The times., 1899-09-03

A careful consideration of the claims OF
The steel ana iron securities to favor will
be well at this time. There is a general
belief that these stocks are to be taken up
among the first when the advance of the
market begins 1t is worthy of note that
during the past week these issues have
been much more in evidence as a group
than at any time before recently. Tennes-
see Coal and Iron and Republic Iron and
Steel were the features of the market yes
terday, the former advancing TO within a
fraction of par, the previous high price,
and the latter getting as high as 80, new
high level The American Steel and Wire
Issues and the Federal Steel issues have
also been more active this week, and Col
orado Fuel and Iron has been strong AMI
fairly active. The reason for this is evil
dent. The companies are nearly all show
ing a disposition to let the public know
their earnings, the American Steel and
Wire securities have been put on the reg
ular list OF the exchange during the week,
a most important fact, forecasting in a con-
yincing way the future confidence of the
public in the company, and finally the iron
and steel trade is so immensely prosper
Gus that the public does not need earnings
statements 10 convince it that the COM
panies are doing an extremely profitable
business. The August statements OF some
OF these companies will be published in
short time and ii is promised that they
viii be much more attractive than those
already given out. Tennessee Coal and
Iron opened al IS yesterday and closed at
90 1-2, the top figure for the day, and with
in half point of the high price of the
year and the past decade. This advance
was made in the face of predictions that
the big recent boom of the stock would be
followed by a tumble quite as remarkable
II will perhaps be learned by the street
later that even If the stock is being doomed
by clever clique to sell il is not likely TO
tumble in price rapidly and disastrously,
as il once would have done while the iron
business is SO prosperous and the company
making so much money. Republic Iron
and Steel has been written about in this
column heretofore. its business is i'm
mense and its securities have not yet been
doomed. Many careful people consider
them among the best of the steel and iron
securities at their present level.
The Vanderbilt securities have been one
of the features of the week, and two Of
the group-0maha and Northwest-baye
made the larg I advances in prices. A
large part OF their net gain was made
on one day, Friday, and apparently it was
due to inside buying for manipulative pur-
poses Omaha was selling on Thursday a
week ago-the last sale of that week-at
1l2 The advance in the price of the stock
last week was, therefore, 13 points gross
and II points net, the close yesterday being
I23. Northwest advanced during the week
from 163 TO I6s and fraction, and closed
yesterday al les 1-8. New York Central
was strong on Friday. getting above I40,
but it went of yesterday and closed at
139 is. The report is heard in the street
end 1t is probably true-that Omaha is 10
receive 5 per cent dividends hereafter.
II is said that the advance in the price
Of anthracite coal at interior points is 10
be followed on October / by a similar in
crease at the seaboard- Every advance In
the price means millions of dollars addi-
tional profit 20 the anthracite railways
( This fact, with the very evident better un-
I cerstanding among the companies and theiI
already largely increased earnings, should
] be considered a pointer to buy several OF
/ these securities that are not selling at ex.
orbitant prices Ontario and Western, the
! Reading issues and Jersey Central are all
] considered attractive purchases by careful
market people The annual statement Of
the Ontario and Western, issued yesterday
| is worthy Of particular notice: