The times., 1898-12-06


higher than the opening. The statement
was made in this column on Sunday that
| the end of Metropolitan's rise for the
| present would be due yesterday. The
| event Is In complete harmony with this
idea. ltsis not believed that there will be
| a rally today. or at least not such rally
as that of yesterday.
The next matter of peculiarly interest
| Ing news that the street will get Will
! probably be that of the. action of the
American Sugar Refining Company rela-
tive to- dividends. The meeting of the
directors will occur tomorrow. 1t is be-
/: lieved that the regular rate will be ad-
hered to despite the predictions to the
/ contrary frequent In the street OF late
| Sugar will probably be strong today and
tomorrow until the dividend rs declared
or passed. and II seems likely that a
slump may occur, then No public an
nouncement has been made by the COM
! pany yet that the price of sugar has been
| reduced to meet the cuts of the inde-
| pendent refineries.b but II is understood that
| the company is selling at the lower rate
and may announce the cut after the ac-
ton on the dividend If not before.
| A peculiar phase of yesterdays market
is to be noted in the comparative strength
dend payers. the stocks of the best
roads in the country. We're very
weak and the stocks on which there
is only prospect of dividend
had almost no recession, and in
some cases even none whatever The
reason of this hassbeen commented on in
this column heretofore several times in
| the last few weeks since this tendency
became manifest. Pacific Mail, Louisville,
the Southern Railway securities and the
Federal Steel securities are the particular
examples of this latter class. Many mar
ket people are even inclined to believe
| that these securities win not have reac-
| ton in the next few days.
Pacific Mail opened at 40 3-4 and closed
at Al, the highest price in eight years.
| This price shows an advance OF 20 points
| from q since the low price of April, and
an advance OF 10 points in the last two
months. The certainty that America is to
| hold the Philippines. for the Street re-
| CARDS IL AS a certainty despite the fact
| that the treaty has not yet been ratified
by Congress, seems to have given people
| very rosy view as to the future of the
Pacific Mail Company
! 1t is noticeable also that the other two
railroads whose stocks held their own
yesterday are the two southern systems,
which will do the bulk of the business of
! the country with Cuba and Porto Rico.
| The Pacific stocks continue weak The
| selling OF these securities in London seems
| based on a belief that the relations be-
| tween Messrs. Hill and Morgan are still
very much strained. The Information on
this side. which may or may not be bet
ter, Is that the differences between these
gentlemen have been adjusted satisfac-
torily for the time at least. The reason
why the buying here IS not good .s simply
that the street considers the stocks OF the
roads high enough already
In addition to the earnings published
In The Times yesterday. the following
were announced Southern Pacific lires,
month of October. net increase. S4S2 4:6:
| four months, Si7 .2i5. Lehigh Valley On
New York State only. Septembe-. quar-
ter net earnings. seo395s; surplus, s., 1850.
| Wisconsin Central, fourth week of No
vember. decline. $2s27i; from July /,
increase. s2l .35i. Canadian PAc fl fourt
week. incre;s.. 300; month. s7s coo;
from January. increase, sl.oS7 C4 Chit
cago Great Western, fourth week. in
crease. 5000: month, increase. 81 2s9:
from July 1. increase, 81 i22- Louisville
and Nashville. fourth week, Increase si2.-
oo. Wheeling and Lake Erie, fCu tn
week, decrease, s3e2; month. decrease,
$500; from July /. increase, s9i. co.
There is a tip to buy Chesapeakc and
Ohio In the prospect of dividends The
trouble with. this kind OF advice at pres
| eHt is that no matter what the good pros
peets of a~road may be the general stump
on market prices is likely TO defer, at
least any individual advance
One of the Wilmington papers says
that the Bay State Gas Company VIII
take up electric lighting and heating.
with a beginning of operations in VIII
mington Immediately.
President Coffin of the General Electric
Company has issued circular to stock
holders stating that the recently dsclarei
dividend of slT.50 equals the unraii ac-
cumulated dividends upon the preferred
stock for eighteen1months. from Ju,y /,
1891, to December 81. 1896
Maynard e. Christian the new Wash
inSton house, correspondents of Lewis A.
May & Co. have issued an interesting
booklet on How to Speculate" contains
| ing number of sound suggestions for
people unfamiliar with trading on mar
| gins. IT will be found interesting as well
TO more experienced spectators.
The business on the local stock ex-
change for the first day of the week was
excellent. A large number of shares were
| traded in and prices advanced in the more
| active stocks 1t is the general belief that
the week will be good one and that there
will be a continuance of the advance in
prices.
Nearly 500 shares of Washington Gas
changed hands yesterday at from so to
80 is. Ii was said that the stock came