The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-22


tion. Another item of news regarding
Burlington is that the company will eX-
tend its line from Guernsey, Wyo.. to Salt
LAKE City, by way of Ogden. Burlington
advanced to 145 at one time yesterday
afternoon, but it sold off at the close to
IA S-S.. The other grangers were all
fairly strong.
The strength in Colorado Fuel and Iron
was not explained. On the contrary. the
strike talk regarding this company vas
rather disquieting and might have been
expected TO cause the stock to break
sharply in such market An officer of
the company was quoted as follows ty
Ladenburg Thalmann & Co. yesterday:
The United Mine Workers, the organiza-
ton which brought about the strike in
the Pennsylvania anthracite region last
fall, has been trying to organize all the
mines in Colorado and as fast as organ
lied, they strike for higher wages, or
against imaginary grievances The North
ern Colorado field, in which We have TO
mines, Is out, except few small mines
which recognized the union. All mines in
the Canon City field are out. These MINES
were producing about 75, 600 tons a month.
The Gallup mines are out, though We nave
a small force of non-union men at work
in one OF them. The organizers have
made but little progress in our southern
a foothold. but we have closed the mines.
Under the existing conditions. the strike
will make quite a hole in our fuel depart
ment earnings. The situation is approach
ing a crisis. We have no fears as to the
eventual outcome but the probabilities
are that We will have a bitter fight, and
serious interruption TO our business"
Sugar, too held up when the public had
no news that would account for its
strength 1t went to 1S5 rs and closed
at 1875 as. The stock went off rather sharp
ly when il was announced that Mr.. Gage
had decided to tax Russian sugar, and it
advanced when il was whispered that Mr..
Gage will withdraw from his position.
Another reason why the stock might have
been expected to decline was in the sta e.
ment in the street that there will be no
increase in the Sugar dividend, some
people have expected.
The recovery that had been expected by
careful market people came yesterday
afternoon, and it was even better than
looked for. During the last hour the
steel stocks led in what might almost be
called a boom. The influences which
brought about the recovery have all been
named heretofore. The break had ex-
tended from 2 to 10 points. and Of actual
developments inimical to the market there
had been none. Therefore when the long
holiday approached and the rumors
turned hopeful instead of pessimistic, the
shorts covered almost in panic, 1t
would seem. But there were evidences of
heavy buying of long stock that many had
not expected, and to this extent the mar
ket was better even than hoped for.
OF actual news there was little yester-
day. The steel situation was again the
matter that attracted most attention, and
foated the greatest number of rumors.
While prices were going off earlier in the
week all these rumors were that the deal
would not be contaminated, or that 1t
would be unsatisfactory, or that it would
be postponed, or that il would give all
the benefits to the holders of the pre-
ferred shares. Yesterday there were very
positive stories in the street that the
Moore people have been satisfied, IL they
ever had grievance, and that the deal
will be closed and announced in few
days possibly even before the opening of
the market on Monday. 1t was also said
that the holders of the common stocks
will be treated with entire equity. At the
same time the big people who seemed to
be selling the stocks early in the week
became buyers again. This turned the
trick most effectually for the bulls.
piece Oh DuIl was
the statement that the showing of the
banks tomorrow will be favorable. There
will be a gain in cash, and more Than
likely an increase in the surplus even.
1t was whispered that the important in |
terests are now ready for a strong mar |
ket us the accompaniment of the closing |
of their steel deal. and that they have-i
been depositing large amounts Of cash In |
the banks to create fine bank state |
ment, as one way to help the bull senti- |
ment along. London was weak at first, |
but later showed an advancing tendency. |
The Bank OF England discount rate was |
reduced to per cent, as had been ex- |
pected. but the event had no influence On |
the market. The very positive talk of an |
extra session was &. SO without effect, as |
it has been generally understood for sew |
eral days that Congress will be recon
vened soon after March !, and the event |
has beeh discounted.