The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-10

small margins and equally small expert
| ence, and this crowd will run very easily
and force the market against itself as the
| amateurs always do.
The advice given In the most conserva-
tive quarters is 10 buy the standard rail-
way securities the graDgers. the Pacific
stocks, the Southern group and the trunk
lines for much higher prices. And there
are not wanting some usually conservative
people thst say the attacks on the Steel
and Iron group and in Sugar and Peoples
Gas have gone far enough
The most important real news yester-
day was the announcement late in the
afternoon that the Southern Railway di-
rectors have declared a IL per cent
dividend on the preferred stock Of the
company. AS has been stated in this
column heretofore, this increase in the
dividend tate on the stock has been eX-
pected for some time, on account OF the
immense increase in the earnings OF the
company and the known advocacy Of an
Increase among the directors People
familiar with railway history tate that
there has not been a more brilli.nt record
at any time than that OF the Southern in
the few years since its reorganization, and
especially in the past two years Al pres
ent the company is earning a full per
cent on the preferred stock, and something
IN addition on the common shares. and the
prediction is made in good quarters that
a very short time viii see the preferred
safely on q > per cent basis. 1t IS for
this reason that the stock is now selling
very near its highest price while other
excellent railway securities are of TO
25 points. But IS. the closing price yes
erday, is not equal to the deserts of the
stock
The earnings OF the Great Northern for
the month OF February increased So, 600.
The grangers all showed small net gains
yesterday, mostly accomplished during the
last half hour Of the day. Atchison closed
al 66. the highest price for the day; Bur
lington al l23 Il, and Rock Island at 101,
also the highest prices reached during the
session. and ST Paul al 121 only. an eighth
OF from the best price. London has
bought Atchison preferred heavily during
the past two weeks. and also there have
been purchases for investors on this side.
every day, with the February earnings
statement coming out shortly, and known
70 be extremely favorable Again it seems
highly probable that the price Of the stock
Will have a further advance. although it
is now selling near to its highest price.
The Western securities were not hurt
yesterday by the last and most absurd Of
the fictions Of the bear propaganda, 10 the
effect that the bubonic plague has reacfe !
California and viii kill business on the Pa
cifc railways. AtchsOn preferred closed
at the top price Of the day. Southern Pa
cifc was quiet but closed within IA Of the
top, and Union Pacific common closed at
the highest price. IS l2. The authorities
state that there is no evidence Of any
plague al San Francisco.
Sugar sold Eek dividend 1-2 per cent 1
yesterday. Forty times before without a /
break the company has paid per cent at |
the end OF each quarter. The street was /
an interested spectator al the movements /
Of the stock yesterday but there was very |
little business in il. All day it was strong, /
however, and the close was at the highest
price, g -, showing l per cent OF the !
regarding the trust OF its security yest0-
day
The stockholders Of the Consolidated Gas
Company held a special meeting yesterday
md voted with entire harmony, It is said,
10 increase the capital stock OF the com
lany from S39 07S, coo to $54. 5g4 COO The
tbth has Dteu weak LOT lew QaAS- Dut
was well taken yesterday, and made a
good net gain. The close was al 176 l-2,
after an advance to III ga had been made.
Chicago Gas was again one Of the most
interesting stocks on the list. In the
first hour OF the day 1t made the lowest
price yet reached on this movement, 90,
which is only points above the low price /
81 the December panic. Later the stock
was bought heavily by shorts and for sup
porting orders and il closed at "a. within !
IS Of the high price Of the day The
lear attacks on the stock probably
cached their climax yesterday. The va
'iety and vividness OF the fiction circu-
ated on the eve Of the covering move
nent seem TO indicate this. Yesterday
mornings contribution to the attacks on
he stock was a story that the Standard
)l Trust is backing the ogden company
2 a fight with the Peoples. and furnish
ng oil to it SO cheaply that it can pro-
luce gas is cents a thousand feet cheaper
han the Peoples. This fact with the
utting OF the price on the Chicago mu-
licipal contract, it was said. would prob
bly force the reduction Of the Peoples
dividend.
The steel and iron securities were some
what stronger yesterday. There has been
uush f.TL If inside sailing of fhaca CO !