The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-08

| securities have been taken up They say
that these securities have been given a
! boom in every other bull market and that
| THE reasons for an advance in them now
| are stronger than ever before. 1t is GER
| tain, however, tina. the utmost care should
be exercised not to overload with stocks
and that profits taken on the bulges will
hardly be regretted.
The news yesterday was some OF it
| good and some not SO good. The sugar
| concerns all advanced the price of re-
| fined sugar 10 points. The Tennessee
| Coal and Iron Company's executive COM
mittee met yesterday and decided to re-
| commend that the dividend on the common
! stock be passed for the quarter. No new
details were forthcoming regarding any
! of the railway deals. Money was easier
| than at any time heretofore, loans being
!. made during the afternoon at 1-2 per
4 cent. number of earnings statements
| for the last week of December were pub
! lished and nearly all of them were good.
Burlington and Rock Island were the
! features of the early market, each maxi
ing bulge of five points, the former to
14S 1-2 and the latter to 12S 3-S. Later
IN the day part of this advance was
lost, but both had good net gains at the
close. The prices reached were the high
est OF the movement and Rock Island
reached the highest prices of recent
years. The advice to buy these stocks
has been persistent ia this column since
st. Paul began it's advance. The best
people in the street were convinced that
the difference in the price of the stocks
was too great, considering the merit of
both Rock Island and Burlington. There
has been talk of a probable combination
between Pennsylvania and Burlington,
but nothing new regarding such deal
was heard yesterday. 1t is extremely
probable, however, that the Burlington
people may have bonds TO refund in the
near future. The Rock Island should ad-
vance on its merits simply even if it is
to be included in no deal. The company
is earning more money than ever before
and about double enough to pay the divi-
dend on the stock.
Pennsylvania spurted up to 1872 at the
same time that Burlington was advanced,
but later declined to ISL IA. This stock,
too, is manifestly selling at too low a
price compared with st. Paul.
Mr.. Hill said yesterday regarding the
Northern Pacific-St. Paul deal that he has
been buying st. Paul stock. He would not
say if his purchases have been sufficient
to give him place on the st. Paul di-
rectory. He reiterated his former state
ment that plans are on foot to do the
railway business in the Northwest more
economically. These remarks Of Mr.. Hill
are differently construed by the two fac
lions in the street. II is, of course the
fact that some people believe them to
have been put out to make a market for
stock. The bears always take this view
when big man talks. But OF course too,
the big men sometimes tell the truth. else
they would never be trusted, and ii would
do them no good to talk. st. Paul ad-
vanced again yesterday to 1872, but was
sold heavily at that price and did not
get above its former high level. 1t sold
of at the close to 15S ga. showing a net
gain for the day of l Ia points. Northern
Pacific common advanced sharply to 50
and then sold OFF to ST. the opening price.
1t again sold above the preferred at one
time, but closed below 1t. The Erie Sc
curities, which 1t was thought might be
taken up again yesterday, were sold heav-
lily by London, and did not make any net
gains for the day.
The Reading-Jersey Central deal did not
have much effect on the securities of
those two systems, except that IT was
believed there was profit taking. Reading
first preferred advanced to rs and closed
at Il 1-2, with a small net gain. Jersey
opened at 1853, high price, and declined
during the session to 156 Ia 1t IS thought
likely that the Readings will be taken up
today. The significance of the coal deal,
as whole. is great It adds many dol
lars share to the value OF the Reading
! securities, especially VIXEN business is so
tremendous as It is at present
Delaware and Hudson was the coal
stock that showed the greatest buoyancy,
and it should be considered one of the
features of the market. II opened at 1873
and advanced quickly TO 148 closing at
, Jas. The "rumor" was put out that the
coal deals will be "buttoned up" by some
combination between Delaware and Hud-
son and Ontario and Western. The latter
stock also bulged up to 80 SIS and closed
well above Saturdays price
Notwithstanding many alleged official
denials that there was any intention of
cutting the dividend on Tennessee Coal
and Iron. the insiders have been expecting
the dividend to be passed, as could be seen
yesterday. The stock was weak all the
morning, and it reached it's low price (53)
just before the announcement of the news
was made. 1t recovered two or three
points after that, but later sold off again
to SO 1-2 at the close. Nothing is known of
, TIE reasons for the action of the execu-
tive committee of the company except
!
this year as last. 1t has been understood
however, that they were sufficient to pay
the dividend If the entire surplus had been
utilized The stock looks to be 4 good
purchase at its present price despite the
cutting OFF of the dividend. The com
pany is in some ways the best situated
OF the iron and steel trusts, and it is not
TO be doubted that its earnings will in
! crease.
Steel and Wire common also sold
( Of badly yesterday morning at one
time getting as low as 421-2 and
closing at 43 ia only. The same
trouble of smaller earnings seems to
/ be the cause Of the weakness of
this stock. II is said semi-officially that
the report will show several millions less
earned for last year than for the year
before and that the dividend is likely 10
be cut to per cent or even passed. II is
Of course impossible to know If this is
Gates story put out to depress the stock,
or the fact, but in either event some of
the best posted people in the iron bust
~ he opiuinu tho atnrL