The times., 1899-01-04

complied with by return mail.
market instead of selling. The general
impression which is very strong is that
| there will be a further advance today.
/ There is nothing in the market situation
! or in the general news that should cause
4 any fright or induce realizing On the
contrary the January dividends are now 20
/ be fact which must of course have its
! strong bullish effect. There was an at
/ tempt yesterday for time to make the
Philippine situation a bear argument, but
il did not succeed, which shows that the
market is in no mood TO be frightened by
shadows.
The Federal Steel issues continued their
remarkable course upward yesterday and
/ were the feature of the day. There had
been much bull talk of the stocks over
the holidays and the buying from the be-
{ ginning was excellent. .Guthbert Mills in
his Monday letter, made the prediction that
4 the common would reach SO during the
/ week, crediting Mr. Flower for the in
formation. The figure was very quickly
reached yesterday. and the close was at
that point exactly. There is some hesi-
tation now about buying, as it is believ
ed that many who bought on Mr.. Flow
| ers tip may now sell for the same reason.
! On the whole, however, it would seem
pTODdDlt tildl l1t duNGllGe S0Oulu COn-
tinue if the market is in the least favor
able. The preferred stock, which has
| been quieter for several days than the
| common, also had a spurt yesterday, ad-
vancing to S5 IL, the closing price.
The American Steel and Wire issues were
most erratic and something of a record for
fluctuations was made by the preferred
stock during the day. The first quotation
for the day was 100, and this was also the
highest price for the day. There was i'm
mediately q tumble to 104 so quickly that
there was no chance for the holders of the
stock TO sell out anywhere between the two
quotations. A great many people were
wiped out by the drop Before the street
had recovered its breath another advance
began in the stock and it closed for the
day at 1l6. only four points OFF for the day
It was said that the insiders were pleased
by the drop in the stock and that It had
facilitated the negotiations that are in
progress.
Colorado Fuel and Iron is sharing some
what in the interest that the public now
feels in stocks of companies in any way
allied with the steel and iron trade. The
earnings statement OF the company issued
yesterday was most satisfactory The net
! earnings of the company for the month of
November were sl15,000, an increase of
@IEs5uu bNti tut ItcOTu OF last year, Nllcn
was the best in the history OF the concern
e up to that time. The fixed charges of the
e company are less than half a million dol
lars, which shows that it is now earning
better than double the fixed charges
Pacific Mail issued its earnings state
ment for the month of November and for
the seven months ending November 80 yes
terday. 1t is a most satisfactory one. The
net increase for the month was $50, 700 and
( for seven months S577 ,00Q This shows that
a rate much better than the per cent divi-
/ | dend paid has been earned on the stock in
the last half year. With such showing
. it seems probable that the long expected
movement will soon begin. stock that is
paying 3 per cent and earning more will
{ not sell around As for very long in such a
bull market.
The net earnings of Erie from July 1
Z have declined s13f, 900. The net earnings
! ! Of Chicago Great Western for the month OF
! | November have increased IS, 66G. From
: July l the increase has been ss4, 600. The
net earnings of Oregon Railroad and Navi-
( | cation for the month of November declined
( $4,000. The net increase of the earnings
of Louisville and Nashville-for the month
of November was 1929, 500. For five months
the net was s272, 500. The net earnings OF
: Central Pacific for the month of Octobe,
z 9IioN a net uetilHe vi SOOsVuU- from july
! the decline was 1864, ,S7S. The net earnings
Il of Norfolk and Western for the month o.
Z November increased $67, 500. For fv,
< months the net earnings were $145 800
z Missouri, Kansas and Texas preferred
! was particularly strong during the day
= in spite of the weakness OF the general lis
Z at times. There was advice to buy tn,
= stock.
i One of the tips yesterday was tha
Canada Southern will soon have a spur
of Importance.
. The second increase in the wages OF th
Louisville and Nashville employees wa
q made at the beginning of the year Th
Z. scale of wages is now where ii was befor
:, the first cut in 1893. This fact and III
q excellent earnings showing for the mont
of November made the buying in this stoc
he yesterday good and there was an adyanc
s. to G5. The close was at GA 3-4 a fractio
at above the opening.
or The anthracite coal stocks continue
o. very strong yesterday, as had been pre-
.st dicted. The cold weather and the bette
AZ feeling in some quarters regarding the an
nt thracite situation are responsible for tn
b. continuance OF the advance Ii is probabl
~, not good advice to buy these stocks at th
rs rs present level.
ne There was a continuance of the advanC
ny in Pan Handle yesterday, 65 being reache
an in the few transactions that took pIac
We The position of tbis stock is remarkab
yer strong one. and 1t will undoubtedly ha,
nd n good advance even from the presel
De. high price. II is difficult TO get the stoc
OF on the street as the number of fioatir
he shares is very small.
The grangers were strong, though Il
advance in the afternoon did not equ
the recession of the morning. so that Il
net movement for the day was small d
cline. There is great bullishness regar
ing st. Paul. especially on the theory tn
the stock is intrinsically one of the be
If not the best on the list in prospect.
There was a considerable activity in CT
cago Gas yesterday, and il was eyide