The times., 1898-12-24

had been the prediction OF many that the
common stock would reach so during the
day. but this was not quite accomplished.
the highest figure being 40 5-s. The stocks
were both very strong during the morn
Ing hours, but while the advance con-
tinued there was cautious feeding of long
stock to the market and finally the room
found this out. A big drive" was then
made with considerable success. It
caught stop loss orders and a sharp
drop of 8 points was the result In the
common. A rally followed. but not to the
full extent of the loss, so that the close
for the day was at a lower figure than
the opening. The preferred stock showed
slight advance for the day.
There is excellent reason to believe that
Flower was one of the heavy sellers of
the Federal Steels. He got out of a con-
siderable part of his holdings, trans
ferring his money to Brooklyn Rapid
Transit and others of his specialties that
have not been so active during the last
week. This is not thought to mean nee
essarily. or even probably, that he eX-
poets Federal Steel to react much.
Other iron and steel stocks were also
strong and active. American Steel and
Wire. common and preferred both. had
good advances during the day, as did
Colorado Fuel and Iron. Many Washing
ton traders were buyers of these stocks
at the opening figures and received good
Christmas presents.
The prominence OF some OF the low-
priced, purely speculative issues was no.
ticeable. Bay State Gas was leader of
these "fancies.' 1t seems probable that
II the market continues strong this stock
have M ffS hi.r ntick 1dyanrpS
st. Paul was bought heavily in the aft
ernoon, which is an excellent Indication
that the public is not entirely losing its
head. 1t is believed that the gross In
crease of st. Paul earnings for the pres
ent month will be $500 900 or better Rock
Island was very strong in the morning
hours. but later there was Il slight recess
sion. II was said on the street that 10 900
shares of Rock Island had been pur-
chased by one of the large insurance
companies.
The earnings of Northern Pacific for
the second week of December increased
s73, ,0cQ The total Increase for the fiscal
year to date has been 81 25i. So. TIE
showing is excellent. The commoa stock
of this road was strong yesterday. cos
ing half point above the opening price.
Denver preferred Is now a l per cent
stock, and despite some weakness ye'ter-
day should in the opinion of many, have
a good advance from present prices i'm
mediately, If the market continues faVsr-
able. 1t is several points below the
level of other similarly situated stocks.
Leather preferred was one of the
IT, .ff..-
| closing at II 5-S, with net gain for the
| day OF a point and a half II is said in
weIl-informed quarters that there is to
| be an issue Of scrip to pay off the accrued
| dividends on the stock.
Much interest Is felt in the course OF
Pacific Mail. which continued its advance
! yesterday, as had been predicted in this
| column. The highest price ON the former
! rise was reached and passed during the
day. but 10 was not reached by an eighth.
| The close showed an advance of 3-S for
| the day and of nearly a point and half
! since the movement began on Wednesday.
| NJ D. Jacobs yesterday received letter
ON Pacific Mail from his house expressing
the most sanguine views of the stock The
! suggestion is made that aside from the
small capitalization of the company, the
| fact that there is no preferred stock, the
| large increase of earnings, the Govern
ment contracts TO be given 1t. and other
| similar favorable matters, the company is
| peculiarly well situated TO make brilliant
/ showing in the coming year and thereaf-
| ter. A few years ago 20 was paid for the
| stock. when the company was subsidized
by the transcontinental railroads. There
| Is every reason to believe that Senator
| Hanna's bill for the fostering OF the
| American merchant marine, or some SIM
liar bill. will become n law. Such a Law
| would be better than any subsidy by a
| railroad for Pacific Mail, as the company
is now the only important American line
In the Pacific. AT present the English and
Japenese lines which compete with ii are
subsidized by their governments The new
law would place Pacific Mail on an equal
ity with them. or even a better footing
| Then with the immense increase that mus
come in the American traffic in the Pacific
the outlook of this company is certainly o.
the most rosy.