The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-24

few days fer repairs. On the other hand
there was excellent evidence that the in
siders were buyers of American Steel and
Wire common yesterday, and there was
also good buying of Federal Steel common.
The people that are selling Steel and Wire
below 40 would do well to bear in mind
the fact that the stock is on a per cent
basis, and that the directors have an
nounced that this rate will be paid for the
entire coming year. The STOCK bought at
40 will pay 1850 per cent on the invest
ment II should be added to this state
ment that the earnings of the company last
year on the common stock were something
like three times the dividend rate. and
that even with the worst cutting of rates
that the worst bear is likely to predict, the
earnings will certainly be much larger
than the dividend requirement. Sifted to
the bottom there is very little to be
frightened about in the steel situation.
Prices may and probably have been too
high, but lower prices will make quicker
and larger sales. There is an immense de-
mand for steel products and will be during
this and the next year, too. as far as any
one can foresee. II is even possible that
prices may get low enough TO allow OF ex-
ports to meet the immense demand from
Europe for American steel that has hardly
been touched during the past two years
Even if such prices were reached the prof
its on the sales would be very large.
Western New York and Pennsylvania
and Long Island Railway securities were
both active and buoyant yesterday. being
features of the market in small way. AS
to the latter stock II was whispered that
New York Central had obtained control of
the line The rumors that the Pennsyl-
vania Railway people are to secure control
OF the Western New York and Pennsyl-
vania were also heard again. The best in
formation regarding the latter deal is that
the directors of the company will submit
a proposition for the sale OF the line 10
the Pennsylvania people in the immediate
future. 1t is said that a circular detail
ing the terms proposed will be sent out
to stockholders in the near future.
Brooklyn Rapid Transit was one of the
strongest securities on the list, advancing
from 70 1-2 at the opening to "A IA at the
close. There are careful observers of the
market who look for such strength in this
stock during the coming two months and
perhaps for a fine advance in price. The
business of the system is sure to be i'm
mense this summer. There has been
much new equipment added and the entire
system is In much better shape than 1t
was d year ago. Earnings should show
very large increase.
Sugar was doomed yesterday afternoon
apparently on a squeeze of the shorts.
There has been mucn bearishness regard
ing the stock for a day or two past and
Uncle Hayemeyer evidently considered it
time for another fleeing. The Sugar Trust
may lose money and be unable to pay divi-
dends, but Mr. .Havemeyer will probably
continue TO expand his income.
Western Union is off, the low price yes
terday being 81 is and the close 81 Ia,
There is talk of the possibility that the
dividend viii be cut at the next quarterly
meeting. 1t is said by one of the news
bureaus that there is no likelihood of this,
and the statement is made that Kuhn.
Loeb & Co., before they negotiated
the sale Of the new bond issue of the
company received assurances that its
earnings are fully up to requirements.
The net earnings of the Northwest for
the month of March show an increase OF
1896 2S9.
Missouri Pacific was strong on inside
buying ard covering OF shorts. when it
became known that the insiders were
again buliish on the stock. The price ad-
vanced to 81 Ia and closed at Sc 3-4. The
other Pacific securities were practically
neglected.
Leather common stock sold below II
yesterday and the bull gossipers had
nothing to say regarding the advance 10
20 that was predicted SO positively few
weeks ago.
Pacific Mail was entirely neglected the !
closing price being 49,