The times., 1899-12-08

! 10 its ultimately selling very much higher
There was bear raid on Mail during the
afternoon on this statement, and q net loss
| for the dag yas shown az the close
The tobacco securities were the weak
features of the list. American Tobacco de-
clined TO ITO 5-S, and closed al III IL, with
heavy net loss for the day. Continental
Tobacco dropped from an opening az 40 to
1 81 II, and succeeded in regaining only one
half point Of this loss. The preferred also
declined point or more Talk of the pros
pectiye big rival tobacco concern in St.
Louis is the ostensible cause of the weak
ness Of these securities, but It is very clear
that the insiders have been selling them off.
The extent of the downward movement will
probably be governed largely by the ex-
tent 10 which the public is involved IN
them. The manipulation in the tobacco Sc
cUrliies is Of the same kind as that In
Leather common. Il is not any worse, be-
cause that would be impossible.
The regular dividend of IA per cent
was declared on Rock Island yesterday.
The stock was sold off in the early after
noon 10 III rs, but recovered 10 112 1-2
at the close, showing a net gain. II is be-
. heyed by students OF the market that this
stock should be bought around its pres
ent price, as the chance of its going much
lower is remote, and there can be little
doubt but that it will make a fine advance
as soon as the general market begins its
upward movement. The surplus OF this
company amounting to nearly $4,000, CO.,
is increasing steadily, as the dividends at
the rate of per cent yearly take less than
two-thirds of the net profits of the COM
pany. II had been hoped that the dividend
would be increased to 6 per cent, and the
selling OF the stock yesterday was account
ed for by the alleged disappointment of
the Street While the company is earn
ing between S and 10 per cent on its stock
il may be predicted very confidently that
this disappointment will not cause the
throwing over of any very large blocks
Peoples Gas was also one of the stocks
attacked. It declined to 110 Is, but was
bought heavily at that price and recovered
a part Of its loss before the close. Friends
Of the company advise buying it around
10, for good rally at least. and for a
fine advance if the general market is fay-
oTable. The company is earning about
1-2 per cent on the stock and paying 6
Per cent dividends with great regularity
Mr. Keene sold of Reading first pre-
ferred yesterday to SO IL, and the others
or the anthracite group also decllnea pad
ly. Whether this tumble in Reading 10
the lowest price in recent weeks should be
considered a good signal of the end of the
bear attack remains TO be seen, but there
are successful traders that always begin TO
buy the market when Mr.. Keenes stocks
have a quick. sharp break. The Reading
company, it should be remembered, earned
the per cent dividend rate on the first
preferred stock during the first four months
of this fiscal year, and in addition at the
rate Of 2 per cent on the second preferred.
Putting this statement differently, the sur
plus for these four months was enough to
pay the entire + per cent on the first pre-
ferred stock for a year II the company
earns only enough during the remaining
eight months to pay the fixed charges.
The Union Pacific securities were among
the strongest Oh the list both making good
advances for the day. The preferred closed
at II and the common at 90 5-8. North
west was also buoyant, especially in the
last hour of the day. 1t advanced to
169 1-2. closing at the top price A rumor
that these two systems are to consolidate
was the apparent cause Of the bulge in