The times., 1899-12-13

/
that has been so general. and that has been
so carefully nursed by the bears. It now
seems certain that this weeks bank state
ment must be good, one what with the
immense reductions Of leans and the pros
pect Of cash receipts from various
directions. Money was easier all day and
toward the close of the session was loan
ing al 4 per cent. England was heavy
buyer Of Americans during the latter part
of the London session. The turn Of the
market is believed to have arrived, though
more or less violent fluctuations may be
the rule for a few days
One Of the features of the news yester-
! day. aside from the financial situation, was
the declaration Of dividends on
number Of securities, especially by
the steel and iron stocks. The
Federal Steel directors declared a 3
/ per cent dividend on the preferred stock,
making a total of s per cent for the first
year. No action was taken regarding div
idend on the common stock, but it is un-
! derstood that this also will receive a pay
ment shortly. There was the regular quar-
terly dividend Of l "a on Steel and Wire
preferred, but no dividend on the common.
/ The Pressed Steel Car Co. also declared
the regular / 81 rate. The regular rates
were declared on Manhattan and Western
Union. also the announcement in both
! these cases allaying fears. held by some,
/ that lower rates might be the result of
/ smaller earnings. The regular payments
/ of the dividends on the Steel and Iron pre-
( ferred securities although they had all
+ been expected undoubtedly had a good
effect, coming as they did, after what
must be considered to have been foolishly
heavy selling of the securities. All these
; stocks revived rapidly, the Federal Steel
1 issues especially showing much buOyancy.
tod IN, +l1sg yap11r
this week the buyers OF these stocks at
the low prices Of Monday and Tuesday will
. uudoubted make handsome profits before
many week have passed.
Manhattan was strong as it has been
comparatively during the entire break. 1t
I advanced 10 102 IL and closed al 101 l2
with good net gain. 1t is stated on semi
official authority that the earnings Of this
. company. during the quarter ending De-
cembeT 80, viii equal fully l IA per cent
on the stock. Brooklyn was strong and
! at times buoyant, the buying being eX-
cellent in character The stock seems like
ly to have good advance in the next
week.
Union Pacific common, was one of the
features OF the day The stock was bought
heavily by some of the most important
I brokers in the street, and it was said that
the purchases were LOT investment dC-
counts. Tne stock climbed as high as 49 3-S
and closed at As rs. The break In Union,
during the week ending last night is some
thing less man nothing.
The other Pacific securities were all
strong also especially the preferred stocks.
Northern preferred went as high as 10 12
and closed at IS II. Union preferred went
as high as IS rs and closed at IS 3-S.
. Northern common went up TO 80 Ia and
closed at 81 rs. Southern Pacific ad-
yanced to 40 and closed at SO 1-2 The
action of all these securities during the
break has been such as should convince
anyone of their excellent character as
investments. The meeting OF the Northern
Pacific directors VIII occur today div
/ lGend Of ] per cent regular will be declar-
. ed on the common stock, and an extra
dividend of I per cent which puts it vir-
turally on per cent basis, as il is known
TO be the policy of the company to con-
t.nue both the regular and the extra diyi-
dend while they are earned. There is every
reason to predict that they viii be earned
next year and the year after.
Il is said by careful traders that Cana
da Southern should be bought for good
profits in the near future.
The statement Of the Colorado Fuel and
Iron Company viii be given to the public
shortly. The business Of the concern is i'm
Inense and its profits more than even the
best friends OF the company dared to hope
I Tor year ago. The monthly statement
Hill show net earnings Of 100000. The
stock has been sold of with other indus
trial securities under the influence of ma
nipulation and the fear of small holders.
Some OF the best informed people in the
street advise buying il now The selling
Of Tennessee Coal and Iron has nothing to
do with the merits of the stock as shown
by The business Of the company and its
prospects. The bears attacked il fercely
in the hope OF dislodgiug a large block of
long stock, and they were successful. It
would seem that there should be a fine ad-
vance from the present level shortly.
The Vanderhilts were all strong. as they
have been during the entire decline. There
was Vanderbilt buying yesterday and it
was considered by many an excellent in
dication that the large interests have de-
cided that the decline snail go no further.
New York Central got as high as I3l II
but lost fraction Of its gain in the last
few minutes OF the day Chesapeake and
Ohio which has declined only a point or
two during the entire past week, recovered
all of its loss yesterday, selling at 81 late
in the day It closed at 80 3-4. Big -Four
advanced TO 81 3-4, and closed at 81 II. An
I OF these securities are believed to be pur-
{ chaSes on any reaction, and people sup
posed TO be near the fountain head in
! Chesapeake and Ohio state that this stock
viii go TO 30 shortly.
Sugar advanced rapidly yesterday after
noon TO 139 l-2, but in the last half hour
of the day was attacked by Mr.. Keene in
the hope OF stemming the turning tide, or
I al least Of creating a better market for