Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-10-23


vance of 81 per cent. in Missouri, Kan
sas and Texas seconds, . per cent. in
Iron Mountain firsts preferred income
and Mobile and Ohio debentures; per
cent. in Kansas and Texas tirsts con-
solidated asserted; II per cent. in Iron
Mountain seconds preferred income; j!
per cent in Wabash seconds ex-coupon;
per cent. in Jersey Central tirsts con-
sails assented. c. G. d |. G. frsts sold at
10, and Sioux City tirsts at 9js.
STATE BoNDS.-Unusually active and
generally firm.
SroCKs-The market was buoyant, and
the widest excitement prevailed in and
around the Stock Exchange. In fact,
nothing like it has ever before been
seen by the oldest habitue OF Wall
street. The orders for stocks from out
Of town, especially from leading western
cities, such as Chicago, st. Louis, Gin
cinnati and Milwaukee, were simply
enormous, and the brokers found diff
Guilty in transacting all the business
forced upon them. The coal shares
were the great feature in early dealings,
while during the afternoon Wabash,
St. Louis, Kansas City and Northern,
Kansas and Texas, and Western Union
became very prominent in the advance,
which extended, however, throughout
almost the entire list, ranging from to- *
per cent, the latter for Delaware and
Hudson, st. Louis, Kansas City and
Northern advancing AZ, Kansas and
Texas 4I. New Jersey Central 3s, Wabash
81, Morris AMI Essex and Western
Union 3, Delaware, Lackawanna and
Western %, Kansas Pacific q and
Hamilton and st. Joe per cent. Sub
sequently prices reacted las per cent
in coal shares on realizing sales and the
general list declined n fraction III SYM
pathy, but in the final dealingsa strong
buying movement was developed and
the decline was almost recovered, the
closing prices being at or near the best
figures of the day. Union Pacific
declined II per cent, but closed at re-
covery OF per cent. Canada Southern
continues to advance on the reports OF
large traffic on the line and under
purchases for investment on the
belief that it must soon take its place
among other high priced Vanderbilt
L
advanced to 3i3. Northern Pacific se-
curities were lower, the common closing
at 81 and the preferred at 81. The talk
to-day is of a new combination to adj
vance the Gould spcclalties-the Van
derbit stocks and Pacific properties.
The movement in Western Union is ac-
companed by the report that s per cent.
dividends will hereafter be paid, and
Paciiics are advanced on the statement
that the Supreme Court decision, af-
firming the constitutionality Cf the
Thurman act, has been discounted, and
that the Nanderbilts will be represented
i'm the next Union Pacific board OF direc-
tors. One reason for the advance in
coal stocks was dispatch from Phila-
delphia to the effect that the supply OF
coal is much less than a month ago; that
there is an absolute scarcity OF stove
coal, and that a large advance in price is
probable.
The Graphic, referring to the extraor-
dinary demand and remarkable advance
in coal stocks, says: I'VE are
enabled to state, after careful inquiry
among the officers and directors of the
coal carrying railroads, that the business
of these roads is at present considerably
in excess of anything heretofore ex-
perienced in their history. The dimln-
ished operating expenses by reason OF
the reduced cost OF labor and materials
more than compensates for the low
price of coal with the present volume
of demand and it only needs slightly
higher price for coal and slightly in
creased consumption to restore these
great properties to the dividend paying
position which they long occupied be-
fore the panic of 1873. The
demand for anthracite coal by reason
of the reviving industries of the country
and the opening of new and large mar
kets i'm the West and South is already
fully equal 10 the supply, and the carry
Ing facilities Of the roads are taxed 10 the
utmost. 1t is confidently predicted that
at least two of the coal roads will be en-
abled to resume paying dividends with
in the next six months.
Arrangements, under the plan OF re-
construction, are now pending for taking
the New Jersey Central road out Of the
hands of the Receiver, and il is expected
that the final measures necessary 10 this
step will be taken in December, or
shortly thereafter, when Judge Lathrop
will doubtless be elected to the Presl-
dency. IL is said that the net earnings
Of the road, even al the present time,
are adequate to justify the ex-
pectation of dividend 10
the shareholders early next year,
and recent large purchases OF stock here
and in England are based on this expec-
tatiOn. IL is stated on authority that
the company will mine and bring 10
market this year four and quarter mill
lion tons OF coal. The past year the
average price has been y. 40 per ton. IL
has now advanced 20 - 50 and COM
panies are considering the proposition
for further advance OF 80 cents imme-
mediately. At 3 per ton the officers OF
the New Jersey Central claim the com
pany can pay all fixed charges and
dividend OF per cent. For the above
reasons still higher figures are predicted
for coal property. 1t il said that several
prominent operators have large short
interest in coal stocks, and the Osborn
party are still short on Erie. A dis
patch through kiernan's Bureau says
the Missouri, Kansas and Texas has been
leased to the Union Pacific and Wabash.
A Washington dispatch state that the
increase in the National bank eircula-
ton for October, will be $1,000 The
Northwestern earnings for the first four
DAYS of the third week in October, was
increased $4,000. The earnings Of the
Iron Mountain road were an increase OF
S29, 900 for the second week in October.
The transactions aggregated 49o, 900
shares, of which $1,000 were Erie, 1900
Lake Shore, 1900 Northwestern, H.
600 st. Paul, 5000 Toledo and Wa.
bash, Al 600 Delaware, Lackawanna, and
Western, 10000 New Jersey Central,
1900 Delaware & Hudson, 1000 Michi-
ran Central l0OO0 Morris and EsseX,