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

/ securities. II the fight in New York has
! climaXed the upward movement may be
at hand. and II 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
I Third Avenue. As has been said hereto
fore il has been nearly certain that the
pitiable troubles Of the company would
end in a receivership. Its load OF debts
was so immense that IL did not seem pos
sible that the Metropolitan group Of
I capitalists or any other would care TO as
sumo ii on any basis that could be offered.
/ The dividend declared by the directors Of
/ the company a few days ago was not paid
yesterday when it was due owing to the
then almost certainty that 4 receiver would
/ be appointed There is a disposition among
conservative financial interests TO believe
that the low price reached by the stock on
: Tuesday and yesterday around so will be
the bottom figure touched by It. This idea
is based on the theory that this price dis
counts an that can happen to the stock
in the hands Of the receiver. The rail-
way is a 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 Cronie Keene completely sur
rounded in the Third Avenue lager. and
are determined to lombard him into uncon-
ditional surrender. The war Office NAV be
holding back the information that this has
already been accomplished. The market is
rallyng"
Brooklyn Rapid Transit yesterday morn
Ing reached the lowest price touched by it
on the present downward movement, O. 1-2.
II recovered in the afternoon, with the
other traction securities. closing at IS IA.
the highest price Of the day. Manhattan
declined TO % IL and then advanced to
80. closing at "a as. Metropolitan adj
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 it. hut 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 10 107 "a the closing and highest
price Of the day. No news regarding the
meeting Of the directors next week was
heard, and IL 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 1
may be said OF American Tobacco. which, 1
curiously enough, opened and closed at the /
same price as Sugar The Tobacco COM I
pany also has a 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 4
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 the /
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 &C
count The net for the month was 1921. SOS,
an increase Of Ss7,23s.
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
a gain Of SS7, SSl, the total net being
$s04,5l4.
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.
Il is understood in fact that there was no
discussion Of any such plan, and that there
viii be none. in the near future, at least.
The statement Of the company for the year
is q good one, but by no means so glowing
as some Of the Wall Street tipsters have
been promising The surplus on Deem
Der 81. 1898, was s4.021944, and the sur
plus at the end Of 1899 was Si,S55, iS7. an
Of SS27 .543. There was paid in
during the year So liz, 200, which
added to the increase in the surplus shows
the profits Of the company to have been
81 s4O. 24S. Leather common stock declined
yesterday on the announcement regarding
he meeting Il closed at II Ia, within
IN 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 1893 piled up a surplus OF $3.50. 600
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 liquidation 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
he company at Chicago undoubtedly add
much to the intrinsic value Of the securi-
lies Of the company.
Union Pacific common yesterday sold
Eek" dividend / II per cent for the first
lime in its history. The stock recovered
nearly a point Of the dividend. closing at
~ 3-s, the best price OF the day. The pre-
ferred stock also sold Eek" per cent
and recovered a fraction during the day.
The graugers were among the strongest
securities on the railway list yesterday
Atchison preferred especially being buoy
ant on good buying. based on the superb
January statement OF the company This
stock closed at g Ia the high price Of
he day. The others OF the group all made
substantial gains.
Washington stock Exchange.
Sales-Capital Traction: sass "a, 5OG /
% -. 4O0G 80 IS: Washington Gas: Ia :
g "a, 1OG53 rs: Mergenthaler Linotype.
,01g7 - 5G197 rs. 10dI97 5-S. 3OG
ls7 "a. After call-U. s. As, registered.
5000 JIG SIS; L. s. rs. coupon: $sOO6 |
I kfar0os1r hal