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

| people who sell securities short. the rail-
way securities, are certain to be hurt.
| They are fighting against the entire coun-
| try. The talk of tight money is heard
| again, but, like the talk Of lessening rail-
| way earnings, it is simply untrue. There
| Is good prospect now of importations of
gold. Cotton prices are so high and the
| British demand for the product is so great
that financial people consider the outlook
| for British shipments of gold in the near
future excellent. Wall Street people are
expecting much from the Currency bill,
also.
Sugar stock sold Yesterday at the lowest
price since 1886, in which year at one time
it broke TO 95 The stock broke through
par, near which point it has hesitated for
several days, and made a low record of
SO 5-S. The close was at 81 rs. The tuul-
bic in the price attracted much attention,
as 1t was known that there were great
number of stop orders around par which
would be likely TO cause several points
further decline If that figure were reached.
and more around 95. There was nothing
new in the developments of the day re-
garding the company or its stock. COM
mercial authority of some prominence is
publishing statements to the effect that the
company is losing several cents on every
barrel of refined sugor sold, and must be
losing hundreds of thousands of dollars in
operation every quarter. TO say nothing Of
paying dividends of 81 600 600 year. This is
very good as bear argument but il is i'm
possible to say what the trust is doing new
ertheless. Even if it is losing money in re-
lining sugar, 1t may be making money
selling Sugar stock short. The meeting of
the directors of the company will take
place next Wednesday, as heretofore stated.
Many careful brokers express the belief
that, whatever the dividend declared may
be, or even if it is passed entirely, the
stock Will be an excellent purchase when
the news Of the meeting is out. 1t is not
Impossible that the upward movement may
begin before that time. Sugar stock is not
like Third Avenue, even if the dividend is
passed.
Third Avenue made new low price rec
ord also, below 46. 1t was weak all day
and closed near the bottom. One of the
best known of the New York brokers said
regarding the stock yesterday: THE more
news there is the less valuable the stock
appears. 1t is hard to see how it can have
any value with the immense floating debt,
the necessary working capital. and the
S., 100000 of bonds ahead OF it. This float
ing debt Is more than was suspected at
first. II may prove to be SAC, 900, 000' The
other traction securities were curiously
enough among the strongest on the list.
Manhattan declined to SO is and then ad-
vanced to SO 5-S, at which point there was
net decline for the day of only an eighth
of point. Brooklyn also was supported
sturdily around &c, closing at the opening
figure, 66 IA. Metropolitan declined to
166 1-2 and closed at 1913.
40
clined to So IS and closed at "a ga. with
net loss for the day of more than point.
The preferred also declined. Federal Steel
common declined to so 7-s and closed at
81 ia. National Steel and Steel Hoop both
continued extremely weak. Tennessee
Coal and Iron went as low as 90 1-2 and
closed at 81 IL, with a net loss Of two
points. Colorado Fuel and Iron was one
of the strongest securities of the group, but
very dull, closing at the opening price, 43.
The strike troubles in Chicago and else
where the report OF the Industrial Com
mission, which is considered by many
with no very good reason, a bear argu
ment, and the talk OF dividends not to be
paid according to expectation, were all ad
verse influences In this group YET terday.
Because no one can know what the extent
of the labor difficulties will be- 1t is i'm
possible also TO foresee what is to be the
course of the industrial stocks in the i'm
mediate future. The other matters are
used temporarily as bear arguments, but
they could have no permanent effect The
Industrial Commission wishes to have the
industrial companies submit reports of
their business as the railways do Con-
sentative financial and business people
have held this view for several months. AS
has been pointed out in this column, only
the concerns that have matters to hide,
and therefore should be investigated, will
object to giving the public a certain
amount OF information regarding their
business.
Among the developments that were dis
tinctively favorable to the Steel and Iron
group were the declaration Of a dividend of
S per cent on Colorado Fuel and Iron pre-
ferred yesterday, and a quotation from
President Guthrie, OF the Steel Hoop Com
rany regarding the dividend on the COM
mon stock. Mr.. Guthrie sailed for Europe
a day of two ago. The statement yester-
day quoted him as saying before he went
that a dividend on the common has been
decided on finally and will be paid imme-
diately after the end of the fiscal year. on
March 81. President Guthrie also stated
that the company during the year has
earned % per cent on the common stock.
Leather common was weak again yester-
day, getting as low as 10 3S and closing
at IL Ia, with net loss of half point.
Chicago despatch says: "a firm CT
lawyers are preparing a suit which will |
soon be filed in the Circuit Court to attack |
the consolidation of the Peoples Gas Com |
pany. They pretend 10 act under the au |
thority OF the city attorney and under a |
resolution of the City Council passed last |
October. Since that resolution was passed. |
however, both Judge Gibbons and Judge |
Dunno have held that the consolidation is |
There has been some SELL |
ing of Gas stock in anticipation Of the |
suit" The Chicago selling of Gas was |
yesterday and. with short SELL |
ing by New York bears also to depress it, |
the stock fell four points or more, to "a ga |
The close was at % ga net loss for the |
day OF three points. There is nothing to |
fear from this suit, according to the best !
authorities, and if the general market re- |
covers Gas will likely be in the van.
There Is talk OF pool buying in Pennsyl- |
vania, and the action of the stock yester- |
day indicated more than the usual very |
small professional trading In It.
The Southern securities were conspicu-
Gus for their strength, though they showed
no particular activity. Southern Railway
preferred was bought by good people, as it
has been for several days past, not to speak
of the steady absorption OF the past year
or more. Louisville and Nashville also was
strong, with only 4 small net loss.
Washington Stock Exchange.
Substituted States As. registered, 1925,
SIS 000MI37 3-S: Washington Loan and