The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-01

These gentlemen were supposed 10 have
made large amount of money during the
decline in prices in December, though their
own wori was the chief factor in this sup
position. Since that time they have been
selling more stocks and the market has
been going against them. On Tuesday Tun-
stall made tremendous purchases Of Sugar
stock, which forced the price up several
dollars a share. Yesterday. :. -. hi- bur,
ing stopped. there was an immediate tum
bic in Sugar again TO about the level pre-
vious 10 his purchases. After that the
stock gradually worked up q point or more
to lis ia. During the entire forenoon
large blocks of various stock beside Sugar
were sold out or bought in by different
brokers under the rule" for lack of mar
gins, Tunstall apparently having forgot
ten for whom the original contracts were
made. He was on both sides of the market.
number OF brokers lost money by these
transactions and there was some bitter
talk of the AFFAIR on the floor of the ex-
change and in the street. II is thought
that the Consolidated Exchange people
may have been badly crippled. II is said
that the value OF Tunstall's seat will cover
all OF his losses fully.
Sugar was the stock in which the Tun-
stall game was chiefly played and it was
most affected yesterday as has been said.
Many brokers and traders that have been
bearish on this stock recently are inclined
TO take the other side for the present and
there are no; a few shrewd financial people
that look for good upward movement in
il IN the near future. AS the time for the
dividend approaches there is less cock
sureness in the assertions of the bears that
the rate will be cut. One story in the
street Yesterday was that Havemeyer has
charged his mind about the dividend since
the prices Of all grades of sugar have been
advanced successfully p points or more.
American Steel and Wire was the most
buoyant stock on the list There was
heavy short covering early in the Gay,
but at the same time ii was known that
there were excellent purchases for the long
account. The price advanced TO IS IL, and
the close was at 81 l-2, showing further
net gain Of Importance. The stock at its
present price will return between L. and
- per cent on the investment as long as
the dividend is paid, and as the statement
Of the company shows the next years
dividends on both the preferred and COM
mon stocks already. earned. many con-
seryative people consider the risk of a
continuance of the common dividend an
excellent one. In addition 10 the invest
ment buying in the stock there is much
absorption OF It for speculation rs we'll
The dividend will pay interest charges for
carrying il. and as much more In addition, |
and the price. it is thought. is likely to
have good advance during the next few
mcaths. even If it is not 10 remain 1t a |
much higher level.
-
One feature of the Steel and Wire Com |
pany's statement, which has not been dwelt |
on to any great extent, but which is OF |
the utmost Importance, as indicating a |
change OF policy OF the part Of the con-
Germ for the better is the fact that indie
pendent chartered accountants have COM
piled the figures on which il is based. The |
TACT that the new industrial concerns must
give their stockholders a knowledge of
their business il they wish 10 retain the
confidence Of the public has been pointed
lut in this column heretofore on several
occasions IL is fair to suppose that the
lest Of the concerns will do this willingly,
Is the Steel and Wire people have. The
should be forced to do 80.
Reading first preferred was active and
strong. il advanced at one time TO 90 IA
md the close was at 80 Ia, an excellent
let gain for the day. Keene was sup
,osed TO be buying the stock. and this
ed to talk Of an early dividend announce
nent. The statement of the company was
/ fine one, and the dividend on this stock
an hardly be deferred much longer. il
would seem. The other coalers were also
trong, but they were all inactive.
II is said that the Baltimore and Ohio
ross earnings for January will show an in
rease of 100000. Both the securities OF
he company were strong yesterday and
10Th made small net gains for the day.
The Norfolk and Western directors yes ;
erday declared the regular dividend of
er cent on the preferred stock. The ac-
ion was taken two weeks or more ahead
( time. No announcement was made re-
arding the common stock and it is I'M
erstood that there will be no dividend ,
Or it. The recent statement of The COM
any shows that already there has been
armed per cent on the stock, however. '
he Southern securities generally were in
ctive but strong yesterday. Southern
ailwRy preferred and Louisville and {
made small net gains for the '
ay.
American Tobacco common was active S
nd made good net advance yesterday, q
Though the highest price Of the day was z
Of retained. Buying by insiders was a :
,ature at times the story in the street to ;
company it being that the company will 4
low II 1-2 per cent earned on the stock.
he opposition to the company does not ,
aterialize as rapidly as many expected. a
The grangers generally were advanced
lring the day on good buying. both for
he short and FOR the long accounts. The
lorts have not covered very heavily in | d
lese securities as yet, and their advance c
as not been nearly as rapid as 1t may be c
the near future, If the bull campaign is /
Burlington and Atchison pre- 7
,rred were the features the former get c