The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-30

others losses, the average movement be-
ing very small. At the close of the day
the street had heard nothing definite. and
business was almost at a standsl.ll no
body being willing either to buy or sell
apparently. Some alleged official news
was given out shortly before the close re-
eardlng the situation, but this was OF
such nature that traders will be quite
as much at a loss which way to act as
they were before. The result of this is
likely to be depressing to business If MT
20 prices for time longer, and the care
ful people are inclined to the belief hat
the traders market" will continue, per-
haps for two or three weeks.
AS to the ultimate tendency of prices,
the conservative people are most hopeful.
Ihey continue to advance the argumI n !.
that the business situation is good. N, ney
/. cheap, and the outlook rosy They viii
buy stocks on the declines rather than
sell on the rallies. Among the most en-
couragins matters of the present week
have been the numerous excellent net
earnings reports for December. Almost
without exception the big railway systems
are reporting large gains in business and
IN net earnings for that month. the
gross earnings reports for January SO lar
have been excellent also. The banxs have
gained in cash since Friday and the
bank statement is likely to he good one
Half a million OF gold has been enga ed
Tor shipment tomorrow, but this was ex-
pected, and 1t will have no bad effect on
the market. Call money was loaned yes
terday at "a per cent, and there was
little demand at this low rate London
was buyer in. the market yesterday,
principally OF Southern Pacific.
The statement was made semi officially
oil. IL
OF the Steel and Wire people it had been
decided to defer action as to the dividend
on the common stock until shortly before
the end Of the quarter in April. This is
pfobably true. The argument is said to
nave been made at the meeting of the
directors that in two months the company
VIII be in much better position to act
lntelligently on the dividend question than
1t is at present. This would seem to be
good business judgment. The railway
companies do not declare their dividends
until a short time before they are payable.
and there is no good reason why a steel
company should have different rule. 1t
is not to be predicted what the street will
mink OF this action, however, and there
fore the immediate movement OF the stock
is matter of much uncertainty.
AS to the outlook for the stock for a
longer period than day or two. it would
certainly seem that it is good. There are
three or four excellent reasons for op-
tim1sm regarding it. One of these is that
there is TO be the annual meeting of the
stockholders in a short time. There is a
close fight between the Gates faction and
the Eastern people without doubt. and
Il is hardly possible that the stock will
sell off with both sides anxious to in
crease their holdings. An Illustration of
The significance of this was given a day
Or two ago in letter to a holder of. 200
shares of the stock in this city from the
Gates people, asking him TO give them a
proxy for his stock This gentleman did
lot give Mr.. Gates his proxy and does in
end to give it to the Dolan- Elkins crowd
Mr.. Gates needs these 200 shares or he
would not have asked for them Another
'eason for bullishne5s regarding the fc-
ure of the stock is the annual statement,
which is certainly an excellent one. The
fgures given yesterday in this column are
approximately correct, according to the
attest information. The company earned
n 1860 more than the per cent dividends
N the two classes of stock in addition to
writing off large amount for deprecia-
ion. In addition to this it is said that
he net earnings for the present month
will be nearly If not quite $1,000, 600, or
considerably better than last year The
company has orders for business for sew
,ral months ahead at good prices. 1t
would not seem that this is good basis
or bearishness regarding a stock selling
around 30. AS TO the dividend to be paid
Turing the present year, there is little
ioubt that it will be . per cent. which is
quail TO IL per cert ON the present mar
let price. If Mr.. Gates loses control OF
he Stockholders meeting the new people
nay even decide to pay the regular per
ent.