The times., 1899-01-12

The market yesterday was irregular and
its fluctuations at different periods were
large 1t is to be noticed, however. that
the record of the entire day shows small
changes In either direction, though ma
jority of stocks made gains. There was
an opening of considerable strength fol-
lowed by heavy selling and declines in
prices. Later in the day the entire list was
bought and the losses Of the forenoon re-
gained. The close was strong. II is be
lieved that today will see higher prices in
many shares and probably in the entire
list. There is nothing in the situation
discOncerting and the public continues to
buy heavily. The declaration of the >
per cent dividend on Louisville and Nash
Vile gave distinct fllip to the market
yesterday afternoon and viii undoubtedly
have its influence on today's prices.
Louisville and Nashville seems destined
TO have a good rise from its present level
After failing TO pay its dividends for six
years the company yesterday announced a
semi annual rate Of l IL per cent II is
stated that in the half year the company
has earned 2.13 per cent on the stock over
all charges, or at the rate OF over , per
cent. With per cent earned and better
and with , per cent dividend assured for
the year and probably better 90 is Il very
low price for the stock 1t is predicted that
10 will be paid for it in few days and
that before the next dividend meeting It
Will be worth SO. a careful examination of
the affairs of the company shows that it
has been run on a most economical plan
and that il is now in the best of condition
as to rolling stock and rOadhed and that
its earnings in the coming year will prob
ably be larger than during 1885. There
was some doubt yesterday as to the rate
and the bears pushed the price down to
h.. hot
IL per cent. Later il reacted to 30 1-2
and the close was at 90.
One OF the most interesting events of the
day was unquestionably the great break
in Panhandle. The high prices on This
stock was reached last week around .
Since that time there has been Il tendency
downward though not a marIed one. Until
yesterday Al the opening yesterday the
price was - and a fraction During the
first hour the decline rom this figure
was seven points to &c and q fraction 1t
was more rapid than the advance had been
at any time. II was said ~ people sup
posed to know the intentions o. the pool
in the stock that the break was on short
selling. II this is the ease the pool VIII
undoubtedly be able TO move the stock up
again.
A feature OF the trading of the last two
hours OF the day was the great strength
of the Nanderbilts. \ Few dav5 ac0 these
stocks were taken up AMI bought heavily
after they had been dead for long time
The movement was continued yesterday
New York Central went to l2J or above
the previous high record. Omaha war
sent up to SIS. three points ldvanse Tor the
day. Northwest followed the lead of
Omaha. though not so rapidly. reaching
l44 Ii and closing at IA. Chesapeake
and Ohio and Big Four were also strong
although they did not advance much dur
ing the session. The character OF the
buying in the Nanderblts indicates that
they will be put several points higher If
the market continues favorable.
The industrials are certainly not in
favor Sugar was extremely weak yestor-
day. II reached ia a. a decline Cf six
points in two days. Leather, Rubber, Chi
cago Gas. the Federal Steel issues. and the
American Steel and Wire issues were all
weak, with varying losses for the day. II
is the fact undoubtedly that speculation
has wisely tended i'll The last two days
toward the railroad stocks and away from
the industrias. The discrimination of the
banks against Federal Steel and other in
dustriais had an excellent effect 1t is not
in the least unlikely that this action on
their part may have averted a break in
the general market.
The announcement made by the Sugar
Trust after its meeting yesterday was re-