The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-08-25


for several days. prices in the main do not re
apond to their efforts. The extensive prof
taking OF the last ten days, together with tn
efforts referred to. have resulted In n
irregular market; but there has been n
b.. .diminution IN the volume of business NOT an,
contraction In the speculation. The dealing
Il, to-day Were In excess Of half a million shafes
n the distribution was as broad rs at an,
time since the present upward movement be
ran. Some stocks were depressed. yet few o
them materially. and the decline in thos
was owing to considerations specifically
affecting them. Regarding the market as
. whole. the losses they sustained were more
than Offset by tho revival OF activity In stock
heretofore Enthusiastically by larger transactions
n the bond market at advancing prices
While the market for the stocks thai
have been foremost In the advance has
been dIEestinE heavy realizing salei
tho low-priced stocks. many OF which
present probabilities OF enhancing values equal
70 those which have become realities In some
OF tho h~igh-priced and now established divi-
,r dend payers during the last decade or two. arc
beginning to receive the attention that is In
h VariAbly accorded them In q developing bull
Pc market.
The early speculation was unsettled By .
fnffher sharp decline In Manhattan Railway.
simultaneously Metropolitan Traction jumped
up q pOlnCb, DuJt ~ buOulu 10 uuuOu, OIu nOb
hold that improvement to the close. Tho
trading In Manhattan Railway was unusu-
ally heavy. the transactions in It being
second only to those In Northern Pa
eifo common. 1t dropped nearly 8 points
Ia from the final price OF yesterday. and at o frac-
tional recovery sustained q net loss Of 2k p
cent. There was no new affecting the value
OF the property. hence IL seems fair to infer
that the steady and decided decrease in the
earnings of the company as compared with
q year ago is beginning to bring long
stock upon the market. That the company is
making strenuous efforts to minimize the
effect upon net earnings Of this falling of in
GROSS receipts Is shown by the obvious econo-
mice recently introduced In the operation OF
the property.
The only other noteworthy net declines were
those In c.. c.. G. and st. Louis. on the reported
abandonment for the present, at least. Of ne
Rotiations for the absorption by the company
Of competing lines. in American Cotton Oil. In
the Pacific Coast stocks. in New York
Air Brake and in Consolidated Gas. The
decline in all Of these except the last
named is fully explained by the fact
that the speculation In them has been
active and rampant. A further net de-
cline In Consolidated Gas brought confirmation
OF current reports OF an open rupture between
the four local gas companies. namely, the Con-
solidated. the New Amsterdam. the Standard,
and the Mutual. The news Of serious disagree
ment between these corporations confirms the
belief that has existed for q long time that
there has been an explicit, though perhaps In
formal. agreement among them as to terri
tory. output. and competition in other words.
that they have been practically pooling their
business. It is understood that charges of bad
faith in carrying out the pooling agreement are
now made. and lively competition between the
companies is not improbable. In fact. has
already begun. It is possible. should the pres
emit condition OF affairs reach an acute stage,
that 1t will be found that the way has been
paved for the establishment of closer relations
than ever before between the various interests
supplying the borough OF Manhattan with gas.
The advocates OF higher prices were greatly
encouraged by the revival Of speculative en-
in Northern Pacific common. That
stock led the list in respect to activity and
closed at nearly the top price. which was III
y cent. above the final figures Of yesterday. |
The Street. or at least o large part of 1t. per- |
sists In believing that the Northern Pacific 4
Company is likely to, declare o dividend |
upon its common stock this fall. Though |
che profits Of the company are exceedingly
gratifying. mono Of its directors or officials. so
far AS can be learned. ENCOURAGES the view re-
ferred to above. Peoples Gas was another ex-
btIOuk bIOCAs6 llo ~ tEduluk III IL |
was extensive. The advancein It took place In,
che face OF authoritative statements that the
between the company and the
Natural Gas Company has not
been settled. and also in face Of the
publication Of belligerent and even threaten
Ing statements alleged to have been made by
those interested in the Indiana Natural Gas
The broadening tendency Of the
market was noticeable in American Spirits.
Chicago and Eastern Illinois issues. Chicago
Terminal Transfer preferred. Consolidated Ice.
Iron. Illinois Steel. and STANDARD
Rope and Irvine. AL Of the securities OF
the last-named company were dealt in more
extensively than for a long time past, its 6 a
cent. bonds advancing moro than 8 points.
were indications OF q reviving demand
for American Mailing issues, owing to the be-
lief that the annua statement of the company
will show nearly 2 p cent. earned upon the
stock. although the company when
a year ago. had to take over several
million bushels OF product from its constituent
concerns and dispose Of the same for their ac-
According to advices from Chicago. which
have the merit OF being plausible, the
consolidation OF the Minnesota Iron and Ilh-
nois Steel companies and the absorption OF the
johnson Iron Company by the new corporation
are the first steps In q programme that contem-
plates the eventual concentration with these
Enterprises OF the more important iron and
steel plants in Pennsylvania, Alabama and
The activity In Chicago and Eastern
Illinois issues directed attention to the possible
part that the property upon which they are
based may play in the extension of the Big
Four" system. partly because of the traflc it
controls and also because OF its exceptional
facilities In Chicago. Irrespective OF
possibilities. the company has Just pub
iahsd a satisfactory annual report. and recent
placed Its common stock upon a dividend
paying basis. The closing was in the main
lteady. with the majority OF prices down to or
Nightly below the final figures Of yesterday.
New York Stock E-xchange-saIeS Aug. "a.
UNITED STATES AND STATE BONDS I'm 81. Ooosl.
B2 U 8 So. wi Tenn Set 3s.... %
l~o6HOlosA 40 Va esdsf. trs
, Lps6s. r""..ll2 sKoeM