The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-01

seldom seen even in Wall Street. But il
has had almost no effect on the standard
| securities. If the fight in New York has
climaxed, the upward movement may be
at hand, and # will certainly be helped
by the recovery Of the fractions. London
was buyer yesterday. Money continued
easy.
Former Mayor Hugh Grant, of New York,
has been appointed the receiver of the
! Third Avenue AS has been said hereto
fore ii has been nearly certain that the
pitiable troubles of the company would
end in a receivership. Its load of debts
was so immense that it did not seem pos
sible that the Metropolitan group Of
capitalists or any other would care TO as
sumo it on any basis that could be offered.
The dividend declared by the directors OF
the company few days ago was not paid
yesterday when it was due owing to the
then almost certainty that receiver would
| be appointed There is disposition among
| conservative financial interests TO believe
that the low price reached by the stock on
!, Tuesday and yesterday around 30 will be
/ the bottom figure touched by II. This idea
| is based on the theory that this price dis
counts all that can happen to the stock
| in the hands OF the receiver. The rail-
way is valuable one, and its financial
| rehabilitation Will not wipe out its stock.
This interesting, if not important. des-
patch was received from Wall Street yes
terday: Generals Roberts Rockefeller and
Kitchener Whitney report that they have
General Cronje Keene completely sur
rounded in the Third Avenue lager, and
are determined to lombard him into uncon-
ditional surrender. The war office may be
holding back the information that this has
| already been accomplished. The market is
| rallying."
Brooklyn Rapid Transit yesterday morn
| Ing reached the lowest price touched by it
On the present downward movement, "a IL.
| II recovered in the afternoon, with the
other traction securities. closing al 6S Ia
| the highest price of the day. Manhattan
declined TO 80 IL and then advanced to
| 50, closing at "a IS. Metropolitan ad-
yanced to Iii Ia at the close from a low
| price of los 1-2 There is one other reason
for the strength of the fractions yester-
day. There was much talk on Monday and
Tuesday of the heavy burden OF the fran
chise tax This gossip is circulated by the
! bears in all of their raids. Yesterday it
was pointed out by people with more re-
gard for the truth than for the plans of
the bears, that this tax will not be ruinous
or anything like 1t, but in fact only a small
matter when divided up among the many
New York State corporations on which it
will be assessed.
There was an advance of nearly three
| points in Sugar yesterday, from Jos at the
| opening TO 107 ga, the closing and highest
price of the day. No news regarding the
meeting of the directors next week was
heard and 1t is supposed that the boom in
the stock was caused simply by covering of
short contracts. in sympathy with the
movement in the fractions. The same
mey be said of American Tobacco. which,
curiously enough, opened and closed at the
same price as Sugar. The Tobacco COM
pany also has dividend question, though
IL is not nearly OF so much Importance as
that of the Sugar company. Rumors that
the dividend will be increased are affirm
ed and denied from day TO day, as the
needs of the professionals suggest.
Tennessee Coal and Iron advanced from
81. the low price of the day, 10 "a, the clos
ing and highest. The statement of thu
net earnings OF the company for January,
given out yesterday, is an excellent one,
and probably caused covering of short con-
tracts, if not much buying for the long ac-
count The net for the month was 1921. SOS,
an increase of S87, 239.
The coal stocks generally were quiet yes
terday, but strong. The January net earn
ings statement of the Reading company
was excellent as usual. The system made
gain of sS7, ISL, the total net being
$500, 5l4.
The Leather company had its long await
ed meeting yesterday. and, as foreshadowed
in this column. no plan for the reorganiza-
ton of the capital stock was decided on
1t is understood in fact that there was no
discussion Of any such plan, and that there
will be none in the near future, at least.
The statement of the company for the yea-
is good one. but by no means so glowing
as some of the Wall Street tipsters have
been promising. The surplus on Decen :
Der 81 1898, was 1921 .9ii and the sur
plus at the end of 1899 was s4,S55, 4S7, an
increase of $S2T.543. There was naid in
dividends during the year So 112 200, which
added to the increase In the surplus shows
the profits OF the company to have been
SO, $40, 243. Leather common stock declined
yesterday on the announcement regarding
the meeting. II closed at II IA, within
an eighth of the bottom price OF the day.
This stock was one of the few that did
not show an advance.
The st. Louis Southwestern during the
year 1899 piled up surplus of $256.000
after the interest on the second mortgage
bonds was paid.
Baltimore and Ohio common was strong
with an advance OF more than a point
There have been stories OF :iquiGation by
the bull pool in the stock. or one of them,
recently. but there was little evidence of
anything of the kind yesterday. On the
other hand one of the most conservative
and influential brokers in the street ex-
pressed the opinion yesterday that the
stock is one of the best purchases In the
entire list. The new terminal facilities OF
the company at Chicago undoubtedly add
much to the intrinsic value of the securi-
ties Of the company.
Union Pacific common yesterday sold
Eek dividend IL per cent for the first
time in its history. The stock recovered
nearly a point of the dividend. closing at
AZ 3-s. the best price of the day. The pre-
ferred stock also sold lex" 2 per cent
and recovered fraction during the day.
securities on the railway list yesterday
| Atchison preferred especially being buoy
| ant on good buying. based on the surerb
| January statement OF the company. This
stock closed at 65 Ia, the nigh price of
the day. The others of the group all made
substantial gains.
Washington stock Exchange.
sales-Capital Traction: sass "a, 5OG
! SO IL, 4O0G93 as: Washington Gas: Ia
SO "a, 1OG53 rs: Mergenthaler Linotype:
26197 L. 5G197 rs, 10d197 IS. 500
| 1877 ga. After CALI. s. As, registered
| s300q116 SIS: U. s IS. coupon: ssOO@
| III Mar1aptha1ar onEa