The times., 1899-10-11

The steel and wire securities again
played an important part in the market.
American Steel and Wire common ad-
vanced TO 81 3-4 and closed at 81 IA, with
good net gain for the day, and Federal
Steel common advanced to So "a and
closed at SO 1-2. also good net gain for
the session. Colorado Fuel and Iron, Ten
nessee Coal and Iron made good advances
but declined during the latter part of the
day, still retaining net gains, however. It
has been believed by many careful traders
that this group would be taken up when
the market should be in the least favorable
and the insiders seem to have decided that
this time has now arrived. These stocks
have weathered 40 per cent money and
rigid discrimination against them at the
banks. and they still survive, very little
hurt by the last tumble in prices in the
general market, in fact. This should be
considered noteworthy matter and prob
ably will give confidence to the buying
of the group that has not heretofore ex-
listed. 1t Will be remembered by specula-
tors also that the accumulated dividends
on many OF these common stocks are to be
paid in lump sum in a short time as
the fiscal years of the companies end AS
for the earnings Of the concerns there
is no doubt expressed anywhere that they
are immense.
Sugar was one of the features of the
list 1t advanced TO 143 rs and closed
within an eighth OF the highest price of
the day, the net gain being nearly three
points. There is no reason why careful
spectators should buy or sell Sugar. when
there are any number of stocks less sub
Ject TO manipulation, and to a certain ex-
tent, at least, dependent for their market
value on their intrinsic merits. For the
benefit of those who insist in specializing
in it, however, IL is interesting to point
out that although the sugar war is suppos-
ed TO be as far from settlement as ever
and although the trust is not believed TO
be making any money in the manufacture
of sugar, there is still no reason why divi-
dends should not be paid regularly. 1t
is figured by a good authority that the
trust has a surplus of at least $20, eco, 900,
and il is known that a large part of this
surplus has been loaned out by it at the
recent high interest rates, at a very hand
some profit The trust makes this use OF
its surplus regularly, in addition to its
dealings in the stock market, which are
not believed TO be made at loss as a
general rule.
Louisville and Nashville and Southern
Railway preferred continued strong yes
terday. the former getting as high as
81 5-S, and closing at 81 IA, and the latter
! getting as high as SO rs, and closing at
80 SIS. The buying of these securities
continues excellent in quality, and the
street is generally bullish regarding their
prospects.
The reports OF ffty-six railways through
out the country for the month of August
show that they earned gross S59, ,344 .066, an
increase Of 81. 1861 ,07s. or 15.1 per cent, and
net 81, All 270, an increase of S3, ,512, ,053, OF
1876 per cent Thirteen roads with report
up 10 date from January ] show gross earn
ings OF $7s, ,545, i2l, an increase of 9,037, las
or i3 per cent, and net $24, ,S47.5S0. an in
crease Of 50. 169, ,e72, or 14.6 per cent. The
various Gould properties report the follow
ing increases in gross earnings for the
fourth week in September: Missouri Pa
cifc, s3i GOO; Iron Mountain, 500 coo; Gen.
tral Branch. 5000; Wabash. SIS. .745; Texas
and Pacific s33 $40. and International and
Great Northern. s5,07l.
The Yanderbilts were strong yesterday
and all made net gains for the day. New
York Central advanced to above 135, and
closed at the top price. The Union Pa
| cihcs were fairly active, and made sub
stantial gains. 1t is said that the Unior