The times., 1899-09-07

SortheR Sea1s nj. Pacific pfd. i5s M AZ is az az M is
Penn. Railroad. 10 l1b5s l334 LOO
Phila. Reading. y 23 222S 70
Southern Pacltc......... 56ls 3S4 J0ts 81
Southern Southern Railway p - r. i i 5s 5S s
Texas Pacific. ......,.... 204 204 204 20&
Tenn. Coal & Iron. 10J4 llI& l09E liz
Union Paclfc....... 4SB 4sS 4I8 4iA
Union Pacific pfd........ S04 81 SOY 604
Z. ;. Leather pfd d...... l5A i5R l54 l5A
wabash pfd. ....,..,,.... 70 rs - -
Western Union Tel...,. SO SO SSH sSR
There was fine buying movement in the
stock market yesterday morning, cliques
and the public uniting in advancing prices
in the grangers, the Yanderbilts, and many
of the specialties in a spirited manner,
which looked much like the beginning of
bull market. In Tennessee Coal and Iron
Colorado Fuel and Iron, Sugar, Tobacco
Brooklyn Rapid Transit and Manhattan
large gains were made, ranging from two
to nine points, and in the grangers, the
Vanderbilts and some of the Pacifics ad-
vances of one or two points were scored
Later in the day there was profit taking
and short selling by Keene and his follow
ing, which resulted in much of the gain
being lost The result OF the sessions bust
ness is not unsatisfactory, though many of
the oyerenthusiastic bulls were disappoint-
ed at the late selling. The level of prices
was about the same at the close on Tues
day, with fractional losses in few stocks
and one or two good gains. Mr.. Keene
is evidently still a bear, which indicates
that there are important people who be-
lieve the market still has two sides.
Despite this fact and despite the selling
yesterday the best opinions obtainable
are strongly optimistic this week. The
reasons are obvious. OF some thirty prom
inent railways which have reported for
the last week of August not one shows
decrease in earnings, and many show i'm
mense gains. This is very different from
the bear talk of a month ago, which was
that July would see the end of the in
creases in earnings. st. Paul's anpual
statement is magnificent bull argument
alone, showing IL per cent earned on the
common stock in the year Spectators
and, their brokers are returning to New
York on every train, and all of them be-
lieve in the future of the market Another
factor which viii probably seem to be
worth little intrinsically, but which will
undoubtedly affect the market, is the ap-
proach of the Dewey New York celebra-
tion and of the International yacht race
1t cannot be doubted that these events
will attract immense crowds of people with
ready money and bullish sentiments to
New York. They VIII buy stocks and be-
fore they reach the city It Is quite the
reasonable thing to expect that prices win
have been elevated for their beneft Ex-
actly such market movements for exactly
such reasons have been engineered before
this time. The advice of careful brokers
is to buy stocks, especially the low priced
issues with dividends in sight or those
promising increases IN dividend rates.
The. sensational advance in Tennessee
Coal and Iron was the feature of the mar
Irzt 49,, NJ L.
III 1-2 early in the day, an advance of nine
points overnight. and of eighteen points
from the opening on Tuesday. 1t was
caused largely by coverings of shorts, who
were very much frightened. When the first
rush of the shorts was over the stock set
| tied back TO around 112, at which point it
| closed for the day, with four points net
| gain and twelve points advance for the
! week. There can be no doubt that there
was good buying of the stock for the long
| account as well as for the shorts, how
| ever, and many believe that the advance is
not over. The news regarding the COM
| pany is all most favorable. There has
| been much talk of the immense over cap
! italization of this company in the past
! years, and it is probable that IL has been
| largely true. The position OF the COM
| pany has changed radically, however, in
recent months. Aside from the boom in the
iron business, which is giving it immense
| profits and undoubtedly earning big profits
for the stock, there has been a great ap-
| probation in the value of much of its real
| estate, which thus represents permanent
| gain in assets. 1t owns fifty acres of land
| in Birmingham, for instance, which will
| soon be sold for building lots 1t is said
that this is worth from 81, 800. 900 to 81, ,000
| 000 When ii was turned into the COM
pany at the beginning it was valued at
much less than this.
Colorado Fuel and Iron was advanced il
quite as satisfactory way as Tennessee
Coal and Iron, although there was not
quite the same sensationalism about the
| movement. The buying was largely fol
| long account, as the shorts in the stock
are comparatively few 1t went to so an6
despite some profit taking at this level held
| its own remarkably we'll. II is not be-
lieved that the advance in c. F. l. is yet
over.
The other steel and iron securities were
fairly active yesterday and made good ad
vances In the morning hours, which were
all lost, however, in the declines of the af.
ternoon. These securities are considered
excellent speculative ventures by careful
brokers. A dividend of l "a per cent wa.
yesterday declared on National Steel pre-
ferred, payable September 80,
| iresr.i-
One of the satisfactory Development
yesterday from a market point of view
was the declaration of the regular DIVIDEND
of 3 per cent on Sugar common stock
Sugar was advanced nearly TO 160. ant
then declined. Whatever the truth of tn
sugar war may be, 1t is certain that tn
stock holds its own we'll The street woul
not be much surprised to seesa good ad
vance in it at any time. f e
The statement of st. Paul for the yea
is so favorable that 1t cannot, help. havini
an excellent and lasting effect on the con
servative interests In the street. Yester
day st. Paul went to 1876 1-S new higi
record for the stock not equaled befor
Cured in the afternoon. which cancele
half the gain Burlington went as high a
1877 is and closed at 1876 18. 1t will b
seen that st. Paul is slowly gaining Of
Burlington and the street would not b
surprised to see the two selling at equa
prices in the course of the present week
Atchison preferred was somewhat heavil
sold in London yesterday morning an
later in New York, and 1t made a net los
for the day. On the whole the action @
this group was considered excellent IN
figures of the st. Paul statement are a
follows
1890. 1905 Increase
Gross earnings. S3s, 80 632 S34 Isg e6s 81 I20 9f
operatg and taxes %, ,e62, ,ss6 1862, ,ss6 21el,27
Net earnings Si4 s47 795 s12, $50, ,o97 81, ,s59 6a
From other sources 1910 lSb0s 1906
Total ..... sl4. .465 200 s13, 1l9. us 81, ,s46 0s
Fixed charges. ...... 6 $50 l19- 7,l9o,4ls 'Soo2'