The times., 1898-11-20


the declines of the first hour and resulted
in net advances in most stocks. Two or
three matters of interest in particular
securities monopolized the attention
of the Street to the exclusion
of the general situation. The failure
to form the steel rail pool and the situ-
alton in the Northwest were the most
important of these matters, and they eff
fected the market either way as they
We're differently understood during the
day. The situation in the country gen.
orally remains unchanged, with uncer-
tainty in Paris, and with continued re-
ports of comparatively good business
throughout the country. The public very
evidently is hesitating long before getting
more heavily into the market with prices
at their present high level.
The news of the situation in the North
west is not of a definite or an authenic
character as yet and it is difficult to fore
see what the result of the troubles may
be on the immediate future of the North
ern Pacific securities. This road and the
oregon Railroad and Navigation Com
pany have begun the construction of lines
extending into each others territory.
This is not encouraging II seems very
certain that the arrangements between
the Union Pacific and the Oregon road
will mean that a large part of its bus-
ness, which has previously gone to the
Northern Pacific, will be received by the
Union Pacific. AT the same time the
earnings of the Northern Pacific are in
creasing. There seems to be no reason
to believe that the Morgan interests are
really against the Northern Pacific in any
way or that Mr. Morgan, in fact does not
want Northern Pacific stocks. He was
undoubtedlysa buyer of them at the lower
prices of yesterday morning.
The friends of Federal Steel soon got
| over their fright at the announcement of
! the failure of the steel rail pool. There
was a very large amount of stock sold in
the first hour. but later the street was
as willing to take it back again. The fact
that the steel business is undoubtedly on
the increase and is very likely to be very
| large and that prices are kept up makes
| 1t apparent that nothing very serious is
| likely to result from the abortive attempt
| to form a trust Mr.. Carnegie was, with
| out doubt, the factor in the situation in
| imical to the pool. 1t is said that he
was at first favorably inclined to the
| idea. but finally announced at the last
| conference between the parties that he
would not join the pool but will continue
| to make rails as he sees fit, and at such
| prices as he chooses to obtain.
THE earnings of Flint and Pere Mar
| quette for the second week of November
| increased 81, 759, and from January l. s23 =
OO0 Chesapeake and Eastern Illinois, sec
end week, decline, 81 800; from July /,
| s136 co., St Paul and San Francisco, sec
| ond, week, increase. $4,000; from July l,
| decrease, s45, 600; Louisville and Nashville,
| same periods, increase, s42.s0 and s527,-
| 900.
The earnings statement OF st. Louis and
| San Francisco, showing a good increase
| over last year for the second week, was
well received by the friends of the road,
| who have believed the prospects of the
/ company exceptionally bright. The road
| is undoubtedly now earning at least per
| cent on the second preferred. and proba-
| bly, will, in the present year, earn per
| cent.
The announcement has been made in
this column heretofore that Peoples Gas
/ will probably issue $1,000, 900 new stock al
| par to the present holders of stock. Yes
| terday the statement that this would te
| the plan was given general circulation in
| New York There was also more talk OF
the extreme friendliness of Mr.. Flower
for the stock, and of the fact that he has
bought a large amount during the last
few days in addition to his previous hold.
ings.
Sugar advanced steadily yesterday, tn
opening being at the lowest figure fol
the day. and the close at the highest
122 L. 1t is easy to find people, former
ly rabidly bearish on Sugar, who nov
believe 1t will have an advance in pric'
from this level There is an inc inat.oi
to believe that the Trust has a yer!
strong hold on the raw sugar situation
This would explain, very nicely Tor tn
trust. the recent rise in the price o
raws and later of refined sugars. The IN
dependent refineries will be more or les
at the mercy of the American Sugar Re
fnery, and must purchase their raw ma
terial at a figure more or less above tina
paid by the trust.
American Cotton Oil stock has ha
some activity since the publication of 1t
annual report, and has been regarded wit
much more favor by all who are in tn
least conversant with the affairs of tn
company The abundant cotton crop an
the continually increasing demand fo
cotton oil have made business large an
profits good. There is every reason I
believe that the new per cent dividen
on the common stock will be continue
and perhaps even advanced during til
year.
The possibility of the consummation {
the deal by shich people in the Kansa