The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-02-08
WAS W FAX.
Stock Market Dull
and Inactive.
STEEL AND WIRE
Opens Strong But Runs
Down at Closing.

Yesterdays stock market vas dun
and inactive Il opened fairly well, but
shortly after the opening began 10 fan
and kept tumbling 70 the close.
American Steel and Wire preferred
opened a ga. y up from the close on
Aondsy- That was high for the day. Il
sold down 10 s4ts and closed there.
Common opened high At 4stz. sold down
70 Az and closed at "a
Federals opened al 50z. one point
%. sold Up 70 8, down TO As. and
closed a. -
Wheat opened vel. running up 20
"a It closed al rs, lowest figure for
the day
Tobacco, closing a. IA on Monday.
opened AT 1852 yesterday. II climbed
no higher fell 10 40 and closed there.
AtchisDn common opened at z7s
sold down TO "a, and closed at z1Fs.
Preferred opened high a. 6zLz. sold
down 10 6951 and closed at s9z4
Atchisol preferred is attracting IN
usual attention among spectators on
account u its satisfactory earnings
and support. The stock IS steadily
finding It's way into the strong boxes
u Intelligent investors. Mr.. Flower Is
quoted sS believing that II the crops
q the coming year equal those Of last
year ArchisOn preferred viii 90 TO par
For the first half OF the present fiscal
year, gross earnings were 81. 9s7, s3Z
ana net over taxes 3 .54S .J94- The gross
showed an increase OF <s5I 90 over the
same period Of 1897. and the net an in
crsase OF 1851 $50. The road was oper-
sted for 30 per cent as against % per
cent for Lhe entire preceding fiscal
year.
The fixed charges for the half year.
including the fun interest on the ad-
5uStment A., were approximately 3, sJ6-
90. leaving for preferred dividends
81 .a4s 9s4 or something over IL per
cent. z very favorable showing. The
continuance Of the comparatively high
operating percentage indicates that the
property * still receiving the benefit Of
large expenditures for permanent iH:-
proVements. Ultimately the stockhold-
ers wil profit thereby in increased di
Eidends. but il may not come this year
as some oDtimists predict
The main bull point on Pacific Mail
Is that al the present session OF con-
gress a subsidy bill will be passed that
sill materially benefit the company. On
the strength II this. Mr.. keene has
within O. days been able 10 manipulate
? rise q 20 points in these shares. Per-
hsps congress VIII pass Il. But suppose
Il shouldn't Il IS one Of the probabili-
ties. Then who VIII support the stock
At its present high level? Il is safe 70
say Mr. keene viii not and if he
doesn't no one else viii. Large holders
o< the stock. like Mr.. Huntington. have
publicly aFerEed that they viii take no
part In manipulating or supporting the
stock I'm the market. In fact they only
buy wheu il Is low enough 10 tempt
tHeIu. This is something for those who
are carrying or contemplating q pur
chase Of the stock 70 think over.
The decline in wheat still continues
and quite line Il being worked for ex-
port IN consequence. The increase in
Visible instead Of decrease, as was an
tlcipated. Is causing the selling. The
market seems 70 Be 50 far oTersOld at
this junCture that il Is impossible to
buy any line Of wheat without affect
ing prices materially. Exporters feel
confident that al present prices, the
foreigners viii take our wheat
Buying orders for copper stocks from
the lakes were never before so great in
volume as now. Orders cover almost
every copper off and on the list
Their fuldilnent Is an absolute pllysi-
cal imp0ssibility. The activity is easily
explained Calumet has reached 7e5 and
Arcadiau has registered sharp ad-
The Copper Country News states that
the rock sent to the mill from the Ar
mold during the past week is tbs rich
est and heaviest ever taken out Of the
mine
The advance in copper and the fiota-
ton OF new mining companies in Mich
igan has given rise 10 q number OF leg
islative bills designed TO acquire for the
state an added revenue from this
source. Nov st IS proposed TO levy a
tax Of a cent a pound on all copper
named in the state and sold at nc or
better. There is another bill, backed BY
Calumet people. TO raise the lawful
limit OF capitalization
Among industrials the market haIts
somewhat. but there is q fresh demand
Tor Biscuit common. The earnings
make a splendid showing and a 1 per
cent basis is evident. The payment