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 !utgTe-
Temporary recessious, on realizing by the
pools and the professionals. must be look
I'd fer from lime 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 a and 3 per cent 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 10 Judge the break in the steel
stocks Yesterday with some harshness. IT
is said by many that the booming Of the
group on Saturday was by insiders. and
that its sole object was 10 trap the public
into buying the stocks in the present
strong general market. Undoubtedly,
there was such a ruse il was a success
The amount OF stock that changed hands
I at the high prices yesterday was 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-
4 ions are concerned. and little recovery in
! the group today would cause it to change
/ its mind again As a matter Of fact, it is
I a thing that The friends Of the steel stocks
would better realize Immediately If they
/ have not done 90 already. that there are a
great many holders Of these stocks that
/ desire TO sell out Every advance in the
price level will 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
I The present level. Federal Steel and steel
/ and Wire should both sell as high, IL not
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 "A per cent
/ on the money invested.
! Some people were inclined to trace the
! selling OF Federal Steel to something I'M
! pleasant that might be occurring at the
meeting Of the directors Of the company
/ yesterday afternoon. 4 report on the bust
ness Of the concern up to December 81 was
! an that had been expected. showing a net
/ surplus of $1,000 eco. Further details OF
! the meeting did not leak out before the
! close OF the market.
It was said that Mr.. Flower was buyer
] of Peoples Gas and a seller Of Federal
Steel The former stock was as buoyant
! as the latter was weak. The top price for
/ Gas for the day was III - and the close
/ al 100 Is was good net gain from the
/ very high closing price Of Saturday. Moth
! ing except 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 IS. and only few days ago it was
/ several points below that
The quick upward movement in the
I grangers was one OF the agreeable sur
prises OF the day. These stocks have held
/ their own eXcellently and have gained
4 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
I break in Sugar and the subsequent tumble
/ in the iron stocks. the grangers advanced
! from one TO two points in an hour or two.
/ St Paul got as high as 1875 and closed at
/ l25. Burlington advanced 10 1873 is, and
/ closed at 1872 IA. and Rock Island ad-
/ vanced to ia Ia. and closed at 1l3 Il,
! all showing important net gains Cor the
day The cynical were disposed to be-
/ lieve that the grangers were advanced
in this way in order to give
1 the insiders chance TO unload" but
/ 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
Z ticularly strong at the opening. making
new high prices but sagged of during the
1 afternoon boom. The high price for
Atchison preferred was a -.
The net earnings statements for Feb
ruary. given out yesterday. were an ex-
/ cellent. The Union Pacific earnings were
1921 954. an Increase Of S222.gG0, or % per
cent The earnings Of the Louisville and
Nashville were S6S3 000. an increase Of
S23S 900. or SO per cent. The earnings Of
the Norfolk and Western were S3s4SlI
an increase Of &173.S41. or about s. per
cert The total net showing for February
viii be one OF the 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. 1893. were comparatively small
owing 10 the blizzard. Gross earnings
statements also continue excellent. OF
the sixty-four lines that have reported
. gross earnings for the third week o.!
March nfty-fve have returned gains OF
sS1S 437. or 12.4 per cent, and nine have
returned losses Of S56.656. or 6.S per cent.
The entire group show gain Of $s20.ISl,
or 1913 per cent.
The traction stocks were listless show
ing 10 particular tendency. At the open
ing there were indications that an az
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 u the day. getting as low as l03 -.
There was a recovery in the afternoon, but
the close az Jos I-2. still showed net