The times., 1899-08-26


The stock market was unimportant as
far as changes in the level of prices in the
railway list generally were concerned.
Strength was shown at all times, however,
and the outlook for today and next week
is a good one SO far as anyone is able
10 Judge. The bank statement Is likely
to be the chief consideration in the deal
ing, and early business will be influenced
by the gossip before the figures are given
out. 1t may be said, however, that the
statement this week is more of mystery
than usual to brokers generally. Some
are predicting a good showing on the
ground that money has come East this
week from Chicago and other Western
cities, and others are bearishly inclined
on account of the fact that the Govern
ment has drawn heavily on the New York
banks If the figures OF the statement are
reasonably favorable, as good as they were
last week, for instance, there will be good
buying of stocks for the commission
houses. and IL is probable also that the
cliques in several of the lower priced
stocks will continue their work aggres-
sively Other conditions are almost uni
formly supremely favorable.
The surprise of the day was big squirt
| In Consolidated Gas on the announcement
| of the cut of the dividend to 4 per cent
annually instead Of per cent, the pre-
| vious rate and s per cent, the rate before
! the gas war. The stock advanced ten
points on heavy inside buying, and many
! traders were caught short and forced to
cover with serious losses. The closing
| price was at very near the top figure for
| the day. There is always an explanation
| ready in the street for such a movement,
| after 1t has occurred, and il was said
yesterday afternoon that the New York
| gas war Is nearly over after ALL The
reasonable supposition. on.-howeyer, is that
! whether the war is over, or not, the in
siders saw good chance to squeeze the
shorts and did It, Adytces to sell the
stock were numerous Yesterday morning
on account of the cut in the dividend and
| of the statement that the company is los
| ing money on every foot of gas that it
| manufactures The moral OF all this is
| very plainly that it is well 10 keep out
of such stocks, unless you happen to be
an insider. r
| Earnings statements were all good yes
| terday Among them were the following:
| ST. Louis and Southwestern. third week
| of August increase, ,S10,9 500; from July 1,
| increase, $89, SAB. Chicago and Great West
| ern, third week of August Increase, s7.440;
| from July l. increase, $105,226. Chesa-
| peake and Ohio, net increase for July,
| S12, t95. Wabash, gross from July /, in
| crease $780,, ops Texas Pacific, gross from
January l, increase, $34s.556.
| The Pacific securities were features of
the railway list, Union Pacific preferred be-
| ing especially buoyant during the early
trading and the others of the group all
making a good showing Authoritative in
! formation that the dividend on the Union
| Pacific preferred stock will be increased to
| 4 per cent at the meeting OF tho directors
next Tuesday was sufficient cause for the
buIlishness In this stock It advanced to
so s-S and closed at 70 rs, with good net
! gain The common stock went as high as
| AZ ga and closed at AZ IL, also showing
| net gain.