The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-27

z developments in he news OF the morning
( that might be supposed to account for the
weakness in the traction stocks, OF in any
c.hers. and careful market people were
I inc ined to the opinion that there has been
+ a eight going on between Mr. Keene and
his followers and some Of the lesser bull
pools in the traction group. The fact that
I Tho tumbles OF ten to thirty points in
. these securities have not caused more than
( fractional declines in the standard railway
I list seems to indicate that the movement
has been a manpulative one almost entire
ly. What the real situation in the traction
dEh. is or has been does not develop. Mr..
Feepr is said nv some 10 be heavily long
If Third Avenue. as has been stated here
toiurr and TO be hedging by short sales
Of Brooklyn and Metropolitan. The belieN-
eis IN this theory suggest that the friends
of BrCoklyn are hammcring Third Avenue
To punish him. on the other hand friends
Of Mr. KeeBe assert that he does not need
a guardian. and that he has sold ont all
the Third Avenue he ever owned 4 mum
Der Of ine earnings statements were pub
lished yesterday. including those OF the
Southern railways. The third week Of
February is evidently 10 make quite as
brilliant a showing in gross earnings as
nNN NIFI ms gone btlNl hRA4tf va
tiTucd easy Yesterday. London was pur-
chaser Of Americans On balance. The
afternoon market generally was stronger
on persistent buying Of the grangers the
c1elers the southern securities. and some
Of he steel and iron stocks Sugar only
showing weakness tx seemed quite prob
able to many tha; the tumble Of the morn
ing Rad completed The break, and hat
gradually better market may be expected
Hh....1
despite further declines in the fractions. or
The bottom may have been reached in hat
group also.
There have been number Of bets that
Third Avenue would sell lower than Brook
Ign Rapid Transit before its decline was
over. Yesterday morning the bets were
decided. When Third Avenue dipped to IS
at enc time for a moment Brooklyn was
at 6S is. Later in the day both stocks
recovered somewhat but Third Avenue
more rapidly than the other. It has hap
pened before now that a bet has decided
the course Of the market, and it is not
impossible that having won their bet the
Third Avenue bears may be willing now TO
stoD selling The stock short The entire
traders contingent and most Of the world
besides has been bearish on Third Avenue,
and il would seem not unlikely that for
this reason also the time TO swing has
come. The low price reached by Brooklyn
was s. "a, and its recovery was only frac-
tionsl. Metropolitan went as low as 167 IL.
and closed at 10. Manhattan declined to
SO S-4. and closed at "a SIS.
Sugar had the most violent break next
to Third Avenue. From the recent level
around III il dropped to 107 in the fore
noon. and toward the close had another
break to below l04. The close was 104 IL
There have been more bets as to whether
this stock would reach par before the di-
rectors meeting next week. and the out
look now seems excellent that the bears
will win Nothing new developed as to
the dividend but il the stock goes to par
before the meeting il is the opinion Of
many careful people that 81 viii recover
afterward whether the dividend is cut Or
not. The break has been sufficient TO more
than discount a smaller disbursement, in
the opinion OF these people unless it is to
be supposed that the Sugar Trust is to
lose in the fight finally and retire from
business.
The favorable report OF the Subsidy till |
Yesterday and the placing OF the measure /
on the calendar was used as a bull argu-
ment on Pacific Mail by the professionals, /
and the stock was given rapid advance !
TO 90 10 The close was at 80 net gain 1
Of two points. II is said to be probable |
that the upward movement will continue 1
a few points further. According to the !
best Informed people at the Capitol, how /
ever there Is very little chance OF the /
measure becoming 2 law during this ses- /
sion. and il seems entirely likely that !
there may be other declines before the .
stock moves to the permanently higher /
level that its friends predict for it.
The grangers were unusually well sup
ported, and closed the day with no let
losses. 1t was said that there was buying
or important interests in the group. The
weekly statement Of increase in gross
earnings made by the ST Paul on Saturday
again called attention TO the fine business
II these companies and the comparatively
ow prices at which they are now selling.
An interesting feature of the day In the
group was the comparative. weakness Of
Burlington and strength OF St Paul The
TWO stocks sold at the same price at one
lime 122 This has not occurred before
ii any time in recent years. if ever
Atchisou preferred was buoyant and made
; net gain Of point OF so on talk Of
inc January statement.
Tennessee Coal and Iron during the
morning hours had a violent break with
he traction securities. but IN the after
loon it recovered nearly an Of its loss 1t
lpened al So sold as low as S. 81. and
hen advanced 10 80 al the close. The aft
rn0on advance vas probably caused by the
inc showing made by the company in its
'eport for January. The surplus. after ali
,harges for the month wac SIS 1885, an In
.rease OF S225.se2 There Vas bus ing for
important interests Co The sfoeh Hli the
opinion was expressed b. careful people
hat the low price has HrUta been
cached. The meeting Of the com. ly viii
AXE place 90 short time. and favorable
developments are predicted By hose IN
POSITION to know. Federal Steel common
vas strong an day.
Leather common made small net ad-
-ance on what seemed to be clique buying
Consolidated Gas tumbied 10 $50 yester-
lay and reeaiued only a point before the
lose The disappointment over the failure
4 the company TO declare larger divi-
lend Is causing some selling of the stock.
'hicago Gas was relatively strong. 1t
losed the day with a small advance. The
,ad news. what there was OF il, that could
,e called legitimate, has been discounted
~ the big break and people who know the
,ffairs Of the company thoroughly state
hat there can be no question that it will
ontinue 10 earn its dividend and pay it.
The comparative prices Of these securities
he per cent stock selling at lS0 and the
per cent stock al 9s-are attracting ia
orable attention 70 Peoples
The following earnings were reported
Jntario and Western. third week Of Feb
uary. Increase in gross. s22 .07s from July
EgHg kprFn1l and !