The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-14

OF good prices next year as wei. IHtie -
steady investment by careful people in all
terday. but all showed small net gains at
the close.
Another earnings report that attracted
much attention yesterday was that of the
Manhattan for the quarter ending Decem-
Der 81. The company showed net surplus
after charges for the quarter Of s6i4,6S2 as
agains; SSl1.a24 last year. The surplus
after the dividend for the quarter was
siS5. III. as against sS1, $50 last year, al
though there was the large extra amount
OF stock 10 pay dividends on this year. The
showing is considered In every way salts
factory. 1t is much better than had beef
looked for The effect Of this statemen
and of generally better feeling regarding
the traction securities was a quick ad-
vance in the entire group yesterday after
noon. Daring the last hour of the day
they were much the most active group ON
the list. Manhattan advanced to 100 IL
and cloTed at par. the opening price having
been rs. Metropolitan advanced from
l79 1-2 to 1872. and closed at ISL IL. Third
Avenue advanced to above l05, net gain
of foyr or five points. Brooklyn advanced
to "a 10 and closed at the top which Is
the highest price for several days. Opin-
ion among conservative financial people is
still bullish regarding these stocks, and II
is quite probable that a strong market to-
day will induce heavy covering by the
shorts.
The annual reports of the Chicago Gas
Comuany was one of the news features of
the day and il created much confident talk
regarding the stock of the company. The
net earnings for the year were Sl,s61, 5I2,
as compared with s1.577, 1925 for the pre-
vious year The surplus after the payment
of 6 per cent dividends was s241 44i. The
business of the company is increasing
steadily. and il seems certain to continue
TO increase despite all the bear talk sent
out periodically regarding the opposition
of various kinds.
Mr.. Keene was said to be buying the
Baltimore and Ohio securities and Penn
sylvania heavily yesterday, and whether
this statement was true or not these stocks
were buoyant and active. Pennsylvania adj
vanced 10 1876 passing New York Central
for the first time In many months. II
closed at 1876 H. Baltimore and Ohio COM
mon advanced TO 63 IA. and closed at the
top price. The preferred advanced to ~ Is,
also closing at the top price for the day.
The January report of the Baltimore and
Ohio shows an increase of gross earnings
of $3.50 sgI another of the remarkable
statements that go far toward justifying
even the present high price for the stock
Despite these earnings. however, and de-
spite the fine clique work in the stock, II
is probable that conservative people are not
yenturing far on the long side OF it at
present. There are many other securities
that offer more alluring outlook.
II Is rumored that the American Sugar
Company will advance the price of all
grades of sugar another five points in the
near future. Another story is that the
trust has made arrangements to take IN
one of the independent concerns. sugar
stock advanced 10 above liz yesterday and
closed at H. with a net gain OF more
than a point. Sentiment in usually we'll
Informed quarters is bullish regarding the
stock although the bears are still talking
of par for it before the end OF this month.
Gossip regarding the Mexican Central
and Mexican National securities is par
ticularly bullish on account of the fine
condition shown in their current reports.
The Canadian Pacific directors yesterday
increased the dividend on the common
stock Of The company from TO per cent
for abe half year. The regular 2 per cent
dividend was declared on the preferred
stock.
The expected declaration OF IL per
cent dividend on the common stock of the
| Federal Steel Company was made by the
directors yesterday. No statement was
made at the meeting regarding the con
i tinuance Of the dividend during the pres
ent year The stock is now on per
| cent basis. but there has been some tall;
of the probability that the payment will
moi be made until the end of the year, in
! the same way that 1t was postponed last
year and for abe same reason. Apparently
/ n would be- Impossible. under the charter Of
the company 10 pay dividends out of cur
Z rent earnings on the common stock. but
! there Is no reason why the dividend should
not be paid quarterly out of the surplus
| earnings for last year. II is said that an
other meeting win be held in March ia
! take action on this question. The steel
securities generally were buoyant yester-
day. and all showed good net gains at the
! close Of the day. Tennessee Coal and Iron
| advanced in the morning TO 80 IL. bui
later lost a point of this gain. Federal
, Steel common advanced to % and closed
! al Sc L. with a point gain FOR the day.