The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-26

ed yesterday. 1t is more than likely, how
ever, that the movements in either direc-
ton viii be within narrow limits for a
time. and that the good stocks can be
safely bought en- drives and weak spots,
and sold on quick rallies profitably for the
next month or two. or -antil the political
situation becomes more settled.
Sugar, as usual, occupied the centre of
the stage. and played the star part. Its
movements were within narrower limits
than on some recent days, however. Open
ing at slight advance ii went to lis Ia
quickly on what seemed to be buying of
the best character. Around lis 1t evident
iy met supply of stock that the buying
power was not equal to. and after hesitat-
Ing for few moments around the top and
making heroic efforts to break over the
obstruction, it quietly yielded and slid back
TO lib Ia, where good support was given.
The stock again rallied back to near the
previous top, but, as before the supply
more than equaled the demand. and again
1t fell back, closing weak at 1l3, the bot
tom price OF the day. 1t is not unlikely
that those who persist in believing that H.
o. Havemeyer is lying when he denies
that the sugar war is settled. may be made
TO realize that such is not his reputation
IN the same way that they were made to
realize it three months ago, when his
statement that the dividend would prob
ably be cut was considered a stock-jobbiag
lie by many traders. The dividend meet
ing is only ten days of, and many predic-
tons from good sources are that the next
dividend VIII be at the rate Of only per
cent, or passed altogether.
After early weakness. caused by the clos
ing down Of some of the mills of the Fed
eral Steel Company. the steel stocks all
enjoyed a smart rally on what looked like
good buying. In the subsequent reaction
they showed more strength than most of
the list, and closed the day at about the
close of Thursday. While it is true that
the steel business is not in as satisfactory
condition as a few months ago, it is prob
ably equally as true that the great decline |
in this group of stocks has more than dis |
counted all the unfavorable developments |
that have been or will be in the steel and |
iron trade. 1t is not likely that dividends |
will be reduced on any stock in this group |
which has been placed on the dividend list, |
but 1t is more likely that inside of year |
the business will again be booming to that |
extent that increases in the disbursements |
for the common stock will be predicted and |
realized before cuts. There are no safer
purchases for investment than the pre-
ferred shares in this group, when they are
weak, or even around present prices.
In the railroad list Northern Pacific
and Burlington seemed to enjoy the best
support, and all offerings were readily abb
sorbed around top prices. Atchison pre-
ferred was also very strong during the
early part Of the day, but in the afternoon
was attacked and yielded readily for more
than point. The action Of the stock
would indicate some doubt about the stock
being put upon 5 per cent basis at the
coming directors meeting. AS per
cent stock its present price is too low,
but it is more than likely that the man
agement may consider 1t wise to accumu-
late part of its great earnings instead OF
paying them out in dividends, following
the example Of some OF the other great
systems. No doubt the stock would break
on the disappointment II only 3 or 4
per cent rate should be paid.
A sharp break in American Ice to SO
was recorded as a consequence of the