The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-20


with a net gain of two points. Louis
ville's increase in gross for the week
was slss;2i5 Norfolk end Western gross
increased for the week sl5S S5S. and for the
fiscal year TO date. 81 406 405. The earn
ings OF the latter system are larger than
the most optimistic have hoped for, and
careful investors are buying the stock
,teadily in the expectation OF much such an
advance as Northern Pacific common ana
Union common have had in the past two
years The present rate of earnings is
between 3 and per cent on the common
stock. The other Southern Railway secu-
rites are also looked upon with much
favor by conservative people.
The Missouri Pacific gross for the week
increased $4,000. From January / the
Increase has been sS7s.Se3.
Third Avenue was the feature among the
specialties. IL advanced pcints or more
and closed near the top price OF the day on
buying. said to be for inside Interests.
The gossip regarding the company and the
stock is varied and variegated. 1t is said
with much rositiveness on the one hand
that the Standard Oil crowd have been buy
ing the stock for several months, and that
they hold very large il not controlling
interest in il. In addition 10 this block OF /
stock they are said 10 own also large
part of the floating debt OF the company
which has caused II so much tIolbe in the
past month or more. This latter lien on
the company is supposed to have been ac-
quired from month to month while the
banks. and nearly every one else, were re-
fusing 10 take the paper of the company
This story includes the assertion that the
Standard Oil people could sOrce the line
into bankruptcy at any time II they saw it,
II also suggests that the stock will go
lower in order to allow these gentlemen to
secure a larger share. Another interesting
story is to the effect that the Metropolitan
people will advance the necessary funds TO
the Third Avenue to get ii out of its ian
mediate difficulties. and that the Metropol- |
itan crowd is in reality the one that will Sc
cure control OF The line il it has not ne so I
already. This story supposes that the Con- I
solidated Gas Company and the Metropolis (.
tan Railway are closely allied. and con-
trolled by the same interests, and II points
out carefully that the Third Avenue sub
ways. which are suited TO electric conduit
purposes, will be one of the valuable assets Z
of the new triple combination. These tSo .
Ingenious theories, for both Of which there
is some basis in known facts, are not
wholly AT variance. The Standard Oil peo-
pie may own large blocks OF stock and
large quantities Of the floating debt o. the
Third Avenue. and at the same time the
Metropolitan people may intend 10 give the
system financial aid. And again il is not
impossible that the Standard OIL people are
the large interests in Consolidated Gas and
Metropolitan. as well as in Third Avenue /
Reading first preferred sold Eek divi- /
dend yesterday for the first time in many
years. The stock was steady. bur made no
advance. There are tips out again 10 buy
the anthracite coalers generally, and this
stock in particlar.
Erie Telegraph had sharp adgspce to
119 yesterday.
Sugar was inactive but fairly strong.
Sentiment in the street is again veeriDg
toward optimism regarding this stock. One
OF the professional tipsters who-has been
saying frequently that the dividend on
Sugar would be cut to per cent IL lot
passed. yesterday switched to the extent
o. pointing out the probability that the
trust will declare the full regular rate
because that course will give 1t better
chance to make money in the market fuc-
tuations Of the stock. II has been "a no.
torious fact whether it is true or not,
that the trust makes its dividend all the
time in the stock market. A cut in the
dividend has certainly been discounted.
and its announcement would have little II
any effect on the stock. On the other
hand IL seems certain that the regular
per cent would give an excellent oppor
tunity for big boom.
The steel and iron stocks generally were
strong yesterday. Tennessee Coal and
Iron advanced a full point. closing ut
80 1-2; Steel and Wire common advanced
a point TO IS 30. and others Of the group
made gains. II was stated on good au-
thority that important iron trade inter
ests in Great Britain have been heavy
buyers of some of the best Of the Ameri-
can iron securities recently This is q
hopeful sign for several rea-
sons. II shows that usually very con-
servative investors are not so much afraid
of these stocks as many Americans are.
and also IL indicates that British interests
realize early In the game the commanding
part TO be taken by this country In furnish
ing the world with iron and steel during
the coming years. II is the opinion of
some OF the most careful people in the
trade that there will be an immense in
crease in iron ana steel exports this year !
The semi-annual report of The Ontario
and Western is now available. The gross
earnings show an increase OF S512. 769. or
% per cent. The net earnings increase
1858. 575. or about 30 per cent. More re-
markabe than either OF these increases,
however, IS that OF the surplus after In
terest and other charges, s24s.196. or ~
per cent. The system Is earning at the
rate OF per cent on the stock of
s5S 100000. The present price of the stock
makes II most attractive as an investment
to many conservative people.
Pacific Mail continued weak yesterday,
but closed the day with a small net gain
Ii is whispered that an advance in the
stock is likely the prospect that the
bill Will be reported on favorahly by the
Senate committee. Very little hope is
held out that it will be passed at this
1