The times., 1899-08-16

selling of that stock independent OF any
outside influence. The quarterly earnings
show some increase which was used by the
bulls to buoy up their faith, but the state
ment for the year is most disappointing
one The figures in detail are as follows:
Gross earnings. Ss 7f9, 495 Dec. $i64Of7
Operating expenses...... 5,149,4S7 Dee. l77 I70
Net earnings. s., ,570,OOs Dee S2sGs77
other ineom-e...........-. 340,600 Inc. 12sss5
Totals ................S3,9i s., ,9i0G0S Dec. sl57 a92
Balance ........sI,2 ,232. .1o4 Dec. s191, ,os2
dividends ................ l,5aS911 Inc. S5S,g1
Deficit ................. Ss2e,777 Inc. s55O.O5s
The most striking feature of the market
after the decline in the New York trac-
tion securities was the great strength and
buoyancy of the Tobacco issues. While
the remainder of the market was tending
downward with few exceptions these Sc
eurities went up to new high levels at a
rapid pace. American Tobacco advanced
from lis to 12S SIS and closed at 123 IA
Continental Tobacco common advanced
points to 40 ga, and then lost point of
its gain. The preferred stock advanced to
within half point OF par and then de-
clined to 49, This bulge of the Tobacco
stocks is interesting, but not surprising,
for the reason that the insiders have en-
tire control of them. 1t is not possible to
get many people to buy American Tobae-
co or to sell it, and for this reason the
insiders are obliged to make up in the ex-
tent of its moves for the small number OF
victims. Manifestly the loss OF 80 points
to the trust people by outsiders on 10000
shares is quite as acceptable as the loss
Of 10 points on 10000 shares would be.
AS to the wear and tear on the conscience
of the trust involved in either operation
1t is perhaps not necessary to try to in
elude any estimate.
Louisville was the best of the railway
list. 1t advanced to &c IL, a new high
level, and closed at 76, with slight net
gain for the day.
Philadelphia and Baltimore people were
buyers of Baltimore and Ohio issues yes
terday on the earnings of the company,
which are increasing in most encourag-
ing manner. The common stock had an
advance of 7-S during the day.
The steel and iron securities were all
somewhat weak yesterday afternoon in
sympathy with the general market and
with a quite evident selling movement in
American Steel and Wire. Steel and Wire
common was as high as 81 IL at one time
during the day, but it declined to 58 Is
and closed only fractionally above the low
price. Federal Steel common declined from
81 at the opening to SO S-4 at the close.
National Steel went off somewhat Ten
nessee Coal and Iron opened at SO 3-4 ad
vanced to so IA, and closed at the opening
price. Colorado Fuel and Iron declined,
but not seriously from its high price, 81
and a fraction. The iron and steel busi-
ness is the best in the country at the pres
ent time. The profits in it are bordering
On the fabulous. The statements that have
been given TO the public show immense
earnings on the securities Of the compa-
nies, although they are made up from the
business OF the first half of this year,
which, because of advance contracts, was
done at prices much lower than those at
present ruling. Better than present prof
its, however, is the assurance that the
business will be quite as large and quite
as profitable in the future. All of these
companies are now making contracts and
refusing to make them for business ex-
tending into the second half of 1900 at
present prices. In view of these facts it
is felt by people usually averse to specu-
lating in the industrials that these stocks
are likely to prove excellent investments
for some months to come at least.
The risk in buying the preferred stocks
of some of these companies at their present
prices is no greater than in buying the
common stocks of almost any of the rail-
ways. American Steel and Wire preferred,
for instance, is selling at par or there
abouts, and thus pays per cent on the in
vestment. The company is earning very
nearly enough to pay the preferred dlyi-
dend four times over. There are no bonds
ahead of the preferred, and the chance of
the company making net profits of S2,S00,-
600 a year, sufficient to pay the preferred
dividend, are quite as good as the chance
that any railway has of keeping, up its
dividend rate on the common stock. Seven
per cent railway securities, however, sell
for double the present price of Steel and
| Wire preferred.
The coalers are somewhat neglected, but
conservative people consider them among
| the best of the railway securities at the
present level of prices. 1t is estimated
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