The evening times., 1899-10-12

The stock market this morning was en-
tirely professional in its character except
that there was some selling of long stocks
for fear OF the effect that the declaration
OF war in South Africa may cause. II can
not be said that this fear is very potent,
however, and as matter OF fact the care
full people in the Street do not expect any
thing more, at the most, than quick,
sharp decline in prices in the event OF an
outbreak Of hostiIities. The entire South
African situation with its worst possible
features has been SO thoroughly discount
ed that probably this is the right view
to take of the matter. Prices went on
during the first hour 10 about the level OF
the lowest quotations of yesterday and
there was little disposition to rally before
noon. Some good buying was to be not
ed at all times. The outcome OF the pres
ent market situation is an interesting mat
ter of conjecture but il cannot be said
that anything more than a continuance OF
the professional manipulation of the past
weeks is likely to occur in the immediate
future. The next strong movement seems
certain to be upward as everything bad
has been discounted and the good fea-
lures Of the situation are still operative
and even becoming more attractive as the
weeks go by. better bank statement is
looked for this week. The European gold
will figure in the showing and other con-
siderable amounts OF money received last
week that did not get into its statement.
The earnings of the Chesapeake and Ohio
for the first week Of October show a slight
decrease. $17,461. The total gross earnings
for the period from July show an increase
of $19,2 ,210. SO
The annual statement of the Western
Union is one of the few poor showings
made for the past years business. 1t is al
most strictly correct TO say that it is the
only one 1t Will have no effect on the
market because the Street has been aware
of the poor business of the company for
many months, and of the reasons for ii,
which have nothing whatever to do with
the general prosperity of the country. A
decrease of about a quarter of million
dollars is shown in the net earnings of the
company The figures are as follows:
Gross earnings-1S99, $23, ,954, ,312; 1898,
s23, ,915, 1888; increase, s3S,579 Operating ex-
penses-1S99, $1S,0S5,579; 1898, s17,S25, $50;
increase, $259. .997. Net earnings-1S99, S5,-
S6S. .733; 1898, $1,000, 151; decrease, 1921, AIS
Interest on bonds-1S99, 1897 ,092; 1898, $685.
sos; increase. s537.- Balance-1S99, s4.971,-
GAL; 1898, SIS, ,193, 500; decrease 1921 ,955
Sinking fund appropriation-1S99, -
1898, S9,991; decrease, $9,991. Surplus ap-
piled to dividends s4,s71,641 1898,
| s5, ,lS3 sos; decrease, $211 ,962 Dividends
| 1899, s., ,S67, ,949; 1898. s4,S67,911 increase,
$685. Surplus-1S99, s103, ,692; 1898, $315,-
694; decrease, $212,002 Previous surplus
1899, 81, 7,963, ,235; 1898, s7.647, Sal; increase,
| $315, ,694. Profit and loss surplus-1S99, SS,-
O66, ,927; 1898, $7,963, ,235; increase, $103 692.
! Louisville was again one of the best of
| the railway securities this morning, show
| ing very little decline from yesterday S
! highest prices The good buying Of this
| stock for investment is based on the
| known fact that the dividend rate is to
| advanced this winter in accordance with
| the announced plan of the company to dis
| tribute surplus earnings to stockholders.
| Something like lS9per cent was earned on
| the stock last year, and the business up
| to the present time this year shows very
| clearly that large increase will be made.
| Conservative estimates put the probable
earnings on the stock for this year at 10
! per cent.
| The grangers all went off in price this
morning, perhaps because the price of
| wheat advanced. The foolishness of this
| is illustrated in the fact that the only
possible reason for high priced wheat now
| is large foreign demand. There was good
| buying OF these stocks on their decline.