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

| developments in the news of the morning
| that might ne supposed 30 account for the
! weakness in the traction stocks. or in any
( others. and careful market people were
! inclined to the opinion that there has been
! q fight going on between Mr. Keene and
! his followers and some of the lesser bull
| pools in the traction group. The fact that
| the tunbles OF ten Il thirty points in
! these securities have not caused more than
| fractional declines in the standard railway
! list seems to indicate that the movement
! has been a manipulative one almost entire
Is. What the real situation in the traction
fight is or has been does not develop. Mr..
Keenc is said by some 10 be heavily long
( of Third Avenue as has been stated here
( tofore and to be hedging by short sales
Of Brooklyn and Metropolitan. The belieV-
I els in this theory suggest that the friends
! of Brooklyn are hammering Third Avenue
to punish him. on the other hand friends
of Mr.. Keene assert that he does not need
a guardian. and that he has sold out all
/ the Third Avenue he ever owned NUM-
Der of fine 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
any that has gone before. Money con-
! timed easy Yesterday London was pur-
chaser of Americans ON balance The
afternoon market generally was stronger
on persistent buying Of the grangers. the
coalers the Southern securities. and some
of the steel and iron stocks, Sugar only
showing weakness It seer. ID quite prob
able TO many that the tumbi. of the morn
ing had completed the break, and that
gradually better market may be expected
from now on This may be accomplished
despite further declines in the fractions. or
the bottom may have been reached in that
group also.
There have been a 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 one 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. II has hap
pened before now that a bet has decided
the course of the market and ii IS not
impossible that having won their bet, the
Third Avenue bears may be willing now to
stop selling the stock short. The entire
traders contingent and most of the world
besides has been bearish on Third Avenue.
and it would seem not unlikely that for
this reason also the time to swing has
come. The low price reached by Brooklyn
was 81 ga, and its recovery was only frac-
tional. Metropolitan went as low as 167 IL.
and closed at 10 Manhattan declined to
80 ga and closed at "a SIS.
Sugar had the most violent break next
to Third Avenue. From the recent level
around Ill ii dropped to 10I in the fore
noon. and toward the close had another
break to below 10i. The close was i04 Ia.
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 If the stock goes to par
before the meeting ii is the opinion of
many careful people that it will 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 1t 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 Kill
yesterday and the placing OF the measure
On the calendar was used as buh argu-
ment on Pacific Mail by the profe isionals,
to 50 10. The close was at 80, net gain
that the upward movement will continue
a few points further. According to the
best informed people at the Capitol, how
ever, there is very little chance OF the
measure becoming a law during this Sos
sion, and it 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 |
for important interests in the group. The |
weekly statement of increase in gross |
made by the ST. Paul on Saturday |
again called attention to the fine business
of these companies, and the comparatively |
low prices al 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
time. 100. This has not occurred before |
at any time ir recent years, ii ever. |
Atchison preferred was buoyant and made |
6 net gain of point or so on talk of a
fine January statement.
Tennessee Coal and Iron during the |
morning hours lad violent break with |
the traction securities, but In the after |
noon it recovered nearly all of its loss. Il |
opened at IS. sold as low as 81 ga. and |
then advanced TO 80 at the close. The aft |
ernoon advance was probably caused by the |
fine showing made by the company il its
report for January. The surplus, after ali
charges for the month. was $25S 1876. an in
crease of 1925 i22. There was buying for
important interests In the stock, and the
opinion was expressed by careful people |
that the low price has probably been
reached. The meeting of the company will |
take place IN short time. and favorable |
developments are predicted by those in a |
position to know. Federal Steel common |
was strong all day.
Leather common made a small net ad- |
vance on what seemed to be clique buying. |
Consolidated Gas tumbled to $50 yester-
day and regained only point before the |
close. The disappointment over the failure |
Of the company to declare larger divi- |
dend is causing some selling of the stock. |
Chicago Gas was relatively strong. 1t !
closed the day with a small advance. The |
bad news. what there was of it, that could |
be called legitimate, has been discounted |
by the big break. and people who know the |
affairs Of the company thoroughly state
that there can be no question that ii will |
to earn its dividend and pay it.
The comparative prices of these securities
the per cent stock selling at $50 and the
6 per cent stock at 9s-are attracting IA
vorable attention 10 Peoples.
The following earnings were reported |
Ontario and Western. third week of Feb |
ruary. increase III gross. s22. 019; from July |
/, increase, s6i3 6i4. Norfolk and Western,