The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-26


Atciison pfd..-........... 5O24 Il 20
II faul---..-.....-....... lllS HE llaA
Rock Island. .-....-..-.--- lOil2 lOGls
Baltimore Il Oho......... 74A 7l@4 ia
Baltimore x Oiuo pid..... =. 7g9s 79I
Pennsylvania ............. 100 129sl l2sAl
New York Certrdl......... 1904 100 1898
Reading lsts..-........... 50 =. IS
Louisville q Nashville. M I2. 81.
Northern Pacific. .......... 5l3s 5l2s 507s
Union Pacific COMMON. 59l4 500 5Sla
Southern Pacific........... S3s 1885, 1888
Missouri Pacifc........... 51lA 81 sos
Brooklyn Rapid Transit. 5724 574 1914
metropolitan .............. 1855
Manhattan ................ 9Oiz 9lA 0l1s
The course of wheat during the past
week has been interesting. 1t will be re-
membered that a good advance from the
prices prevailing a week ago was suggested
as probable in this column last Sunday.
This advance arrived as it had been ex-
pected and was of substantial Importance.
The price of the staple advanced from II
and fraction cents to rs cents, owing to
the heavy receipts of wheat at Western
points, and also largely perhaps because
OF the covering of shorts on general prin-
ciples after the good decline that had oc-
Cured. Yesterday there was a decline
again, the price going off a cent or more
This also was to have been expected in
the way of a professional REIMBURSEMENT
well during the week, but have been very
dull. The statement of the st. Paul for
the third week of August was an excel
lent one, showing a heavy increase In
gross earnings compared with the phe-
nomenal business of a year ago II is said
that the present big business of the COM
pany is due to the heavy early movement
of wheat. II is interesting to note that
tie bears have been saying that the St
inc n~pt, foII \
small wheat traffic TO be expected
1t is probable that the failure of the Pipe
Trust to declare the regular per cent div
idend yesterday will not have good effect
on the iron and steel securities in gener-
al. A decline in the entire group would
not be surprising in the circumstances.
The opponents of the trusts in general
and the bears in the stock market will
gloat over the action. of the Pipe Trust
They will prophesy the speedy reduction
of the other trust securities 10 the same
dividendless level. AS matter Of fact, how
ever, ii is easy to see that there is really
no such conclusion to be drawn. This fail
ure of the Pipe Trust simply shows that
the Pipe Trust was more or less rotten. as
the case may be- 1t is going entirely too
far TO suppose from this that the other
new combinations are all bad also. As a
steel concerns are on strong and endur-
ing basis and worthy the confidence OF con-
sentative investors. These investors will
be likely to buy Federal Steel and Steel
and Wire common and preferred If there is
any decided decline in the course of the
next week or so. Yesterday, and in fact,
during the entire past week, the group
was practically dead. Fluctuations were
extremely narrow.
The record of the Tennessee Coal and
Iron Company for the past year is an in
stance of the excellent condition of some
of these companies. The increase in earn
ings shown by this concern during the year
has been nothing less than phenomenal
The earnings for July, published during the
past week, were Justly considered most
disappointing. They only showed an in
crease of $4,000 over the same month last
year. 1t is matter worthy of comment
that during very dull summer a COM
pany's earnings should be considered dis
appointing when they show an increase
The reason why the increase for the month
was not 100000 or $4,000 as expected
was that the company had a number of
its plants tied up during the month by
the labor troubles. The export business
of the Tennessee Coal and Iron company is
increasing rapidly and it now furnishes a
most important part OF the profits of the
concern. officers OF the company predict
that its business will continue good dur
ing the entire year, whether there is TO
be a boom in the iron and steel trade or
not.
Southern Pacific stock probably VIII be
advanced in the near future II the general
market is in the least favorable The
street considers Mr. Huntingtons Will a
most bullish argument on this stock.
large portion of the entire stock OF the
company is taken out OF the market per-
manently, and the management of young
Huntington, the nephew of the railway
king is assured. This management, i'm
poTtant railway men have said, will b. ex-
cellent judging by al precedents. South
ern Pacific was rather strong all the week,
but yesterday had a decline from the best
price recorded.
Talk of possible dividend for St Louis
Southwestern preferred is still heard in
the street. Nothing official is given out re-
garding the matter but the earnings Of
the company fully warrant a disbursement
at tie rate of or per cent. The sur,
plus last year after all charges was more
than per cent on the stock. This stock
has been one OF the interesting features OF
the market this week. II is one OF the
very few securities that has attracted any
attention.
Brooklyn Rapid Transit went off two
points or more, to 90 Ia, and closed at the
bottom. 1t was one of the weakest Sc
curlties on the list during the entire week
Il is not believed, however. that there
was any especial significance IN the SELL
ing, most Of 1t being credited to the pr,-
fessionals. The statement of the company
while not satisfactory to everybody is bet,
ter than it was at first thought to be by
the average man who looked it over. The
final statement will probably be even bet
ter than the preliminary document
The gross earnings OF the Pan Handle
for the month OF July were s., 4G63S5, a
decrease of $685. 600 approximately. The net
earnings for the period were 1852 Az, a
decrease Of Ss4 900 approximately.
Sugar declined again yesterday, though |
not in an alarming way. The selling was |
apparently only professional, the accom-
plishment Of a readjustment after the dd- |
vance. The news of the loss of big cargo |
of raw sugar from Java, owned by tho |
American Sugar Refinery, was used as the |
lever by the bears. The stock sold off az
much as any other security during the
week
Local Business Notes.
The local stock market during the past
week has been almost Il record breaker
for dullness. II has been quite the equal
Of the New York market in that regard.
which anyone familiar with New York
stocks will acknowledge is a strong com
oarison Business has been at a standstilI,
with one OF two small transactions a day