The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-14

] are W prove mistaken at leaBt t0ey nave
the merit of coming from usually reliable
| sources.
| 1t should be stated very clearly that
| the reasons for yesterdays break, and
| the reasons for n further slump, II such
| is to take place, are technical entirely,
and that there is nothing in the news of
this country or the world that is unpleas-
ant from the Wall Street point of view.
| Rather were the developments yesterday
all most hopeful. large number of
earnings statements were received, and
without exception they were excellent.
The showing of the railway for the first
| week of February is the best ever made
Tor the same period. and a large increase
over last years record. A number of the
industrial concerns also are making fine
statements of business for longer or
shorter periods, all pointing to the fact
that prosperity is big and general. The
outlook for the business of the country
is that 1t will be larger and more pros
porous during the coming two years than
II has ever been before. These evidences
OF prosperity are all with us at present,
and yet the railway world has hardly be-
gun to feel the magic effect of the great
community of interest plan and the steel
business is still only wondering how much
more profits there will be in the steel
business under such plan. These plans
are undoubtedly going forward rapidly,
and for the most part without hitch. There
is every reason to suppose that the peo-
pie who are working them will succeed
with them, as they are in the habit of
succeeding with everything they attempt.
The weakest stocks yesterday were the
steels, which went off from two to four
points, and closed very near the bottom
quotations for the day. Federal Steel
common opened up to SO and broke to so.
Steel and Wire broke not quite SO much.
Federal Steel preferred went down to so.
Colorado Fuel and Iron broke to As and
Tennessee Coal and Iron TO 62 1-2. 1t was
said that the reason for this weakness
was bear selling on the new Congress
sional proposition to put steel products
on the free list. II there was no other
reason for the break the recovery should
be rapid, for the reason is a very poor
one. There is said to be no likelihood OF
the steel products going on the free list,
and even IL such a project could be car
ried through thus late In the session, ex-
perts say the steel trade in this country
would suffer little from 1t. The -exporta-
ton OF steel products is growing every
month with wonderful strides and Eu-
rope is now hardly attempting to compete
with American manufacturers in this
country, having all 1t can do to hold its
home markets. There are many conser-
vative market people who are rather
pessimistic regarding many of the rail-
ways that believe the Steel securities
will advance much further.
The Republic Steel and Iron Company
reports that for the first six months of
its fiscal year its earnings increased 10
per cent; This showing is especially in
far Aa. q, 60,
that this increase was nearly all made in
the foreign trade of the company.
-
Sugar led the break, and went of even
further than the steel group 1t opened
at Its high price, 142, and went off almost
without rally to 136 IL. The close was
only fraction above the lowest level.
The explanation of the break given in the
street was that Mr.. Keene was selling the
stock heavily, to prevent Mr.. Lawson, of
Boston, FROM giving it a big boom. II
MIR. Keene sold Sugar, it is possible that
the move was only a temporary one, to
keep the market from getting ahead too
fast. The project of countervailing duty
against Russian sugar should really have
been an important bull argument yester-
day.
The breaks were all over the list, hardly
d sloCh dHsNHSTe SHOWING any Ieuuelcy 10
resist the bear pressure. Western Union
was one exception, and a notable one,
though 1t closed considerably below the |
top price for the day. The stock has
been buoyant for day or two, and yester- |
day 1t opened high and scared rapidly dur |
ing the entire forenoon. Theytop was 81. |
Later there was a break and the close |
was at SO IS. 1t was said that the Gould |
brokers were heavy buyers of the stock |
all the morning. There is no news to ac
count for the boom. The Wall Street su-
perstition that Western Union usually |
makes the tail-end of an upward move
nent as brought out and paraded by the |
bears yesterday with much ioviality.
The gross earnings for the first week |
Of February were exceptionally good. The |
st. Paul gross increased for the week !
S30, 900. Missouri Pacific for the week in
creased s21 900, Norfolk & Western in
creased 1000, Louisville & Nashville in !
creased s1407S, Chesapeake Ohio in
creased $50, 1896, Southern Railway in |
creased SCI, 9S6. Despite these earnings
the grangers broke two to three points,
Louisville two points. Norfolk two points,
the Southern securities a point and a
half each and Missouri Pacific nearly
four points. And also the closing prices
were close to the bottom, where they
we're not at the very lowest fraction for
the day.
Another piece of good news that did |
not prevent the group Interested from
declining sharply was the quarterly state
ment OF the earnings of the Metropolitan
Street Railway of New York Tho com |