock was disappointment at the
annual report of the company, but it would
seem that this should not cause any such
inside hammering as occurred, as the In
siders of course knew what the condition
of the business was before the report was
published Tobacco is one of the least
satisfactory stocks on the board to specu-
late in for the reason that this company,
like the American Steel and Wire concern,
combines market manipulation with lts
regular business. There has been stock
ticker in the Office of the treasurer for
/ many years. The Continental securities
| were also both very weak. The common
stock declined to % 1-2. and closed on the
/ bottom and the preferred slumped from
! 80 TO &c 3-4 and also closed at the worst
| quotation for the session.
! Earnings statements yesterday were all
/ excellent. The April showing Of the Bal
timore and Ohio was particularly crafty
! ing The net earnings for the month in
! creased S3o3,62S and for the first ten
months of the fiscal year increased S4,4S5.-
| coo. The Baltimore and Ohio securities
nevertheless shared in the general down.
ward movement in a most unpleasant way.
! The common stock sold off from II IA to
/ 10 and closed at 10 is, and the preferred
/ declined from so ga to IS "a.
! The statement of the Manhattan Street
Railway Company for the quarter ending
March 81 shows a surplus after all
charges and dividends of sl45,553 This is
an increase of s5S,363. and is considered
most favorable statement. The traction
securities were among the weakest on the
list yesterday. Manhattan sold off from
% to So IA and closed at SO 12. Metro
politan declined from 1913 TO 15e, and
Brooklyn from ~ to GO SIS.
Missouri Pacific was one of the best
stocks on the list despite much bearish
talk regarding it. 1t was supported by
the pool apparently. There is much specu-
lation as to how strong this pool is, and
whether it will be able TO hold its stock
cline for some time longer. There were
! hints yesterday that 1t was likely TO sell
out at any time, but apparently these
stories were circulated for their effect on
the general public. 1t is easy to see that
II the pool should liquidate the stock
would have violent and long tumble, as
1t has been supported sturdily during the
entire recent attack on the market. The
earnings of the company for the first week
I 6f Nov
were entirely satisfactory, showing an in
crease of $4,000 for the week, and of $685.,
OBS for the year from January !.
The gross earnings Of the Norfolk and
Western for the first week of May show
an increase of s22.4s3 The increase since
| the beginning of the fiscal year has been
| sl,S32, S92. The gross earnings of the On
tario and Western for the week show a
| decrease of S7,095. From July the in
crease in gross earnings has been s5s3o21.
| The gross earnings of the Texas Pacific
for the week show an increase Of s10,132,
and from January / an increase of S232, 651.
| Sugar was one of the well-supported
securities. The action of this stock has
been one of the market mysteries for two
or three weeks. 1t is certain that it Is
much stronger than any of the profess
SIGNALS believed it would be, and there is
much disappointment in the bear ranks
that 1t is not now selling below so. as
was freely predicted. Yesterday morning
there Was fresh crop of bear stories in
the street. II was said that the settle
ment of the war is a myth; that, in fact,
the fight is more bitter than ever. Talk
of the withdrawal of enc Of the important
men OF the trust and of the establishment
by him of another independent plant in
sympathy with the Arbuckles. was heard.
Talk of more cutting of rates waG COM
mon. Rumors of big bear attack on
the stock and of bets that it will sell be-
low par within week were in all the
brokers offices. Offers to sell the next
dividend for x per cent were alleged 10 be
many and frequent 1t was said that the
dividend will probably be passed entirely.
In the face of all this energetic campaign
ing by the bears the stock held its own
better than almost any other stock On
the list. Ii opened at i'll 1-2 sold as low
as 109 is, and closed at 110 1-2.
The slump in the steel and iron stocks
continued. Federal Steel common was one
of the best of the group. opening at 80 Ia
and closing at IS SIS. Steel and Wire COM
mon sold off from 40 IS TO IS and closed
at IS Ia. Tennessee Coal and Iron sold
| off from 20 to 10 closing at the bottom.
| Colorado Fuel and Iron tumbled 2 points,
| to 81. National Steel was very weak.
| Shelters also was weak all day.
| There is talk Of the possibility Of the
| reduction of the dividend by the Western
Union. The stock was weak again yester-
| day.
| Pacific Mail again sold at 30, and this
| time did not recover from the low figure.
| There was good support in the grangers
| a; times, but they, like the entire list, went
| of in price. especially in the last hour. st.
| Paul was the weak feature of the group.
| Washington stock Exchange.