The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-28

are Washington Conner and Louis Bell.
Both these gentlemen are large operators,
whose influence in the market is great.
And more than this, they represent other
interests even more important than them
| selves. LONDON was large buyer yester-
day. Call money rates are at their lowest.
| They were down to l L. per cent yes;er-
day. and the l per cent rate of Tuesday II
! likely to occur again.
| The grangers, as was to be expected.
were strong in the morning, when wheat
declined in price and sold off in the after
noon when wheat rallied. Part of the ar
! ternoon decline was due also, undoubtedly,
I to the May statement of the St. Paul Com
pany- Although the gross earnings of the
| company for the month were much larger
there was decrease of $685., 600 in net
earnings, the largest decrease yet The
large expenditures of the company for be.-
terments. made at high prices have count
| ed for more with st. Paul than with any
other system in the country. Conserva-
! tive people remember that every dollai
expended in this way for permanent i'm.
pIcvements will show with big interest IN
! the future running expenses OF the system,
! but 1t is natural that the average spec,.
I iator Should fail to consider this so i'm
portant as the immediate loss of net earn
| ings. The ST. Paul report is not bad enough
to balance the fine figures of the Atchison
for the same month. given out on Tues
day, but its effect on the market was more
marked. Discrimination should be used in
buying the grangers speculatively. They
should be purchased on the declines. and
not on the rallies, as 1t now seems fairly
certain that the market for the present will
be a professional one. The group is SELL
ing however. below intrinsic values
Atchison preferred is believed to be an
especially good purchase at its present
level. The stock has held up with great
persistence even when the remainder Of
the market has been weak Yesterday and
the day before there was good investment
and speculative buying in evidence at all
times nearly. There is the best Of reason
for this. The system is doing an immense
business and turning a large PORTION of 1t
into profits. Its record in this regard dur
ing the past year has been the best in |
the railway world. The preferred stock |
has been put on per cent basis and |
large surplus over this per cent has |
been earned this year. The outlook Tor
next year is especially good, as Atchisen |
is not a spring wheat road and is corn !
road. With all these favorable matters |
the stock is selling around 20. about the |
same price as that of Baltimore and Ohio |
common, which is not receiving any divi- |
dend and probably will not this year.
The reasons that make Atchison pre-
ferred attractive are in fact good argu-
ments against Baltimore and Ohio COM
mon. There is nothing the matter with
the earnings or the prospects of the Bal
timore and Ohio. but the managers OF the
majority OF the stock of the company are
not in favor of declaring a dividend at
the present time. 1t is felt by many shrewd
observers of the market that the stock |
is likely to decline rapidly when the mar
ket is weak and to refuse to advance when
the general market is strong. 1t was said |
yesterday that bets were being made in
New York that the stock will sell at So
before the end Of July.
Ice stock has been weak It is selling
below 30. and on Tuesday it reached a
new low level. q 1-2. The decision Of
Justice Chester at Albany yesterday was
considered blow against the stock as it
means that Referee Nussbaum will resume
his investigation OF the trust. An appeal
is expected, but il seems unlikely that the
Will be stopped.
The Reading gives notice OF another
advance of 25 cents in the price of an
thracite coal to take effect on July g
This. with the generally most satisfactory
conditions In Inc coal trade made the
coalers all strong yesterday.
They We're quiet, however. The statement
of the Reading Company for May made a
fine showing. The net earnings increased
sle3,a92. From July l the net earnings
have increased s1,227, o24.
The iron stocks were fairly strong all
day yesterday. closing slightly better than
the general list with reference to the
Tuesday close. There has been invest
'nent buying OF these securities without
doubt at their recent low levels. No news
regarding the iron situation was given
out yesterday.
At one time yesterday morning, Sugar
stock seemed inclined to go of again. but
1t recovered and closed the day without
net loss. The advance of 10 points in the
price of Refined Sugar means tina, the
difference between the price Of raw and
refined is now 81 cents a hundred pounds |
Taking Mr.. Havemeyer's statement that ,
so cents hundred pounds
MT SAVES LimaaPomar
Y 1rEL. EIo/.x NtJ6<-