The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-21

Dul again lLlS week. IL Is Sdlhs AZ N'NA
mate course of the market will be up
ward according to the best authorities. and
IL is prob able that holders Of securities
will not have to wait many days longer
for the beginning of the movement. but IL
is impossible to say how long the leaders
intend TO hold back and allow the traders
to control one theory for which there
does not seem to be any great foundation.
is that the final passage OF the currency
bill will be the signal for the spring ad-
vance II this bill is in reality a buli
force in the market its passage should be
discounted. and nothing Of this kind IS
occurring Money loaned on call yesterday
at and 1-2 per cent.
The break in Third Avenue was not I'M
expected because as has been said hereto
fore nothing that the stock may do causes
surprise. II may be that the standard vi
people own large part of the STOCK ana
are forcing the price lower and lower in
order that they may get more OF IL ava!
from tired and weakened holders. Ana II
NAV be that there is real liquidation tur
fear that the company will go bankrupt
In either case the break may go III points
further on any day or rally may oc-ir
which will be the beginning OF a great up
ward movement. There is not very large
quantity of the stock. and its manipulation
is probably not a matter of great dlncuitE-
Yesterday the tumble in the morning was
to 81 Is rally TO above 20 occurred
later in the day. and then another break
to near the previous low price The close
showed several points net loss for the day
The quarterly statement of the Metro
politan Street Railway shows gross earn
ings of s.. 565. So. an increase of si'2,9io.
net earnings, sl,s07,66i, an increase oil
sIS2. 4S5: total income S2oO2,O6 an In
crease of S201 .695. As was pointed out re-
garding the earnings of this company
week or more ago the net is again trihe
more than half the gross. showing that
operating expenses have been held down
below 80 per cent.
All the earnings reports of the week so
far have been superb. They make rec
ord at which the most pessimistc cannot
cavil, showing immense gains IN gross
and in net earnings everywhere, ana they
are weekly and monthly and annual re-
ports too. covering all recent periods. The
Iackawanna statement for the year ending
December 81 shows a surplus. after the
paymeut Of ;he per cent dividend. OF
81. 6O7,l73 as against a deficit in 1898 OF
s5e9. 734. The effect OF the statement was
seen Yesterday In the stock. which ad-
vanced rapidly TO ls6, ten points above
the level at the beginning of the month.
Later a part of the advance was lost, but
there was much strength shown at all
times.
Reading preferred was also one OF the
buoyant securities. II advanced TO Sc 3-4
and closed at IS l2.
The increase in the earnings OF the
Southern Railway for the second week OF
February was larger than any OF the big
increases heretofore recorded. The state
ments Of the three principal Southern INES
for the week are now in and II is not over
drawing the matter TO say that they are
ali astonishing. The. Southern increase
for the week was sl94. 1893. For the period
since July / the increase was ,S4s.
There are many careful peop.e that con-
slider Southern preferred one OF the best
stocks on the entire list. as very sure
investment, which at the same time has
an excellent chance of making long ad-
vance toward par during the coming
year Every week shows big increases IN
its earnings. Al the present time per
cent and better is being earned on the
stock. More than that, however. the
South is In the beginning OF boom In
agriculture mining, and manufacture. ana
n does not require much confidence TO
pre0lcl lGdl. HlNoh'Abf 49,
growth in the next five years will be more
rapid than that of any other section. The
Southern Railway occupies such COM
manding position that its growth must
keen pace with the section. The policy
and management Of the company are, from
the railway mans point of view, conserv-
alive and economical, and yet progressive
and vide awake in a marked degree. One
OF the best evidences OF this pushing sue
ess-making policy is shown every week
or two in the reports OF the new manu-
featuring establishments started on It's
lines. The railway makes these new in
dustries possible, and II will reap its re-
ward in heavier and more profitable traffic.
Southern preferred stock was strong yes
terday. but made no net advance for the
day. This stock is nearer to its highest
price than any other on the entire list,
with one or two exceptions.
Norfolk and Western common was again
conspicuous, with an advance 10 above
81 early in the session. 1t is said again
as an explanation for the strength Of the
stock that the Vanderbilts are buying il
Whether this is trae or not, the earnings
of the company, Increasing at the rate Of
100 per cent, are amply sufficient to &C
count for the boom.
The steel and iron securities were all
! fairly active and strong yesterday morn
! ing, but during the afternoon a large part
I of their gains were lost In sympathy with
the general dullness. American Steel and
! Wire common was the most active of the
group, owing apparently TO the develop
ments expected at the meeting which took
place in the afternoon. An amendment 10
the charter of the company was adopted
,.lfa Oh al 1arQar among
them being the right to own and operate
mines and 20 buy and operate steamships.
The Amendment also gives the company
power TO retire part OF its preferred
stock out of the surplus earnings. II is
| quite certain that never before in the his
| tory OF corporations in this country has
/ there been anything to equal this pay
ment OF big dividends on the preferred
1 and common stocks, and retirement OF q
\ large block of the preferred stock out OF
/ the earnings OF the company for the first
( year. Skepticism regarding the steel and
! iron securities has been popular. and prof
/ liable even, during the past six months
or more. This company is able to retire
from s.. coo 600 10 $4,000, 900 of stock OF
| from IL to % per cent OF its entire pre-
ferred issue. after paying large dividends
| There is no good reason now why skep-
ticism should go so far as 10 keep th'
preferred several points below par anC
| the common below co.
Pacific Mail recovered trifie yesterday
| and il was said that insiders were buying
the stock again. II advanced 10 81 anC
closed al the top price.
The Continental Tobacco securities were
advanced somewhat on the story that th'
company intends TO put up the price of al
plug tobacco ! cent a pound. American
| Tobacco was inactive and made net los
for the day.
| Tbora were M now davplonYnenge Il, cu