The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-03

market recently that the range Of prices
will be much higher in the pear future.
| Temporary recessions, on realizing by the
| pools and the professionals. must be look
! ed fer from time to time. Aside from
the weakness Of the steel stocks and the
| strength of the grangers there was little
OF interest in the market yesterday.
| Money was cheap all day, and there were
indications that and per cont rate
for call money may be looked for in the
near future The earnings statements
published duping the day were all excel
lent. The London buying was heavy,
Wall Street is. up to the present time. in.
clined to Judge the break in the steel
stocks yesterday with some harshness. 1t
is said by many that the booming of the
group on Saturday was by insiders. and
that its sole object was TO trap the public
into buying the stocks in the present
strong general market Undoubtedly, #
there was such a ruse it was a success.
| The amount of stock that changed hands
at the high prices yesterday immense,
and the public was the buyer of the larger
part of it. Wall Street, however, is in
clined to be mercurial as far as its opin-
ions are concerned. and a little recovery in
the group today would cause il to change
its mind again As matter of fact it is
a thing that the friends of the steel stocks
would better realize Immediately if they
have not done so already, that there are
great many holders OF these stocks that
desire to sell out. Every advance in the
price level viii bring out more Of these
people. This however. will not prevent the
advance being an important and significant
one. Last years best prices were far above
the present level. Federal Steel and Steel
higher, and others of the group seem GER
tain TO make excellent records. Last year
business was good, and dividends were eX-
pected. This year business is better even
than was hoped for by the most hopeful,
and dividends have begun. The stocks are
paying dividends that net 10 to Il per cent
on the money invested.
Some people were inclined to trace the
selling of Federal Steel to something I'M
pleasant thar might be occurring at the
meeting Of the directors Of the company
yesterday afternoon. a report on the bust
ness of the concern up to December 81 was
all that had been expected showing net
surplus of $1,000 GOO. Further details of
the meeting did not leak out before the
close of the market.
1t was said that Mr.. Flower was buyer
Steel. The former stock was as buoyant
as the latter was weak The top price for
Gas for the day was III l-2. and the close
at 109 is was a good net gain from the
very high closing price of Saturday. Moth
ing except a repetition of the story that
the Chicago gas war is settled was put
forward to account for the boom in the
stock. The advance in Gas has been one
of the quickest of all the recent upward
movements. The low price of Saturday
was 9S, and only a few days ago it was
several points below that
The quick upward movement in the
grangers was one of the agreeable sur
prises of the day. These stocks have held
their own excellently. and have gained |
point by point from week to week during |
the spring advance, but they have been !
among the least sensational stocks on the |
entire list. Yesterday, in the face of the !
break in Sugar and the subsequent tumble |
in the iron stocks. the grangers advanced |
from one to two points in an hour o.; two. |
st. Paul got as high as 1875, and closed at
125. Burlington advanced TO 1873 Is, and
closed at 132 Ia. and Rock Island ad |
vanced to ia Ia, and closed at 113 IA, |
all showing important net gains for the |
day. The cynical were disposed to be- |
lieve that the grangers were advanced !
in this way in order to give |
there are ample reasons why the group |
should sell at higher prices. Recent re-
ports from officers of the companies have
all been particularly rosy.
The Atchison securities did not move
with the granger group. They were par
1icularly strong at the opening making |
new high prices. but sagged off during the |
afternoon boom. The high price for |
Atchison preferred was "A ID
The net earnings statements for Feb |
ruary. given out yesterday, were all ex- |
cellent. The Union Pacific earnings were !
1921, 954. an increase of S222. so, or = per |
cent. The earnings of the Louisville and |
Nashville were s6S3. 900. an increase of |
1898, 600, or SO per cent. The earnings of |
the Norfolk and Western were 1884 81, |
an increase of $1T3,S41. or about 50 per |
cert. The total net showing for February |
will be one Of tbs largest increases ever |
made, probably, because, in addition to
the fact that business this year was very |
heavy, the earnings of the railways in |
February. 1899, were comparatively small |
owing TO the blizzard. Gross earnings
statements also continue excellent. OF |
the sixtyfour lines that have reported |
gross earnings for the third week OF
March, fifty-five have returned gains OF |
sS7S 437. or 12.4 per cent, and nine have |
The entire group show gain of ss207Sl,
or 1913 per cent.
The traction stocks were listless, show
ing no particular tendency. At the open
ing there we're indications that an ad-
vance might be made by Brooklyn Rapid
Transit and Manhattan. but before the
morning hours were over they had be
gun a drifting match, in which they both
lost ground.
Sugar sold off badly during the early
part Of the day, getting as low as 103 L.
There was recovery in the afternoon, but
the close. at 105 1-2, still showed net
loss for the day. The break in the stock
had not been unexpected but II might be
said with equal truth that an advance had |
been locked for quite as much. The street |
knows nothing and can know nothing re-
garding the stock, and the quicker specu-
lators give up the Sugar blind pool the
better It will be for them and fo- the |
general market. And even it is not i'm
possible that it might lead to a quick set
Element of the Sugar war if people would
give up buying and selling Sugar stock
Washington stock Exchange.
Sales-Capital Traction Scrip, s2sOG0 |
JOG SIS, S225Il06 1-2: Capital Traction,
29G104 20@l0S rs. 40G 103 SIS Asa 1913 3-s;