The times., 1899-10-17


Gross earnings. ,es7. 500 $l24e,7es $s9loi6
Operating expenses 9s5,9f3 ssO,Ss9 .....
Net earnings. $e5l,sse sse5.s74 s2s5. .962
Reserve fund.-. 1890 n6,460 ...
Balance $500. S535,37 S249,414 s2s5, 962
Further declines in Pacific Mail are not
unlikely, but careful people expect to see
the stock sell at a much higher price this
winter.
The grangers, under the lead of st. Paul
and Atchison preferred, were active and
strong, and they all made good net gains for
the day. st. Paul opened at 124, and
closed at 124 Sd, the highest price for the
day Atehison preferred opened at 81 Ia,
and closed at IS, the highest price. Bur-
lington and Rock Island closed at 1876 Is
and 112 Ia, respectively, these prices being
in each case the highest of the session. The
action of the group was in every way
satisfactory, covering and good buying both
being noticeable. Good crops and high
prices for them make the outlook for these
securities fine no matter how much the
bears may point TO the fact that they are
now selling several points higher than they
were a year ago.
The improvement that has been noticeable
in the steel and iron securities for several
days was in evidence again yesterday. The
entire group advanced well and closed at
the highest, or practically the highest,
prices for the day. Federal Steel common
was better treated than Steel and Wire
common. 1t closed at "a Ia. The insiders
are believed TO be buying these securities,
and the advice TO buy them at this level
is excellent.
Pullman stock was doomed again yes
terday 1t was ,yhispered that the deal for
the consolidation of the company with the
Wagner concert is certain TO so through.
The report of the Baltimore and Ohio for
the month OF September was so excellent
that sentiment regarding the securities OF
the company is again bullish in the ex-
treme The bonds and both the common
and preferred stocks are all talked of as
good purchases at the present level.
Louisville and Nashville and Southern
Railway preferred both advanced well and
closed at the best prices of the day. Senti-
ment regarding these securities has lost
none of its builshness during the past
week, in which they have both been strong
in the face of a generally declining
market.
Tobacco was weak at the opening, get
ting as low as 116 1-2 "ex-dividend, but
later 1t advanced with the remainder of
the list closing at lis ga, with net
gain for the day. Sugar advanced to above
I44 and closed at 143 3-S, with a good net
gain.
Western Union was dead the only price
of the day being 81 The stock is not
favorfte with the street.
Matthew Marshall the writer Of the
weekly Monday financial letter in the
New York Sum-" deyotes his letter this
week to the immense powers Of the Sec
retary of the Treasury to expand OF con-
tract the money market by buying the
outstanding Government bonds with sur
plus funds in the Treasury or by buy
ing money with Government bonds or bor-
rowing on short certificates. He considers
this stupendous power in the hands of one
individual defect in the financial system
and suggests as the remedy the establish
ment OF a great bank like the national
banks of Europe, and the old United States
Bank He quotes the laws quoted in this
column last week in reference TO the
ability of the Secretary to put out money
at this time in buying bonds.