The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-28

sues has been noticeable for several days
past. but yesterday while the traction Sc
curities and many other volatile stocks
were tumbling point after point, there was
actually steady advance in the other end
of the list. Y is very seldom that such
thing occurs. Selling of one group, espe-
cially when il is so fierce, almost always
causes forced liquidation everywhere else.
There is only one theory that fits this con-
dition. The general market is entrenched
in such strong position that purely To-
cal troubles for a few companies and their
securities can do 1t very little if any harm.
During the past year there has been no
time when conditions, general and special,
were so uniformly and magnifcently IA
vorable TO a strong upward swing of prices.
The surrender of Cronje the favorable
report the Subsidy bill and the most
| remarkable report ever made by the At
Gibson Railway are among the contribu-
lions to these favorable conditions already
TO the credit of this week. II is not pos
sible to say what the end of the move
ment of Third Avenue, is 10 be or to fore
see whether Sugar is to sell at so or not,
but every day. despite these securities and
their weakness, there is good buying of
southern preferred. of Union Pacific COM
mon, of the Baltimore and Ohio securities.
and of the gTangers. and the people who
make these purchases consider ali of these
stocks cheap at their present prices. They
even go so far as to predict that there
will be no break of consequence in them
and that they may begin an upward move
! ment at any time The same optimism
over the future of the best of the iron and
steel securities is expressed although it is
realized that any Of this group may be at
tackled and tumbled by the bears before the
upward movement begins.
During the first week of January Third
Avenue sold at 1875. Its break since that
time has been at the rate of more than
| two points d day, eighty four points in
all. With a further break of points the
stock will have completed a downward
! movement of the entirely respectable size
| Of 200 points from the top price of this
time last year. Holders of the stock who
bought it at the top a year ago have Jeer
losing at the rate of two thirds of a ooi-.t
| on every working day during the yea. 1t
was reported yesterday that all plans for
| the rehabilitation of the Third Aver de
company had failed and that a receiver
ship was inevitable and might be applied
| for at any time. The needs Of the COM
4 pany, to pay its floating debt and to run
| the business. were said to be at least $780,
OO0O0O The people that have been at
| tempting TO help the company apparently
I retired in disgust or despair when they
| learned the immensely of its trouble. The
! achievement of this corporation with a
capital of SIC 900 coo. floating it's notes for
! $40 ,044 eco more or less, and all this with
out being found OFT for SO long will PROP
! ably go down in financial history peerless.
! Street railway properties do not cease to
exist, and II is certain that some method
of reorganization will be evolved. At
present there seems no hope for anything
! except a receivership. And it is not seen
how the stock can be given much value by
! the courts.
The other traction securities were only
less weak than Third Avenue. Brooklyn
went to 65 1-2 from an opening at IS 1-2
Manhattan tumbled to 80 Is and clos 4 a
point higher with a net loss OF 1-2. Met
ropolitan declined TO 164 1-2 from 40 l..
and closed at 166. II is inferred that peo-
pie with Third Avenue and the other
! stocks of this group deposited col
| lateral on loans must have been called
heavily by the banks this week OF account
| of the break.
The grangers were one of the strong
groups yesterday. Although not particu-
larry active they were conspicuous all day
for the stubborness with which they were
supported. There were more people anx-
ious to buy them than unfortunates forced
10 sell One reason for this strength IN
doubtedly was the report of the Atchison
for the month was S605. S54 the largest
increase ever made by the company. The
January earnings last were 1916, 762, and
this year they reached 81, 522 Gle. The in
crease is at the rate of go per cent 1t
is to be remembered that the January net
a year ago was The smallest for any month
in 1899. Atchson Rock Island advanced
to 107 1-2 and closed at 1O7 IL St Paul
sold as high as 122 1-2 and closed at l22.
Burlington went 10 1913 IA and closed at
the top price.
The January statement of the Pan
Handle shows gross increase of 1921. 1877;
net increase, 1.29i; and surplus increase,
s27S53. The Northern Pacific statement
for the month shows an increase in net
earnings of 1901, 101.
Pacific Mail sold as high as 40 yesterday
| With the favorable report on the Subsidy
bill, the bears begin to say that its pas
| sage would be a small matter after all,
and certainly no such benefit as the bull
! contingent has promised. This is true TO
\ a certain extent. but IL may be said with
no fear of exaggeration that, with or with
| out the Subsidy bill, the stock is worth
! much more than its present price.
The Leather meeting will take place to-
day. There is still much doubt as 10 the
I plan for the reorganization of the CAPT
tai stock. 1t is again said that $50 600. 600
new stock is to be issued. TO be given
share for share of the preferred stock, and
one share for three of the common. This
plan would undoubtedly be beneficial in
the extreme TO the common stock. Leather
common was weak for the larger part of
the day, selling low as 10 and a frac-
tion at one time.
The Southern Railway gross earnings for
the third week of February show an in
crease OF $ll0sS9. From July l the in
crease was s3,370. 52s. The Southern secu-
rites were all buoyant yesterday. Nor
/ folk and Western common sold above SO.
! and closed at 30 i-2. Southern preferred
! sold as high as 5S SIS.
1 The Colorado Fuel aud Iron Company
! has advertised for proposals 10 sell the
| company $4,000 of its outstanding ionds
/ for its sinking fund.
The Sugar directors will meet one week
| from today Mr.. Havemeyer has said moth
| ing whatever as to the dividend to be raid
| since his very broad hint two months ago,
! and it is safe to say that few, If any,
| know what he intends to do. The stock
| is crumblng away in price, and the street
| now talks of 20 as the bear goal instead
| of par which was the limit OF their reck-
| lessness few weeks ago.
| Washington stock Exchange.
Sales-U. S. SIS Registered s4OOaIIl S.
| b.: Traders National Bank. l0G135: Colo