The evening times., 1899-12-13

Inc news from SOutn africa seems 10
have had the greatest influence in the stock
market this morning. London sold stocks
heavily at the opening and the first quota
tions were from fraction to two points
lower than the close last night. This ini
tial weakness was aided somewhat by the
fact that the story OF the lending of gold
by the Bank of France TO the Bank OF Eng
land was deniedsveryr positively on the other
side. The reported intention of Secretary
Gage TO anticipate the January interest
payments was not announced this morning,
and this too had momentarily depressing
influence. Under the circumstances IL was
not surprising that the Street should at first
be inclined 10 take the bear side again.
During the first hour there was a general
recovery from the opening decline. but il
was not OF a very enthusiastic nature, the
disposition being apparently 10 wait for
further news OF some kind as to the money
situation. Ii seems probable that this will
improve, If not Immediately at least in
January, and it also seems probable that
the market leaders will begin to advance
prices in anticipat.nn of this. Careful
traders look for better market from now
on, gradually hardening into steady ad-
vance.
People closely in touch with the Federal
Steel Company management, state that it
would be well to watch the securities of
this company during the coming few
weeks. There is growing conviction in
many quarters not only that this COM
pany is built stronger than many of the
other new industrials. but that its busi
ness is conducted very carefully, not to
come anywhere near the trust" danger
line AS for the immense profits of the
concern during the first years of its his
tory. they cannot be questioned. When the
the per cent dividend was declared on
the preferred stock yesterday by the di-
rectors of the company, resolution was
adopted unanimously that Immediately af-
ter payment of this dividend. the back
dividends on the common stock shall be
declared. The first declaration of dividend
on the common was in the second quarter
of the company's year. 1t was enjoined.
and since that time two further dividend
periods have been passed. 1t will be seen
therefore that there are now waiting. 3-4
per cent dividends for the common stock.
President Gary makes the statement that
when this dividend shall have been paid,
there will remain in the treasury S4,-
100000. which is three-quarters enough to
pay the entire dividends on the preferrd
and common stocks next year. II should
be added to this that the company has
now contracts for business that will keep
all of its factories busy until the end of
September of next year. at present prices
for iron and steel.
The directors of the Northern Pacific are
to meet today to take action on the COM
mon stock dividend. They will declare a
regular dividend of per cent and an extra /
per cent, putting the stock on4 per cent
basis. 1t is believed by many careful
traders that this stock is one of the best
on the list. either for investment or for
speculation. and its record during the
recent break goes far toward proving this.
The earnings of the Louisville and Nash
vile for the first week of December show
an increase of S66, 900.
All kinds OF 'rumors are again afioaot re-
garding the Sugar Company and its affairs.
The most interesting. and at the same time
the most improbable, has been mentioned
heretofore in this column. 1t is to the ef-
feet that one Of the preferred stockholders
will attempt to enjoin the dividend on the
common stock on the ground that it is not
being earned. Another story Is that an
opposition company with 800. 600 900 capt.
tai, is to be established. 1t would not
greatly surprise careful traders If the
stock should have good advance on this
weak at the opening, but later advanced
we'll to around 137 before noon.
Pacific Mail was again strong this morn
ing. getting as high as "A before noon.
The Vanderbilts ere buying stocks The
Vanderbilt securities are strong. Both Of