The times., 1899-08-22

be said, however, that when people holding
a stock like rBooklyn, that does not pay
any dividends, become frightened. they
are likely to kill theselyess quickly instead
OF dying lingering death. ,t
Manhattan and Metropolitan were also
very weak yesterday, in sympathy with
Brooklyn. Manhattan went off to ia 1-2
and closed at lis 1-S only, while Metropoli-
tan, With almost no trading, faded away
TO 2o2, and closed at 203, the opening price
being 207.
The railway list was strong at the open
ing with Tennessee, and it went off in the
afternoon somewhat with Brooklyn, but
there was heavy buying Of many securities
even while Brooklyn was the weakest and
no serious breaks at any time. The
grangers was the most active group among
the railways, all attaining the highest prices
OF this movement during the day. They
closed with only small fractional gains
however. St Paul went to 1875 3-S at one
time but receded at the close to 134 5-S
Rock Island went as high as 121, and closed
at 120 IA. Atchison preferred went to
67 7-S and closed at 81 1-S. Burlington
went as high as 1877 5-S and closed at
136 rs. 1t will be seen that Atchison pre-
ferred passed the previous high price record
for the stock, 81, made six months ago, and
that il closed above that figure. st. Paul
continues to make new high price records for
the year, which now are only to be compared
with the level of eighteen years ago. Rock
Island yesterday reached within a point of
the high price of last winter. The fine
crop news and the prospects that wheat
will sell at considerably higher price in
the autumn is the present bull factor for
this group, and it is difficult to believe
that if the country continues TO prosper
as it has during the past six months, the
present level of these stocks is to be the
best of the year, or within many points of
it. There is every reason to believe that
St Paul will receive an extra dividend of
j per cent this autumn, which will still
leave large surplus fer the year.
Louisville continues to advance in its
remarkable way. The highest price reached
yesterday was SO 49, and the close was
81 "a, good net gain for the day. The
Louisville people are out with denial that
the system is to be combined with the
Southern, which will surprise no one, as
no one has believed the story of the COM
bination. 1t is undoubtedly the fact, how
ever that there is close traffic arrange
ment between the two lines. 1t is said,
too that the Southern Pacific has made, or
is making, arrangements with these two
systems TO receive larger part of their
ii
ern Railway preferred went as high as
"a ga yesterday and closed at "a Is,
and Southern Pacific. got as high as
Al IA, and closed at 40 IA, both being
fairly active and strong. The street is par
tichlarly bulIish regarding both these lat
ter securities, which are believed to be
selling much below their intrinsic value.
Mexican Central is believed. by consery-
aft ,e1.ra IN ha nf nd a6N una
from its present level There has been
steady buying of the stock recently
although it has not been. advanced. II is
said that its relations with the Southern
Pacific are to be very close.
Southern interests are persistently buy
ing the Norfolk and Western common and
preferred stocks, and they talk of much
higher prices for both in the near future.
1t cannot be doubted that their predic-
tions Will be fulfilled if the market con-
tinues good.
There was a reduction in the price of
different grades of sugar yesterday, both by
the Trust and by the Independent re-
fneries, which does not seem TO indicate
an entire cessation of hostiiities. Sugar
stock was rather weak, getting as high
as 100 only and closing at 15S Is.
The steel and iron securities, with the
exception of Tennessee Coal and Iron and
Colorado Fuel and Iron were all very weak
yesterday afternoon. American Steel and
Wire common went as low as Sc 1-2. the
| lowest price in several weeks, and closed
at 56 rs. Federal Steel common tumbled
! to 81 Ia, and closed at 5S only. The pre-
| ferred stocks of both companies were also
| weak 1t is said that the Steel and Wire
securities will be admitted to the regular
| list of the Stock Exchange today and there
was no explanation given of the weakness.
The "smeter's" strike is a thing OF the past
and every plant in Colorado will be work
ing full time or double time in day or
! two. This promises we'll for the stock.
| which is selling very low compared with
( the earning capacity Of the company.
] The earnings of Pan Handle for the
month of July and for the year from jan
/ uary l to July 81 are receiving consider
! able attention from people interested in
I the suit Of the minority stockholders of
that company against the Pennsylvania
! company for dividends. The gross earn
! ings for the month were 81 502. .172, in
I crease of $270,279 the net earnings for the
month were s416, 127 an increase of $56,-
99S after interest and rentals, etc, the
/ balance was $191 ,062 an increase of Sf17,-
/ 932. The gross earnings for the six months
We're $9,e1S 431, an increase OF $S47 ,255,
/ the net earnings were $2274 1856 an in
+ crease of S2S3. .s64; after deducting interest,
rentals, etc. the balance was $491, S62, an
/ increase Of S461 911.
/ The Washington stock Exchange.
/ Sales-Lanston Monotype 1OO617 "a