The times. [volume] (Richmond, Va.) 1890-1903, 1902-02-18
A GOOD START
FOR THE WEEK
The Stock Market Was Quite
Strong Yesterday.
SUGAR WAS THE FEATURE
Eut All Stocks Showed Disposition to Ad-
vance-Wabash Debenturcs Up One
Point-colorado Southern
AMI Sloss Strong.

The stock market was steady yesterday
at about Saturdays prices, although in
some cases there We're advances, notably
in Sugar, which sold above III. This was
due in part to the advance of points in
the price Of graduated sugar by the Ar
buckles and to favorable news from WASH
ington concerning reciprocity with Cuba.
There was some irregularity at the OPEN
ing, and traders were looking out for
soft spot but the tone was generally
strong. There was some early selling of
Brooklyn Rapid TRANSIT on the theory
that the traffic had been seriously i'm
paired by the snow Storm but there were
good supporting orders, and the price
was not hammered down much Metro
poltan was strong on the advance in the
prices of rights.
UNITED STATES STEEL.
The stockholders of the United States
Steel Corporation met and approved the
bylaws as amended, and voted approval
and ratification of all contracts. acts, by
laws, proceedings and permits. by the
mittee and the Finance Committee since
the organization of the corporation. The
harmonious meeting of the stockholders
Of this corporation had a good effect and
Steel stocks We're very strong. both COM
mon and preferred, selling higher than on
Saturday.
There was more activity in Sloss than
terially higher, the preferred selling at
S32s and the common at 3aa!s. These are
the highest prices which the Sloss stocks
have enjoyed for a long time, althougts
be seen shortly. The company's' affairs
are in excellent condition and the earnings
were never, greater.
In connection with the condition Of the
iron and steel trade, and incidentally
with general trade conditions the New
York Evening Post, which is usually dis
posed to take a pessimistic view, says:
Something was said of the iron trade
situation in this column q week ago. 1t
calls, in this connection, for some further
in that market proves beyond doubt or
cavl IS, that trade is putting this basic
metal into use on a scale quite unap-
proacheeSd ed, even , In the haifyon Gays s. Oh
ly excluded from the business. TO the
consumer the strongest possible assur-
ance has been given that he can get MS
steel and iron next November on as easy
terms as the market grants to-day. But
he will not wait; what domestic makers
simply cannot give him. he Is sending
abroad to buy; he is paying the monstrous
duty, a travesty on the worn-out shibbo--
leth OF protection because he would
rather let the protectionist exact his pen
atty than defer the work until next au-
tumn His reason is, of course, that he
sees immediate and continuous profit In
use of the new materials.
TT will hardly be doubted. by exper-
fenced observers, that to-day'S unappeas-
able demand for iron means confidence
by the builder that he will sell and rent
more houses If he can erect them: by the
railway manager that he will get more
traffic il he can lay down rails enough
over which to carry it; by the manufac-
turcr that he will turn a larger profit II
he can only get new machinery lnStalled.
Last month the basic iron actually turn
ed into the steel mills for such purposes
exceeded the total of January. 1901. by
fully 25o,OOO tons. or 20 per cent When
this is the attitude of the entire industrial
trade reaction. The real contrast between
our present situation and that of Europe
may be judged from the fact that this i'm
mense and legitimate demand from Ameri-
can industry is pisiblyz lulckenlnS the
pulse of the iron trade in Glasgow and
50 A'''S'.''-W WABASH ISSUES.
Wabash issues were strong IN yester-
days trading, the preferred gaining full
| point and the dcbenture bonds selling at
721a IL. per cent. higher than the lowest
| price OF Saturday. The New York News
saX sI. J. believed in conservative bond cir
| Giles that substantially all Of the deben,
| ture a bonds of Wabash Railroad and
ipassed into the hands OF theGould interest.
|! This is regarded as Indicating that the
plan for the retirement OF these bonds IS
| we'll advanced, and 1t is believed that the
| formal announcements hAiA AioI ASAAs7' ~ -
| layed."
Some strong statements concerning
! Southern Railway preferred are coming
| out in New York. 1t seems to be lore
! gone conclusion that the stock Will DE
| placed on per cent. basis at the next
| meeting Of the directors, and some Oh It's
| friends are predicting that Southern pre-
| ferred will sell at from 100 to lio. others,
+! howeyet think that the stock IS ALREADY
| high enough Louisville and NashEliie,
which is a 5 per cent. stock. ana when is
| earning a great deal more, ana is entltled
! To ali that the road can earn without any
preferences ahead of it, is selling around
1Q5. eo1-ruupN
| Colorado Southern issues were nrmly
| held in Yesterdays trading, and second
nreferred sold up to 3351s. the commoth go
| ing ,,p to 10. There was little advance
| in the first preferred
There were no set backs IN the market
YESTERDAY. and the closing bids We're very
| jittIe below the last recorded sales, which
We're about the best Of the day. This In
! iicates a better market to-day,
D nner Given Him.
a dinner to Mr.. John r. Charlton. past
| potentate of Acca Temple. Mobiles of the
Mystic Shrine. was rendered Saturday
night at Rueger's. Those present were
| Messrs. A. Won N. RosencglS. George L.
street, Thomas Whittet. George Schoen.
!