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

ertheless. Even if it is losing money in re-
fning sugar, it may be making money
selling Sugar stock short. The meeting Of
the directors Of the company will take
place next Wednesday, as heretofore stated.
( Many careful brokers express the belief
! that, whatever the dividend declared may
| be- or even if it is passed entirely, the
stock viii be an excellent purchase when
the news Of the meeting is out. 1t is not
impossible that the upward movement may
begin before that time. Sugar stock is not
like Third Avenue, even If the dividend is
| passed.
Third Avenue made new low price rec
ord also. below &c. 1t was weak all day
and closed near the bottom One OF the
best known Of the New York brokers said
regarding the stock yesterday: The more
news there is the less valuable the stock
appears. 1t is hard to see how it can have
any value with the immense floating debt
the necessary working capital. and the
I s., 600 Of bonds ahead OF it, This float
] ing debt Is more than was suspected at
I first. II may prove to be $40 600 600" The
other traction securities were curiously
enough among the strongest on the list.
Manhattan declined to 80 is and then ad-
vanced 10 90 IS, at which point there was
a net decline for the day of only an eighth
sturdily around &c. closing at the opening
figure. Sc IA. Metropolitan declined to
Ice 1-2 and closed at 16s.
American Steel and Wire common de-
Clined TO So IS and closed at 81 3-4, with a
net loss for the day Of more than point
The preferred also declined. Federal Steel
common declined to so rs and closed at
81 IA. National Steel and Steel Hoop both
continued extremely weak. Tennessee
Coal and Iron went as low as 90 1-2 and
closed at 81 1-2 with a net loss Of two
points. Colorado Fuel and Iron was one
Of the strongest securities Of the group, but
very dull closing at the opening price, AZ.
The strike troubles in Chicago and else
where, the report OF the Industrial Com
mission, which is considered by many
with DO very good reason. a bear argu-
ment, and the talk OF dividends not to be
paid according to expectation, were all ad-
verse influences in this group yesterday.
Because no one can know what the extent
Of the labor difficulties will be II is i'm
possible also to foresee what is to be the
course Of the Industrial stocks in the i'm
mediate future. The other matters are
used temporarily as bear arguments, but
they could have no permanent effect. The
Industrial Commission wishes to have the |
industrial companies submit reports OF
their business as the railways do. Con-
sentative financial and business people |
have held this view for several months. AS /
has been pointed out in this column, only |
the concerns that have matters TO hide, |
and therefore should be investigated. will |
object 70 giving the public a certain /
amount Of information regarding their I
business.
Among the developments that were dis
tinctively favorable to the Steel and Iron /
group were the declaration Of a dividend Of |
per cent on Colorado Fuel and Iron pre- |
ferred yesterday, and a quotation from 1
President Guthrie. OF the Steel Hoop Com 1
rany, regarding the dividend on the COM /
mon stock Mr.. Guthrie sailed for Europe |
a day of two ago. The statement yester- |
day quoted him as saying before he went |
that a dividend on the common has been |
decided on finally and will be paid imme- 1
diately after the end OF the fiscal year, on |
March 81. President Guthrie also stated |
that the company during the year has 1
earned 25 per cent on the common stock.
Leather common was weak again yester- I
day, getting as low as 10 3-S and closing |
at II IA, with a net loss OF half point
A Chicago despatch says: "a firm Of
lawyers are preparing a suit which will |
soon be fled in the Circuit Court to attack 1
the consolidation OF the People Gas Com
pany They pretend TO act under the au-
thority OF the city attorney and under a
resolution Of the City Council passed last /
October. Since that resolution was passed. |
however, both Judge Gibbons and Judge
Dunno have held that the consolidation Is
constitutional There has been some SELL
ing Of Gas stock in anticipation Of the
suit" The Chicago selling of Gas was
noticeable yesterday. and. with short SELL
ing by New York bears also to depress it,
the stock fell four points or more, TO "a ga.
The close was at % ga, net loss for the
day Of three points. There is nothing TO
fear from this suit, according to the best
authorities. and if the general market re-
covers Gas will likely be in the van.
There IS talk OF pool buying in Pennsyl-
vania and the action Of the stock yester-
day indicated more than the usual very
small professional trading In it.
Tho Southern securities were conspicu-