The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-07

the country's prosperity for several weeks.
but it is probable that the continued quiet
| of n week or more ago had disposed many
| not TO expect the rapid advance for sew
eral days vet. The only fear OF conserva-
tive people at present is that the advance
will be too rapid. 1t was a theory OF the
bears few weeks ago that the public had
entirely exhausted itself and would not be
| able TO help any upward movement OF
prices. The experience of the past few
days shows that the public still has not
only the funds, but the inclination. 1t is
| only possible that the commission buying
may become too enthusiastic for the ulti-
mate good of the market. The leaders of
the market have held Jack the advance in
prices many weeks however, and it is TO
be supposed that they are not now allow
ing II to begin without having thoroughly
considered the possibilities in this direc-
ton. The predictions in some of the best
informed houses in Wall Street are of the
most hopeful nature. The immediate adj
vance is expected TO continue with only
slight reactions for several days yet, and
careful people are coming around to
the belief that the general course of prices
is likely 10 be upward for many weeks 10
come. Money continues plentiful at and
IL per cent for call loans Yesterdays
earnings statements were uniformly good.
and one or two were exceptionally fine
even in this era of big earnings. London
is again n buyer of American securities.
and the London market yesterday closed
at the highest prices of the dag.
Sugar opened weak yesterday and de-
clined rapidly during the entire forenoon,
getting as low as los 1-2 tic lowest price
in over a year. and the lowest, with one
exception. since 1896. In 1898 it went as
low as 10i 1-2. Such a tumble in Sugar.
after the continued weakness of the stock
for many weeks past, would, in any ordi-
nary market, be matter OF immense I'M
portance. inasmuch as it would almost
certainly mean break and an entire re-
versal of form all over the list. 1t is not
unfair to consider the attitude of the gen.
eral list under these trying conditions, one
of the best indications of its fine inherent
strength.
The Sugar situation is a most interesting
one, however, even if the general market
is to cut loose from this stock, as it did
from the influence of the South African
war and from Third Avenue. Several
theories are floating in the street regard
ing the Sugar Trust and its stock. One OF
these is that the present weakness is bling
manipulated by the insiders for the effect
that ii may be made 10 have on sugar leg
islation. A gentleman not without influ-
ence at the Capitol yesterday made the
statement TO the writer tina. the trust has
promised a number OF speculative Con-
gressmen that the price of sugar will get
as low or lower than par within a short
time. 0stensibly, of course, the reason for
the weakness of the stock is the fear of a
cut in the dividend or of its entire failure,
because the company is losing money.
The development yesterday was the shut |
ting down Of several Of the companys re- |
fineries on account of 'overproduction." |
Whether the company is really losing |
money or not, and whether the dividend is |
TO be paid or not are, quite evidently, mat |
tiers having very little Necessary connec-
ton with all this gossip.
The announcement Tat the directors of
the Reading company have decided TO de-
clare a dividend of ] 1-2 per cent semi
on the first preferred stock was
perhaps the most important piece of news
This dividend is the first since
1876. The immense earrings Of the COM
,any during the past year have made i; GER
ain that the dividend would be declared in
he near future, but nevertheless the ae-
ual announcement came as pleasant sur
Prise 10 the street 1t may be said how
VIZ Nhot thN 6NhtAoi tApNNAd&itb bdd bttn |
hat the rate would be the full per cent
rhe Reading has probably earned more
money on this stock without paying any
dividend than any other system in the |
country can show during the past year OF
more. For the year ending June 80, 1899,
he full 4 per cent dividend was earned
md more, and up to the present tine this
rear there has been earned not only per
'ent on the first preferred, but also large
urplus fer the second preferred. The full
ate will be given the stock later in the
ear probably. The stree. figures out the
resent intrinsic value of .he stock at IS
Il least. An advance to IS Ia was made
esterday. and the close/at 81 rs showed
good net gain.
st Paul especially and the granger group
n general were features Of the market
yesterday. st. Paul has been bought
eavily for two days. and its advance in
rice has been rapid enough 10 suit its
est friends. The immense increase in