The times., 1898-12-29

The long expected break in prices in
the New York stock market came yester-
day, and ii is only the question now If
Ii is over or if there is to be still further
recession. Up to the noon hour yesterday,
although there had been immense profit
taking sales, the buying by the public had
kept up prices well and IL was believed
by some that no recession of Importance
| would follow. Later, however. sales in
creased in volume, traders apparently be-
ing glad to get out of the market at any
figure. The money rate began to stiffen
up also, and this had the anticipated effect.
During the last hour of the business day
money was at 6 per cent, and it is not
surprising that something like a panic on
a small scale overcame the weak holders
of stocks. The recessions for the day were
| from half a point to two points, with an
average of perhaps something less than
! point. In the last few minutes of the
day there was slight lessening of the
| money rate and few stocks had small ad-
vances. Opinions are varied as to the
| prospects for today. Many careful people
are of the opinion that with the present
conditions the break of yesterday is not
sufficient and that it is likely to be fol-
lowed today and tomorrow with continued
recessions. Others, however, look for an
immediate advance today and better prices
during the two remaining days of the year.
1t seems hardly possible that the profess
sional element will desire to see prices
much lower when the January diSburse-
ment of dividends and interest begins.
The largest declines for the day were
in the Federal Steel issues which was
perhaps to be expected. 1t is to be noted,
however, that the advance of these stocks
in the last few minutes of the day was
good and that the net losses for the day
were not serious. The common - total
recession of nearly two points, bus the net
decline for the day was less than a point.
The total decline of the preferred was
nearly three points and the net oplv IA.
There was the belief in the street yester-
day afternoon that Mr. Flower had got
out of much of his Federal Steel, and if
this proves true and the public becomes
aware of the fact it is probable that there
will be much greater slump in the
stocks.
The coal stocks we're the only ones that
did not close the day with recessions. There
were good advances in Jersey, Reading
and Delaware and Hudson, and they were
well held during the late slump in the
general market. The cold weather and the
promise of further increases in the prices
of coal account for the strength of the
stock. 1t is believed, by many that they
will continue active and strong today and
tomorrow. 1t was a somewhat unique sit
uation for the anthracite coalers to ad-
vance while the Remainder of the market
was notably weak ,,
The earnings of Omaha from January
have increased s717,S40 The November
gross earnings Of Burlington increased
s177,141. The surplus after charges in
creased $237. .701. The earnings Of the Ore
the third week of December decreased
s7.2S9. From julie the increase has been
s230,500. The Canada Southern state
ment for the year 1898 shows a surplus
after dividends of s16e0. The deficit after
dividends in 1897 'was SIC. 900, and the de-
felt in 1896 was s40,0cb. The net earnings