The times., 1899-03-01

that in the former break of this
stock the hardest kind of pounding did not
suffice to send the price down more than
hve or SIX points. The advance which fol-
lowed was to new high figure, 81, two
points above the previous high. And now.
during the present slump, the decline has
been nearly as great as the one before.
The tendency of Atchison preferred Is up
ward, and will continue to be until the
stock is as high comparatively as others
OF It's class. Such level would be- say,
so. The January earnings of the road are
much better regarded after careful COM
parsons than they were on Monday.
st. Paul seems to be another stock
worthy of careful consideration by people
who believe in ultimately higher prices
this year and desire to buy on recessionS.
Despite one of the best earnings state
ments ever issued by an American rail-
road, showing almost the certainty OF II
per cent earned on the common stock this
year, St. Paul has declined nearly four
points from the high price of a few days
ago. And this in the face of the fact that
the stock is fifteen points behind that of
Burlington, while the latter road is earn
ing less money. ST. Paul may undoubted-
ly go lower, but it will not go far, if the
opinions of the shrewdest people in the
Street are of any value.
In the same class of stocks, whose posi-
tion is reasonably assured even in case
of break in the market, are Southern
Railroad and Louisville and Nashville.
Ihese two stocks are in the unique posi-
tion of not having advanced to anything
like their proper level with relation to the
grangers and other standard stocks. Dur
ing many weeks they have fingered near
hnl mt rapfpn
be pushed up by the leaders of the mar
ket. 1t is not to be supposed that Louis
vile, paying per cent and earning much
more, will be sold much under 65. even in
violent slump. And the same argument
applies to Southern with even more force.
1t would not be surprising if Southern
should refuse to decline any further what
ever in a five-point further break of the
general market
Ontario and Western was one of the
strongest of the railroad stocks yesterday.
1t was sold heavily Immediately after the
German gunboat rumor, but soon after its
friends seemed to take heart on the de-
mails of the story and the loss was nearly
regained The other coal roads were also
strong.
Electrical equipment of the Manhattan
system seems now assured. and within a
short time. The stockholders of the road
have passed "a resolution authorizing the
directors to use the funds of the stock
issue to substitute electricity for steam
and provide for a new plant and equipment
and for the enlargement and Improvement
of the system, 10 the end that the com
pany shall furnish the public service OF
the greatest possible efficiency, speed and
comfort; such improvements to be begun
Immediately and prosecuted with vigor
md npr1ra tafa 10
The details of the plan are now under
consideration by the directors, and ii is
probable that they Will be announced with
in n short time. Manhattan was strong
yesterday, refusing TO be pushed down in
the Dewey rumor more than fractionally.
The net earnings of Burlington for the
month of January show net decline of
s53, 900. The net earnings of the Jersey
Central for the same period show an in
crease of $55S. The earnings of Alabama
Great Southern for the third week of
February show a decrease Of $1,000; from
July ] the decrease has been $500.
II is understood that the annual report
of Tennessee Coal and Iron will make
most favorable showing and that much of
the recent buying of the companys stock
has been on advance knowledge OF this fact.
There is still a suspicion in some quar-
terS. however. lNdl Tue llSlutTS are puttinS
up the price in order to unload their hold
ings.
The friends OF American Cotton Oil talk
confidently of the outlook on the stock.
The earnings of the company are big and
the prospects fine. Bowers, Wood e. Co.
advise the purchase of the stock on any
recession.
Pacific Mail held its own yesterday
while the entire market with one or two
exceptions was sliding off. There was an
advance in the stock of 81 a share during
the early afternoon and this advance was
lost but that much as the bears
could do. The professional tipsters at
the Capitol still assert that the subsidy
bill is to be passed this session, but in
reality there is little chance of its be-
coming law.
The day on the local stock exchange
will be long remembered. not only for the
great prices paid for Metrouolitan and
Columbia Railroad stocks but for large
advances in many other stocks and bonds
and for the very large amount OF busi-
ness done, something like $4,000 in bonds
and $4,000 in stocks. The day, how
ever, WAS only larger than other recent
days and not different from them, as the
business of the exchange for the past week
HAS bttI anu
profitable to the brokers. In lesser way
Washington brokers are reaping such a
harvest from investors and spectators as
those in New York.
The big buying and selling of Metro
politan and Columbia Railway stocks yes
terday and the high prices realized are
mentioned at length in another column.
Metropolitan went to 226 and Columbia
to l25.
Washington Gas sold for 5S or 81 a
share higher than the price of a week
ago. II may be stated with much posi-
tiveness that there is no foundation for
the rumor that the gas company is to be
purchased by the Stevens Crosby syndi-
cate. Other matters Of Importance to
~" stockholders. soon likely to be an
nounced. are sufficient to account wholly
for the recent advance in price.
City and Suburban stock is creeping up
in price. YESTERDAY II sold for - 10 or
at the rate of II on a par value of 100.
The 9th of Washington business men in
the SSvens- Crosby syndicate is shown, as
it hardly can be expected that even small
dividends will be paid Immediately on the
stock.
The circular issued by President Dove
| TO the stockholders of - - Com
pany telling Of recent inventions and
improvements is SunDOSed 10 accoiint for