The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-17

men stock at the present u,ne' and that a
! dividend FOR ii in the near futuie is proh-
! able. Careful traders, however are rut m
clined TO buy ii very heavily at the pres
ent high level. Very little business was
done in either Of the securities yesterday
and the prices were inclined 10 sag.
Pacific Mail and the traction securities
were the weak features of the list on
talk of the probability that the Mail com
pany viii pass its dividend. and on more
unpleasant stories regarding the Third
Avenue affairs. The statement put out by
the Pacific Mail insiders. and supposed TO
come from Mr.. Huntington. is TO the ef
feet that the company wishes TO expend all
of its SURPRISES for new ships, TO take
care Of the immence business waiting for
ships in the Pacifs Ocean. II is said that
sG25. eco is 10 be paid for an immense
freight ship, that will add materially TO the
earning capacity of the company. and thus To
the intrinsic value of the stock. Other large
expenditures for ships have been made re-
Gently. The dividends therefore. will be
suspended temporarily, it is said At the
same time with this announcement comes
the prophecy, with much more pcsitiveness
than heretofore. that the Subsidy bill will
not be passed. The stock OF the company
low as 81. and the close, at IS. showed a
heavy net loss for the day. The dividend
may be passed. as suggested. and probably
will be but the idea will occur TO a good
many market people that this announce
ment. which is not official but seems 10 be-
may have been put out for the purpose OF
causing tumble in the price of the stock
The same may be said of the Subsidy bill
gossip Some OF The most conservative
nT1. IN h.ac ~snF u,-.io
ing the stock on the bad news"
Sugar was the only strong stock on the
list. II advanced to ia IL and closed at
li5 SIS, with a small net gain for the day
The news" regarding the company and
The stock includes the statement that all
the close downed refneries are to be
opened up again Immediately and the
other assertion. that all the independent
companies are keeping up 10 the highest
prices in all their sales. AS usual. these
facts are attributed to the prospect OF an
early settlement of the sugar war. While
conservative people are still advising the
purchase OF the stock. as they have done
for several days now. they advise waiting
for reactions. as the advance has extended
five points or more.
The Third Avenue affairs do not seem to
straighten themselves out as rapidly as
MIR. Lauterbach promised week ago. Al
present, with the head of the refundine
syndicate withdrawn. and no announce
ment of where the next syndicate is 10 BE-
recruited. and with the amount OF the
floating debt climbing away beyond the
first all-sufiicient amount stated. il is not
TO be wondered that the stock does not
advance. 1t was weak yesterday. though
no new low level was reached. The other
traction securities were also weak and
they all closed at about the lowest prices
of the day. Manhattan at IS SIS, Metro
politan at us. and Brooklyn at ~ IS.
The iron and steel securities were fairly
strong yesterday morning, but later in the
day they went of with the general mar
ket. II seems probable that these stocks |
will be buoyant in the first bull market. |
If for no other reason than on account of |
the disclosures regarding the profits OF |
the iron and steel business in the Frick- |
Carnegie suit Tennessee Coal and Iron |
has come to be one OF the favorites Of !
this group with careful spectators, be- |
cause of the certainty that ii is earning !
money rapidly on a comparatively small 1
capitalization. Its fluctuations are wild,
however. The statement is made as COM
ing from President Baxter, OF this com
pany. that it is exporting 5000 to 5000
tons of pig iron monthly ana has orders
for all that IL can produce. Home con-
tracts have been made for 10000 tons of
iron TO be delivered between July and
December of this year, at the highest
prices yet received. President Baxter be-
lieves that prices will be higher rather
than lower in iron and steel during the
coming month.
!