The times., 1899-11-10

| curiues aud slight advances IL prices. but
many traders we're inclined 10 be.ie.e that
! further declines VIII cccur at tie opening.
! The figures given by the people that
( always insist in predicting what the bank
! statement VIII be are losses to the sub
! treasury this week s.. 100000 and losses to
+ The interior 81 600 000 On these estimates
1 the talk Of a very bad statement is made.
I Naturally however such calculations do
not bother intelligent Spectators greatly.
. The cutting down of loans has been heavy
this week
! Leather was The gem Of the manipulators'
I collection yesterday Il opened at 81 and
/ a fraction and tumbed with very little
hesitation to 20 IL. this figure represent
ing almost exactly a decline of 30 per cent
IN The stock IN two days from so IS. This
wouId mean if there were any real mean
ing in it that the $50 coo 0O0 of common
stock of The Leather Trust was worth only
half as much on Thursday as il was on
"Wednesday al 10 O'Clock. In few min
ures after the bottom price was reached
an advance was made of or points. The
close was at 20. The buying during this
advance looked very much like the pool
buying OF a few days ago. but no particu
+ lar conclusion is TO be drawn from this.
Manhattan also tumbIed again nearly all
( day reaching l05 5-S at one time. The re
cuyery in the last hour left it still a heavy
net loss for the session. The very evident
fright among small holders OF the stock
over the annual statement was taken adj
vantage of 10y the bears TO raid it sayagely.
/ II seems probable that under the CiTcum-
stances unless there is good support from
the insiders, it viii go of further before
il has much recovery.
The earnings statements yesterday were
T all excellent. Illinois Central gross earn
iugs for the month of October increased
$ti1.912, and the increase for the four
months from July was 81 S6g 3eN The
/ gross earnings Of the Big -Four for the last
week in October show an increase Of $10S,-
5lS for the month Of $2l4.2S0. and for the
fiscal year of S4Sl 54S New York Centrals
gross earnings increased In October S63l.-
152. and ia the period from July the in
+ crease was $S.o5G21l. People familiar with
I these sysJemz do not need 70 be told what
. an increase at the rate Of $4.00000O year
in Illinois Centrals earnings means. or an
( increase Of $l,300.o00 for Big Four, or OF
+ s.. 000, 900 for New York Central.
/ The standard issues and the railway list
generally. that have hitherto shown great
resisting power TO the attacks of the bears,
/ were leveled of freely and with little par
tiality, 3 fact that indicates realizing as
well as short selling, undoubtedly. The
/ grangers. for instance. declined a point OF
more all around. Burlington got as low
as 131 -. and closed at l3l rs, St. Paul
1 got as low as 12i 3-4 and closed at that
/ price. AtchisOn preferred declined 10 81 "a,
I and closed only Ia above that figure, and
/ Rock Island dropped TO 113 3-S, and closed
at 113 1-2. There was good buying Of all
( these securities, and especially of Atchison
preferred. al the low prices. and many are
Of the opinion that the decline viii not go
further for this reason.
Southern Pacific. which has been one Of
the most buoyant securities on the list
this week, went of further than the gen
eral railway list for this reason perhaps.
The clique is not thought TO have sold any
stock, and il is known that Vanderbilt
brokers were buyers but the public has
been in IL more than in many other stocks. /
and was easier disl0dged. The close was
al 40 81 only Is above the low price
for the day. The fact that a stock is in
trinsically worth much more than its pres
ent price very seldom prevents a trader
from selling il when he gets frightened,
any more than the fact that another stock
is not worth anything prevents him from
buying il. The surplus for the stockhold-
ers Of Southern Pacific for the year ending
June 80 Is understood TO have been about
$4,000, 600. or about ? per cent. The earn
ings OF the system so far this year have
increased in an astonishing way and ii is
cOnservauvely estimated that from 1-2
TO 3 per cent viii be earned on the stock
in the entire year
Pacific Mail tumbled with the remainder
OF the market and gave its friends an
other disappointment Much had been ex-
pected by many from the squirt on Wednes-
day. The evidences Of renewed interest In
the stock, however, are gratifying It
seems to be considered very nearly certain
now that the subsidy bill viii be passed
and that at some time during the coming
session Pacific Mail viii sell a a very much
higher price even If IT does not go to a
permanently higher level at that time
There seems to be very little doubt in
Well-informed quarters that Missouri Pa
cifc is being bought heavily by important
people and that it win sell al much higher
prices In The near future. Several rea-
sons for this buying might be given. The
earnings are increasing rapidly. The gross
earnings increased in the last week Of Oc-
fober $50 900 and in the month S14S.000. a
dividend is 10 be paid on the stock in De !
cember. Developments Of importance are
reported also between Missouri Pacific and
Texas and Pacific The stock advanced yes
terday 10 - l.. and then declined rather
easily TO zs. The close was at recovery
Of 3-S of a point.
Sugar tumbled yesterday 10 153 IS, and
recovered only to 154 is, despite new ru-
mors Of a settlement Of the sugar war. The |
rumoTs were denied, but perhaps II is not |
necessary to state this The street IS pass |
ing through one Of its buIlish periods re. |
gardiug this stock.
Washington stock Exchange.
Sales-Potomac Fire Insurance: 1880; |
Riggs Fire Insurance: 100d9; Columbia Ii |
tie Insurance l0d5 IL; City and Subur- |
ban r. R 5036 u; Mergenthaler Limo |
type. Z0G206 After call-Capital Trac- |
tion. 8T94 "a, Lanston Monotype 70615; |
MeTgenthaler Linotype. 1O62O5 rs, I0G |
u. a.F.H