The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-03

be exactly like other similar markets.
Prices are lower than is warranted by
conditions The Rockefellers the Van0er-
bilts, and the other important market peo-
pie realize this and are absorbing securi-
ties There will be- on some near day, the
beginning of an advance and then a sharp
covering movement, which will send prices
upward rapidly. The entire street, piean-
ing all the smaller professional and semi
professional spectators, is short OF the
market AS for the immediate future, it
is, of course, possible that there may be
further small reeessions from day TO day.
Such at least is the view of the general
situation taken by some careful and eX-
perienced market people. Possibly these
people are wrong this time, with the
Rockefellers who have just been buying
the control of the Missouri Pacific RAIL
way, and the Vanderbilts and PennsylVa-
mia people, who have been acquiring con-
troll of half dozen different lines through
out the East. Perhaps the small fry are
right in going short after big decline
when the market is dull on the bottom.
The exports of gold this week Will be
several millions. On today's steamers an
amount anywhere between 600 and
49, 600, coo viii go out. The export move
ment will not last long. according to the
best authorities. Money yesterday con
tinued easy, call loans being made at
per cont The earnings statements of the
day, including enc or two important March
statements were all favorable. Other
news was unmportant. Talk of the bank
statement this week is that 1t will be
good one despite the gold shipments.
Sugar was strong during the entire aes-
sion. II opened at 112 IL and advanced to
ZIG early in the day. There was reces
sion of two points from this figure, but be-
fore the close another upward movement
carried the price to III. The close was at
116 as at which the net gain was about
four points While many believe the pres
ent remarkable strength of Sugar due en-
tirely TO manipulation, without anything
intrinsic for its foundation, 1t may be
stated very positively that th..re are some
careful people who look for an early i'm
portant announcement of change in the
Sugar war situation. 1t was said yesterday
in quiet way in certain quarters that
negotiations looking toward a much better
understanding in the trade are on foot and
likely TO be successful.
The Norfolk and Western March state
ment shows an increase In gross earnings
of Si12 G29 and an increase in net of sl4e,-
$40. The gross earnings since July ! have
increased 81 694. Isl. and the net have in
creased 81 230,5S0. The Mexican Central
net earnings for the month increased
SlsS coo. and from January increased SS63,-
1872 The Union Pacific earnings for the
month were sS75. 204. an increase Of S239,-
500 The net since July increased 1919. 734.
The gross earnings Of the Metropolitan
Street Railway Company for April show an
increase of S7S,521. The increase in gross
since July has been S1,437, a23.
Among the interesting minor features OF
Dill .urp~ Ht-hl q
continued its big advance during the
morning on heavy buying. both for specu-
lators and investors. apparently. The
talk of Vanderbilt buying for control in
duced some of the spectators to purchase
the stock There was also much talk OF
the probability that the Brooklyn exten-
sion of the rapid transit tunnel will have
its terminus at the Flatbush station of the
Long Island line, which might, it was
thought, make it possible for the line TO
run its trains through the tunnel to Man
haitian Island.
The steel securities generally were sold.
and prices went off fractionally in trust
stocks but several points in others. The
new reason for cynicism regarding these
stocks was the talk regarding the Repub-
lie Steel Company difficulties. 1t was
said in some quarters that there is likely
to be suit for the dissolution of the con-
Germ into its constituent companies. The
foundation for this rumor is not official,
and there is no reason to believe it, OFF,
GERS of the concern, in fact, deny it posi-
lively The company has been prosperous
and its business is at present in excellent
shape
As for the general condition of the
steel trade, new statements from authori-
ties are made every day. which seem to
leave no doubt as to its prosperity. Mr..
Carnegie is quoted by a good authority
as having made the statement before he
sailed that business is in an excellent
condition and the alarm regarding it en-
tirely unfounded. He prophesies pros
perity for at least the remainder OF the
year. A director Of the Tennessee Coal
and Iron Company is also quoted as stat
ing that advances in the price of iron are
more likely than declines. Tennessee
Coal and Iron was the weakest stock of |
the group yesterday. with a decline Of 5
points TO rs. 1t recovered to rs 1-2 before
the close. American Steel and Wire COM
mon stock at its present price is paying
about is per cent. on the investment.
Its dividends have been promised by the
directors Of the company for the year.
Missouri Pacific was one of the strongest
of the railway list, although it made a net
loss for the day. closing at IS 3S. There
is to be a continuance of Mondays ad-
journed meeting of the directors of the
company to-day. II is stated on official
authority that Standard Oil man will be
made a director of the company, and
probably more than one. 1t now seems
probable that there will be no dividend de-
clared Immediately. but all large interests
in the property are in favor of a dividend.
and there will be a disbursement certainly
in the near future. Holders of the stock
refuse TO sell out.
The New York Central strike situation
continued to have depressing effect on
that stock, and on the railway list in gen.
eral. On any further decline Central will
be bought by important people.
An advance in Baltimore and Ohio pre-
ferred is likely. The early retirement of
the stock is said TO have been decided on
finally.
Washington Stock Exchange.
Capital Traction as So 600 a log 1-2,
81 900 q log IA. 81 600 a 106 Is; Peoples
Fire Insurance. S a 67-S: Real Estate
Title Insurance. 10 a So 1-2: Capital Trac-
ton Script sl4S a 100 s75 a log 3-S, 1852
a 106 IA: Capital Traction. $40 q lO4.