The times., 1899-12-27

vance Of the market, and that even II the
market in general is inclined to sag for
week or two these securities may advance
well,
One story which may have a good effect
on Southern Pacific and also on AtchisOn
preferred in the near future is to the effect
that these two lines have reached an eX-
| celIent understanding as to territory.
The gross earnings Of the Louisville and
1 Nashville for the third week of December
show an increase Of 81. 900. The stock
had an excellent advance yesterday, and,
although it did not close at the top, showed
a good net gain.
Tennessee Coal and Iron was strong on
a report that the company viii make
large payment on the back dividends on
the preferred stock in the near future, and
also declare a substantial dividend on the
common The meeting of the directors Of
| the company viii take place next week
and there is very large surplus from the
| earnings Of the year out OF which 10 do
| these things. Work now being done in the
coal mines of the company viii add to
its earning capacity materially. 1t is said
I ihat the buying recently or a large Tart
OF II. has been for the same interests that
| advanced the stock on its previous spurt.
The steel and iron securities generally
were buoyant yesterday. both Federal COM
mon and Steel and Wire common making
good net gains for the day. The early pros
Dect Of dividends on these common stocks
. is most bullish argument with many
despite the very general distrust Of them.
lJ cannot be doubted that a = per cent rate
viii De established on the Federal steel
posed TO be well Informed that the rate
on Steel and Wire common will be 5 per
cent
All the Tobacco securities We're strong,
and an made good net gains for the day.
. l1e declaration OF the regular dividends
on both common and the preferred Ameri-
. can Tobacco securities had q good effect
on the stocks
Brooklyn Rapid Transit which has oc-
cupiea large position In the market re-
CenJlF, was strong an day yesterday with
good net advance. The tip TO buy the
stock al its present level for a good ad-
vance was given out in usually well-iu-
formed quarters, and it seems not improb-
anle that such an advance may be made
The street is still in the dark as TO the re-
cent tremendous slump IN the stock. IL
there is anything behind il eXcept heavy
snort selling by Mr. Keene and his bear
friends. Many are inclined 10 the belief
thaJ the Standard oil people have secured
q controlling interest in the company
The market critic Henry Clews. has this
TO say regarding the present out. ok:
If there are no more failures in the next
TWO or three days ] think the bear cam
paign VIII be about over because the yio-
lent liquidation during the last week has
about exhausted itself What weak spots
have come TO the surface have been en-
urely with people who have been hold dsrs
Of industrial securities. who have found il
difficult TO obtain money thereon. T4osa
who hold good railroad stocks have no h
ing TO fear because the prosperity OF all
transportation companies is phenomen I at
the present time and likely TO continue all
through the coming year, thus ensuring
continuation Of their dividend earning a
paclty. The industrials for speculative
operations OF as collateral for loans are
completely out Of fashion. consequently.
operators in Wall Street vii be ant here
after 10 give their attention almost exclu-
siTely to railroad properties, which will
give them better backing and greater ac-
tiyity than they had when the interests
were divided between railroads and indus
trials. am quite OF the opinion therefore.
that the worst is now over, and that breaks
hereafter viii be followed by qui rail- es.
in which event the basis for an improved
market viii soon be established.
Pennsylvania sold "ex rights" yesterday.
II opened az 12S only a point of from the
close on Saturday, and after advancing TO
12S 3-4 closed al I2S thus having regaiued
a good part Of the rights"
Sugar was particularly strong, opening
at l21 u, declining 20 100 ID and then
advancing TO 124 Il. the closing and high
est price for the day Il is said 10 be prob
able that q further advance viii occur be /
fore the end of the year, and the buying
% the stock was called good
The Baltimore and Ohio securities were
also strong yesterday. both advancing well.
and closing with good net gains for the
day. TAN, OF the possibility that the
near future may see the Baltimore and
Ohio The eastern end Of a transcCntinental
system under the direction OF the Hill
people Is heard in good quarters.