The times., 1899-11-12
tight money is result OF immense. pros
pe-ity all over the country.
The figures of the statement were as

AF NEAlES Oh llH statement were as
follows.
l'elfc1 decreased. ..-.............. S2.4562OO
i-.fIs decreased. .-.-.----...-......... 'lJilgJ
Specie ueTca.- .-.....-........ $3.50 300
J. a-a-- decreased. ................ / s8U 500
D. Enft- decreased. Observation-Disclosures. II. .G57 gJJ
Circulation Increased. Observation-Disclosures. l5I5
The effect Of the recent decline in prices.
owing TO the poor bank statement of
weel age. and the fear Of yesterdays
st9so-ent. is shown in the following
u5u IS. the first price being the highest
o. --ovember 4. and the second the clos
l-s yesterday:
American Tobacoo.....-........... I22@s Ilss4
hlra common .....-.. sJa. a
Atohizon preferred ................ G6ia t9&
bTooSltH Rapid TrInsjt.-.......... SOS SIS
i'4' 'ltIlHn OBSERVATION-DISCLOSURES. 1888 l3J7s
81, Paul. .........-. 19-ls Iag5s
h',h Is and. ............. ll55s lI2l5
Federal steel common. ................. 5lIa 55J5
Federal steel Observation-Disclosures. sII4 ISIS
Louisville ..--.. s-as si7S
Manhattan ACKNOWLEDGEMENTS IIIs. I02
Missouri PacifC....... s4zg iEz.
Agw YORK CuatraI. ......... 1879 125ia
Northern Pacific comman....-....-. s. 53l@
f3g;Hc Mail. .........-........ 40L 4OEg
Southern Pacific. ..-. a5 s3i3
Southern Railway pfd .... 575g 557
tnion Pacific common. ............. IS 46I5
The losses in the standard issues have
not been great Some Of the sDecialties
have suffered badly. There has been heavy
short selling in them By the bears as the
met vulnerable issues A bad bank state
ment was expected all the week. and all the
selling of stocks, whether for the short or
long account, was in anticipation of it,
There has been good support by the i'm
pcrtant interests. Many believe in view
OF these facts that there viii be further
covering tomorrow instead Of more going
sheIt, on the theory that the bad news is
now all out.
The important news of the week aside
from the financial situation may be
summed M in a number of excellent rail-
way earnings statements, the elections.
which went in the way most pleasing to
market people, better outlook in South
Africa for the British, and the usual reit-
Grafton Of statements regarding the superb
condition of all business interests through
out the country. There has not been one
discOuraging feature in the entire situation
with the exception of the poor Manhattan
earnings statement, and the brighter pros
pect for underground rapid transit in New
York. and this should not be construed as
in any way inimical to the general market
Manhattan has been one of the features
Of the market since Tuesday. It has had
the worst decline in the list with the single
exception of that In Leather common,
which need not be considered seriously %
q market factor The ciosIng price yester-
day and also the lowest was 102. The price
of Saturday a week age was III and frac-
ton. The statement CT the company show
ing a net loss on the business of the
year after deducting dividends was the
first cause of the weakness Of the stock.
Next II became known that New York city
would be allowed TO increase its debt suf-
ficiently to make the underground rapid
transit construction possible. The re-
ductioa OF the bond TO be required OF the
constructors was construed as another vic
tory for real rapid transit and hence,
by many. as another blow at Manhattan.
The very poor quarterly statement Of the
company. coming as il did on the top OF
all these adverse matters, was particularly
unfortunate. The deficit after dividends
for the quarter ending September 30 was
S2qS. .935. Many loOk for further declines
In the stock, and are selling 1t short freely.
The greatest caution should be exercised
by them
Southern Pacific was, in many ways, the
most conspicuous stock in the railway list
It was very strong in the early part Of
the week getting nearly to 43, and in the
worst of the selling later it was supported
we'll so that its net loss for the week
was only a point. Mr.. Huntington was
buyer. and so also were the Vanderbilts.
A CLIQUE of speculators aided them. The
announcement semi officially that Il
per. cent was earned on the stock last year
and that between ] 1-2 and per cent VIII
be earned this year seems to account suf-
fciently for the strength of the stock and
the excellent buying.
Pacific Mail has followed more or less
in the wake Of Southern Pacific, as II
usually does Facts published during the
week regarding the large contracts re-
Gently entered into by the company with
the Government, and the good profits that
will accrue from them helped the generally
bullish feeling regarding the stock. In
the case of this stock also it is known that
insiders are buying it heavily. Some OF
the purchase orders that have been sent
from Washington recently would, if they
were generally known undoubtedly cause
much more interest in it than has yet
been manifested. The net earnings Of the
company for September show a decrease
Of $4,000, but the net earnings Of Septem-
Der last year were cOnspicuously large.
Earnings statements yesterday in addi-
tion 10 that of Pacific Mail mentioned
above were all excellent The gross earn
ings Of Norfolk and Western for the first
week Of November show an increase OF
S1776l. and since July / an increase Of
ST59. O00 Ontario and Western for the
same periods reports increases of $l5,a26
and $3.50 972 The net earnings Of the system
for the first quarter of the year show an
increase Of SlS1, 600. Chicago Great Western
for the first week of November shows
an increase in gross earnings Of s6,3l8,
and since July 1 an increase Of 1921. .577.
Chicago Great Western is piling up diN-
dends on its two preferred stocks rapidly.
The present outlook is excellent that both
these dividends viii be more than earned
during the year.
The net earnings OF Ontario and Western
for the first quarter Of the year are most
significant. The statement of the company
in full is as follows:
1899. Increasa.
Gross earnings. ........-... slSs5.9l2 S2g6,53S
Operating expenses. e25.aJs ll4,fs3
Net earnings ............. s55s.OH SIsl,750
other income O9,I33 $3.50
Total -..................... ,g77 s230,848
Fixed charges -..-.......-.-. zss,p4 J5,le5
surplus .................-. S889,g73 Sl75,l5j
Cash on haud.--.....-.-....- i5,2i2 ......
Profit loss surplus-...-... 3,OOi,l26 $3.50.
A like showing of net earnings and sur
plus for the entire year would give for the
stock for the year about 2.5 per cent. A
division Of the stock into common and pre-
ferred which is advocated by many stock
holders and which is now under considera-
ton, would permit Of immediate dividends
on the preferred. II q division into S2O.