The times., 1899-11-05

most eAciJhE feature OF the market uuE-
ing the entire week, and yesterday it filed
the last quarter hour of the day with pyro-
technics. Early in the session the S oek
went 10 40 and a fraction above. 1t was
remarked at that point by some that il
might be good time for the stock to lave
4 sharp tumble even II there is to be
further advance in it. The price luctuated
between 40 and IS until five minutes after
the bank statement appeared or 1i:45
o'clock when without any warn ng or pre-
liminaTy weakness il broke 10 p on nine
quotations of 100 shares each. The tape
looked like this: 3S, 81. SO. So "a, 32 30,
%, 2S, %. Many theories were INDUCED in
regarding the break and they are some
what interesting if not very satisfying.
One suggestion was that the bucke.shops
were loaded with the stock, and made an
assault on It by offering 100000 saares,
more OF less, when the bad bank statement
came out, TO wipe out their customers.
The fact that ii began to advance imme
diately and almost as rapidly as it wen of
lends color TO this idea, as it is known
that many of the big bucket shops refused
to buy il at the bottom. Another theory is
that the man who has been the biggest
bear on the stock was settled with priva-e-
~ at 40 and that after this there was no
particular reason for further boom.
third suggestion iand it is permissible to
pay your money and choose for yourself
among the three) is that the insiders, the
Standard Oil people, were not satisfied to
see the stock advance so rapidly. and for
this reason caused the tumble TO dampen
the public enthusiasm. Whatever may be
the actual situation it is TO be remarked
that after the break from 3S TO 70 in few
quotations the stock went back TO SO, and
that the bid and asked quotation at the
close was 36-3S. Leather is most dan
gerous stock 10 speculate in.
The statement of the Brooklyn Rapid
Transit of the gross earnings for October
and for the first four months of the fiscal
year was given out at a late hour yes
teTday Ii is a most interesting docu-
ment at this time, when there is so much
being said on the one hand Of the rotten
ness of the stock, and on the other of its
certainty TO boom in price in the immediate
future The gross earnings for the month
were S975,514. against S932,5l4 last year
The figures for the four months OF the
fiscal year were So, ,S37 500, against $3,
765, ,6S1. It viii be seen that the gain for
the month was $4,000, and the gain for
the first third of the year $72,0 coo. The bear
papers viii probably use the statement as a
text for further attacks on the stock. The
only way in which they can do this is by
taking it for granted that the company is
not cutting down its operating expenses.
II is certainly true that larger gross show
ing would have TO be made if the company
were not reducing its operating ratio, in
order 10 leave anything for the stock after
charges are paid. The plain matter Of
fact in the Brooklyn situation is, however,
that IL has been operating for 60 per cent
while other traction systems like the Met
ropolitan. Of New York: the Philadelphia
r.. IT,.
pany Of this city, operate for so per cent
OF even less. A gross total of $12OO0,0O0,
more OF less which is what the Brooklyn
viii show, apparently, would yield a hand
some dividend for the stock if the operating
expenses were 80 per cent, or even if they
were 80. There would be a good balance if
the operating ratio were 60 per cent.
The Rock Island yesterday issued it's
September statement Of earnings. The
gross earnings for the month increased
$3.50 600, the operating expenses increased
S2C5. 000, and The net earnings increased
$751; 600. The showing is a disappointment
10 those who have been expecting a large
net increase as the St Paul statement was.
Heavy maintenance expenditures, on ac-
count of the increased cost Of material,
seems TO have been the cause. The answer
TO the pessimists who talk of this increase
Of cost OF maintenance as an insurmount-
able obstacle TO higher prices for the
/ grangers is that even this small increase
in net is an increase over last year, when
the companies earned double their divi-
( dend requirements And another answer
is that everything points 10 a sharp ad-
vance in freight rates that will quite make
up for the advance in cost of material if
il does not do more. The grangers may
not advance so rapidly in price as other
= Il.
not this past week but il is out OF the
question TO suppose that, doing the busi-
ness they are now, their stocks will not
take part in the general boom of the mar
ket.
The ST. Paul weekly statement that has
been waited for with some interest was
given out at the close yesterday. Ii shows
the gross earnings for the last week Of Oc-
tober 10 have been $1,361, III, an increase
Of 81, COO.
Leaving out Of consideration the SEN
sations of Leather common, the features OF
the past week were the Pacific securities
They all advanced nicely on large buying
Of an excellent character. and as the gen
eral expectation has been in this direction
they were entirely satisfactory TO the
street The talk has all been OF the bright
B
cifc. Union Pacific common Northern Pa
cifc common. and Missouri Pacific and uT
70 the present time the public has not beer
disappointed The intrinsic value OF these
stocks indicate very strongly that they
win boom handsomely with the general
market. bat the work Of the cliques, which
must nearly always be relied on to begir
an upward movement. has been in evi-
dence also. Southern Pacific has been The
best Of the group so far, but it is believed
by many that Union Pacific common vii
be the next TO be taken up.
Missouri Pacific is particularly interest
ing at this time from the fact that the
directors viii meet in the course Of the
next two weeks TO decide what dividend the
stock shall receive. The earnings of the
company are conceded to warrant 2 pei
cent and more by all the directors. and Il
is Acknowledged that at least this rate viii
be made il is said that some OF the di-
rectors are in favor Of per cent.
The week has witnessed another attemp
TO reanimate the Bay State Gas corpse
After each such effort the stock has here
tofore reached a lower level on the down
ward turn. This cannot be the case thi!
time, however, for obvious reasons.
The Southern securities, Louisville
Southern Railway common and preferred
and Norfolk and Western common and pre-
ferred, have also been buoyant and stead!
in a most reassuring way. Yesterday, Will,
KIDNEY Is deceptive disease
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