The times., 1899-07-11

Sugar was weak and sagging all day,
but apparently for no particular reason
except sympathy with the general market
and lack of support. The, closing price
for the day was 1855 Ia, which is five points
and more off from the price Of last week.
The two securities of importance that
have suffered least in the selling of the
past three days have been Southern Rail
way pr-.c-red end Louisr'lle apd Nashville.
The latter opened yesterday at II SIS, and
closed at II is, the lowest price of the
day having been 20 SIS. Southern Rail-
way preferred declined to 81. The stabil-
ity OF these securities was pointed out
in this column during previous declines in
the general market They are both con
sidered excellent purchases by conservative
investors. 1t is probable that some dis
satisfaction will be expressed at the action
of the Louisville directors on the divi-
dend. There are always people TO object.
The company has earned about per cent
during the past year, the better part OF
that amount TO be credited to the latter
half of the year.
Chicago Gas was off three points at the
opening yesterday on the rumor that
gas war is to be waged in Chicago also.
There seems to be some foundation for the
story, but very little. The stock held its
own during the day, even closing above
the opening price, but the net loss for the
day was heavy. The closing price was
III 1-2.
The Vanderbilts were among the weakest
securities on the list, and it could not be
learned that there was any Vanderbilt buy
ing of importance even on the heavy de-
clines. New York Central went as low
as 1876 12, and closed at 1877. Big Four
declined to 81, the closing price. Chesa-
peake and Ohio went off half point. The
Union Pacifics were particularly soft.
the common getting as low as AZ, and the
preferred as low as 10 1-2. The latter Sc
curities recovered fairly we'll in the late
afternoon.
The statement of the reorganized Balti-
more and Ohio to the Stock Exchange.
made with its request that its securities
be listed, is most interesting and on the
whole most encouraging, though perhaps
the comparisons made was not entirely fair.
The basis of the statement is the estimated
net earnings for the year 1898, which it is
stated would be sufficient to pay the entire
| fixed charges and the new bond issues and
leave a sum sufficient to pay the entire
preferred stock dividend Of per cent and
a surplus OF per cent on the common
stock in addition. 1t is TO be remembered,
however, that the earnings for the period
referred to were considered exceptional,
and that recent weekly and monthly state
ments have shown a falling off from prev
ious ones. HoSever, it can only be OBJ
jected that the Immediate showing of the
system may not come up TO the estimate,
as there is every reason to believe that
the road is entering on period of great
prosperity.
ioI Cbronicla in 10
issue, contains a most iIluminative statis-
tical article on the immensity Of the recent
trust formation movement The "Chron
icle' estimate of the present total capit
aliZation of the trusts is $3.500 000, 600.
The slight disturbances in the money
market during the past six months and the
declines of ten to twenty points in the
price of the trust securities that have oc
CURED seem extremely moderate in the
light of these figures. If these are the
only bad results that are to accompany this
stupendous reorganization experiment the
greatness of the country's wealth and con-
| fdence in itself are more than ever to be
wondered at. There is excellent reason
to believe, however, that the fotation Of
this immense volume OF stocks has not as
yet been accomplished with any large de-
gree of success. The public has taken
millions OF dollars worth OF them but it
| is shrewdly suspected that the promoters
! on the one hand and the banks on the
other have the great mass of them yet.
Indeed, it is not beyond the bounds of
reason TO suppose that the present tight
ness of money is due to the banks being
overloaded with trust stocks. II this is
the case the end of the troubles that the
trusts may cause is not yet The public
is very chary of this class of securities
and perhaps with some reason, notwith-
standing the intrinsic value of many of the