The times., 1899-10-13

last year The system earned about per /
cent on the preferred IA stock. and that |
the operating expenses are being kept down |
this year, il will be seen that this gives
a great outlook for not only the "A" but |
the 'tB" stock. and makes the prospects |
OF the common stock exceedingly hopeful. |
The most careful people in the street are |
advising the buying of these securities.
Brooklyn Rapid Transit was one Of the |
weak stocks of the day. II held fairly well /
in the first half hour. but later began to
tumble. and at the close had made a net
loss of points. The selling was largely
for the bears, the efforts of these gentle
men apparently being largely concentrated
on il. as they have been in recent former
raids on the market. There is nothing new
in the affairs OF the company, as far as can
be learned, and no significance Is attached
TO the decline. The advice was given to
buy the stock at the close by several con-
seryatiye houses.
The figures of the statement OF the
Western Union for the year which were
published in this column yesterday, were
naturally received with little enthusiasm
by the street. A statement of President
Eckert that test Office receipts since the
beginning of the new year have shown uni
form gains, did something TO mitigate the
disappointment OF the friends of the COM
pany. but # Is realized that the business
of the company cannot be said TO be In
satisfactory condition. The past year
should have been one of the best on rec
ord. if not the best, If the business OF the
company were improving normally Win
the growth OF the country. Instead of this
a in net arn-
ings.
The Federal Steel securities were among
the strongest on the list, the common
closing at a fraction above the level OF
Wednesday. The fluctuations were over a
narrow range The American steel and
wire stocks were less buoyant. declining
fractionally under somewhat heavy SELL
ing. although they were supported by the
people who have been prominent buyers
in the past few days. Coal and iron de-
clined rather sharply. 1t is believed by
conservative people that the Federal Steel
and Steel and Wire securities are among
the best OF the industriais, and ali very
good speculative purchases at their present
levels The trade still holds up TO its fine
business with immense business and the
certainty OF corresponding earnings.
The handsome advance of Big Four on
Wednesday seems to have been lot well
timed If it was engineered by insiders,
The entire gain made in the squirt was
los. yesterday. the stock closing at 81 IA.
The ether Yanderbilts were also trifie
weak. all closing at lower prices for the
day.
II was announced yesterday that the
September net earnings of the Diamond
Match Company were s150.o00, or at The
rate CT IL per cent on the stock.
There are the best of evidences that
Reading first preferred is being quietly
absorbed. The same may be said OF some
OF the other anthracite coalers. The pros
poets of the group are for continually larg-
er earnings. and there is no doubt that
dividend announcements will be made in
several cases in the near future.
At the present time Southern Pacific is
not being doomed. There was a fractional
decline yesterday with the remainder OF
the market. but it was noticeable that the
people that have been buying the stock
recently were continuing their policy Of
quietly picking ii up
The papers throughout the country are
discussing the project suggested in this
ment buy its bonds in the market in order
to liberate some of the immense idle sur
plus in the Treasury. The New York
Tribune says Of the plan;
The fact that the current market value
Of Government bonds is high would not fur
nish a satisfactory argument against the
purchase of bonds by the Government, for
on the long time issues the high prices paid
would be more than offset by the saving
that would be effected in interest. The
Treasury has an enormous cash balance at
present, and its receipts are running stead
lily beyond its payments The Government
may not think well of buying up bonds as
long as the war in the Philippines con-
tinues, and IL may be argued that the ae-
tual necessities of the money market do
not require further assistance from Wash
ington. The fact remains. however, that,
despite heavy expenses OF war account, the
Governments receipts have been over $3,-
oee GEO in excess Of payments for the fiscal
year TO date, while money is being taken
out OF the channels of trade and locked up
In the Treasury, where the Government s
available cash account stands al 1858 GOT, ,0be.
II would not be a new departure for the
Government to buy up its own bonds III
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