The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-03

will come later is also a problem as much
/ as ever Mr. White, of this city, one of
! the best local market authorities. believes
that the low prices Of the summer have
been reached and passed. He is said to
have remarked a day or two ago that the
! tendency Of prices will be upward until
! after the election. 1t Is certain. too, that
! Others amUla the shrewd people have come
around to the same view. But there are
many that DO no. agree with 1t. Intrin-
sically stocks are worth more than they
: are sc ling for but the bears are skillful
| and they are lusty with success. They may
! be able 10 prevent the advance for soInc
time TO come especially If the political
situation does not shape itself to suit wall
Street.
The July disbursements will be the
I LARGEST ever made as has been stated
heretofore. In round numbers the figures
may be stated as follows: On S3,3o7, 900 900
of bonds there will be paid s67 200, 900 in
1 terest: on 81 40, Geo, 900 of stock there will
be paid SIS, 100000 in dividends; Govern
3 ment interest payments, S5,e00,OO0; total
disbursements. s1l0,600 900. These figures
compare with S94 600 paid out by cor
porations last year. The amount has been
growing larger every year since 1896, when
it was only So. $4,000 The bulls who look
for an advance of some moment during the
coming month base one of their chief ar
guments on the effect that these disburse-
ments will have. Prices are low, they say,
money is cheap and other forms % in
vestment are not at present attractive.
| They look for heavy purchases OF securi-
ties.
The feature Of the early market was
Jersey Central, which opened at 124 and
fraction and advanced to 129. Later the
! stock sold off 2 points or more, but closed
the day with big net gain, nevertheless.
Reading first preferred had good ad-
vance and was at ali times strong. Its
closing and highest price was 50 Sd. There
was no news regarding Jersey Contra. and
it was supposed that the stock was ma
nipulated for its advance. There is the
best Of reason for bullishness regarding
the anthracite group of securities gener-
ally however, and many of the best mar
ket authorities advise buying them on the
declines They are not good securities to
buy on bulges. 1t is said that the output
of anthracite coal for the Reading during
the past year has been a record breaker.
The total is something like 9,650,O0O tons.
Prices have been excellent
Tennessee Coal and Iron was also buoy
ant and active during the morning hours
and it was strong all day. In the after
Tad been made, ii was announ5 ed that the
noon. after the advance IN thu p.ice 10 10
company had declared the regular dividend
on the preferred stock, and the PEI cent
quarterly dividend on the COMMON stock as
well. In places where people are sup osed
to know about the affairs of this company
/ 1t was said that it is pling up large in
crease in earnings steadily. The export
! business of the Tennessee Coal and Iron Is
/ large, and 1t is growing more important all
| the time. The other Iron and steel securi-
/ ties were all strong, though their advances
| In price were not SO large as that OF 7 n
nessee Coal and Iron. Federal Steel went
TO SO, and Steel and Wire common so
went up point or more. The closing
down of number Of plants at the begin
ming of the fiscal year did not seem to have
much bad effect or the GROUP as the bears
had predicted it would. As hai been said
before, the magnificent showing of the ex-
ports of iron and steel manufactures in re-
! cent months has been revelation to many
( people that believed all they were told re-
/ garling the stsgnation and approaching
! ruin in the trade.