The times., 1899-10-14

as 1t was six months ago when it was SELL
! ing sixty points higher. Manhattan and
! Metropolitan both followed the lead of
/ Transit. although their breaks were not
as heavy. Metropolitan went to 100 1-2
and closed al 19l, net loss of several
points. Manhattan went to 106 IA and
closed at 1ee SIS.
Pacific Mail was another weak security,
apparently with few friends 1t opened at
80 and closed at 81 rs, almost at the
/ lowest price for the day. The street is
beginning to recall a story which was
floating about a few weeks ago TO the
effect that this stock is to be sold off to
around 35. or even lower, perhaps. before
Congress convenes, for the purpose Of let
ting speculatively inclined legislators into
the game al a low figure. the story was
published with some particularly in this
column at the time. The immediate rumor
put out to accompany this break in the
stock is Of an entirely different nature. 1t
is now said that there is likely to be an
energetic fight for business by the South
American Steamship Company against the
Pacific Mail concern. The first named COM
pany is said TO have reduced fares from
Panama to Ocos, Guatemala, and all inter
mediate points so per cent Another rumor
put out by the same Wall Street news"
bureau is TO the effect that this line will
soon run TO San Francisco. These stories
may be intended simply TO help get Pa
cifc Mail stock down TO 80, or there may
be some foundation for them. 1t is not
TO be doubted. however, that the Pacific
Mail Steamship Company is a most valu-
able concern, and that its stock is ex-
tremeiy likely to sell many points higher
than its present level in the near future.
The street was much interested yester-
day in the report of the Baltimore and
Ohio for September and necessarily ii met
with general approval. AS stated in this
column yesterday it vas the best show
ing ever made by the company. The big
gain in gross earnings was satisfactory,
but even more so was the fact that the ef-
fcient management of the system by the
receivers during the past few years has
put it in such fine shape that an actual
reduction OF operating expenses was pos
sible- The Baltimore and Ohio was re-
built financially and physically under the
receivership and the process cost such an
immense amount OF money that many ul
ira conservative people became frightened
over IT, The fruits of the policy are now
beginning TO be gathered, however, and
they are fine. The increase in the gross
earnings for the month was $216 600, and
the increase in net earnings for the same
period, $271, 500. The net earnings for the
first quarter Of the new fiscal year were
SO, ,042, ,760, which is an increase of s1,174,-
zoo. III this rate could be kept up the
total net for the year would be some
thing over s12. .000. .00o. The interest
charges and rentals on the entire system
are something like $1,000, goo, which
would leave for the stock, $4,000 600 or
more. This would provide for the divl-
dend on the preferred and leave nearly
1 per cent for the common stock. The
showing is in every way fine one
The earnings of nearly all the railways
show a continuance Of the great expansion
Of business for the first week of October.
This fact is not only gratifying In itself
but IL is particularly important because it
furnishes one more refutation OF the bear
theory that the increases in business must
cease with the autumn months September
was the biggest September in the history
OF the American railway system II showed
tremendous increase over the business of
the previous most prosperous year And
now October is starting in the same WAY
and viii, TO all appearances, make the same
kind Of showing. The car famine reported
from all parts OF the country, despite the
tremendous preparations made earlier in
the year, is a subject for a story by itself.
The utmost capacity Of the railways is not
sufficient TO handle the business that is Of
fered them.
American Cotton Oil was one of the
strongest stocks on the list 1t closed at