The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-16

earnings and relatively high prices.
Money is easy again. and the argument
that Burlington or st, Paul cannot be held
without loss on the interest account" is
gone. With the very large probability
that earnings will continue to increase, or
at least to hold their own, It seems very
certain that Q strong market generally
would cause this group to advance
rapidly.
Ferry & Woods prize offer for the best
forecast as to the price Of Sugar stock
resulted in a surprisingly accurate guess.
The contest was opened two months be-
fore Christmas. when the price Of the stock
was around 100. The man who won the
prize put in his guess when Sugar was
selling at 1852. and before the great slump
mad begun. The price on the day before
Christmas, when the contest ended, was
around 12o. and the good guesser was
within Ia of the right figure. Some esti-
mates sent in were as high as zoo, and
they were generally above $50.
The Republican managers state that the
passage Of the Ship Subsidy bill this ses-
sion is well nigh a certainty. The oppo-
sition is undoubtedly strong in spirit. but
Il is said that even number of the Demo-
Gratis viii vote for the passage of the bill.
Sundry orders for the purchase of Pacific
Mail have been received by the brokers
from the Capital within the past few days
and many of the professionals consider this
even a better indication of the drift OF
opinion than the statements of Republican
friends of the bill. Pacific Mail has been
fairly steady, though not stronger than
the remainder Of the market for the past
week. II is whispered that an advance is
likely in the near future
There was li.tIe evidence yesterday in
support OF somewhat widely circulated
rumor that the Rockefellers and other lead
ers of the market intend soon to begin a
bull campaign in the railway list to the
exclusion of the industrials and the trac-
lion securities. The railway stocks are
steadIer. but the industrials regain their
lost ground with much buoyancy after each
bear attack. II does not seem in the least
probable that the Standard Oil crowd could
pick out the railway securities and push
their prices up without the industrials fol-
lowing rapidly in their wake. Nothing Of
this kind has ever been accomplished before
for any length OF time. The industrials are
paying dividends now, and they have firm
friends who believe that as soon as market
conditions improve they can be advanced
quite as rapidly as anything else. This be-
lief is quite likely TO fulfill itself IL the
proper occasion arrives. 1t will be when
dividends once declared are stopped, when
earnings begin 10 drop rapidly as the bust
ness boom subsidies. when failures occur
IL these things are TO take place-that the
industrials will fail 10 advance with the
general market. When the companies are
wonderfully prosperous and their stocks
are being added TO the dividend list every
month, il is out Of the question TO expect
this.
The news regarding the steel COM
panies and their stocks is all most re-
assuring II is noted. for instance, that
the Colorado Fuel and Iron Company. al
ready earning big profits for its $1,000 600
of stock, more than 10 per cent yearly,
according 20 officers OF the company,
has just acquired very valuable coal and
iron mines in southern Utah that will in
crease its business Immediately. Two
million dollars of new capital stock, in
addition TO the sl3,O 600 heretofore out
standing, was issued for the purchase.
Another fact much commented on in the
street is that tae Steel and Wire Com
pany is undergoing a thorough exanina-
tion by chartered accountant. whose
findings viii be given to the New York
and London stock exchanges. II is sug-
gested that unless the company were in
a most lourishing condition it would not
be willing TO submit its books to such
4 rigid scrutiny.
Chicago Gas at is plesent level has
numerous good fiiends. They predict
that IL viii sell twenty points higher on
the first strong market
Cliques are waiting for the opportune
"a Il. IA sau
Talk OF the bad effect of Nicaragua
Canal legislation on these securities is
heard. but &c seems short-sighted in the
I,-.