The times., 1899-11-09

I divided surplus September so. 1899. 2l,16O-
$40. Deficit for the year. $240. $50 against
surplus last year Of $4S. .l03. Following
this poor showing came the unofficial an
nouncement Of the success of the amend
neHt voted on Tuesday in New York that
viii make the underground rapid transit
scheme possible This was another blow
10 Manhattan in the minds of many. The
stock opened at III went TO III 3-S, and
then dropped all day to l07 y, regaining
only half q point few minutes before the
close. It is impossible to predict what
VIII be the outcome of the bear attack,
but many are of the opinion that, even
as bad as II was, it produced much less
effect than had been expected by these
gentlemen, and that it Will be given up to-
day. Mr.. Sage is understood still to ad-
wise buying the stock on its merits.
Th- 'ys~her matter was also interesting.
The opening was at 40 TO 81 and a fraction,
many thousands Of shares changing hands
between these figures. With little recov-
cry the stock continued to decline until
early in the afternoon it had reached IS
and fraction. There was then some ces-
sation OF the selling and better buying
showed itself with the result that the last
quotation for the day was points or more
above the low price. II is not possible
70 say exactly what has occurred in this
stock. but apparently the Standard Oil
people have been buying it for many days,
perhaps selling out part of their holdings
on the way up On last Monday a large
short interest is supposed to have settled
privately. Then the first tumble in the
stock occurred TO 2S. The Standard Oil
people seemingly considered it time to be-
gin their game again at this low price, and
again they forced the quotation up to 40
and above. This price was the signal for
another scoop There was heavy selling of
Leather by the Standard Oil people in the
early part Of the day, perhaps 10 get rid
Cf stock and perhaps to force the price
down. The people that came TO the rescue
were Flower and other bull leaders of the
market. 1t has again been demonstrated
forcibly and probably painfully in many
instances, that this stock is not a good one
10 speculate in.
Pacific Mail was one of the features yes
terday with a quick and strong advance
in price TO u 3-4 more than two points.
In the later trading, while the general list
I was yielding ii went back to Il rs. still
showing however. a fine advance for the
day. The only news regarding the stock
was that the directors of the company are
10 meet for the consideration of the divi-
dend question next week. 1t is said that
there was heavy buying OF Pacific Mail yes
terday for Mr.. Huntington and others init
mately connected with the company. and it
. is supposed, or rather suggested that this
is due 10 an advance knowledge that the
regular dividend is to be declared The
earnings Of the company for the month of
October We're somewhat better than the
showing for September.
It is said that the net earnings of the
Tennessee Coal and Iron Company for the
month Of October We're better than had
been generally expected 70 the extent of
SZ50 600 or more. This will make an excel
lent showing of surplus after al charges.
the estimate being $225 coo. The stock
opened at l19, with good gain, but grad
ually declined during the day to III and
closed at III II. Gossip regarding Tenn
essee Coal and Iron in the street is builish
as it is also regarding the steel and iron
securities generally. IT is reported in the
pig iron trade that business is so brisk
that prices cannot decline for many months
TO come. Large concerns are beginning to
make contracts for their iron supply for
the latter half of next year
A good surplus will be added to the large
undivided fund of the American Cotton Oil
Company after the per cent dividend has
been paid on the common stock. This is
certainly an encouraging showing TO the
holders Of this stock at 45.
The buying Of Southern Pacific yesterday
was tremendous. During the early part of
the day the stock went to a SIS and when
the break in the general market came, al
though there was an immense unloading OF
the stock, IL was not allowed to Tecede
more than fractionally. The close was at
Il rs. a good net gain being made for the
day. The determination Of the pool In this
stock and TumOrs that the Vanderblts
have been interested in the recent buying
make the street particularly bullish re-
gsrding it.
Southern Railway preferred. with new
high price 5S and little decline in the
afternoons general break. Union Pacific
common, Northern Pacific common Louis
vile, Missouri Kansas and Texas. Mis-
souri, Pacific and the graugers. We're all
strong IN the early trading and would un-
doubtcdly have acquitted themselves salts
factOrily ia any ordinary market The net
changes In these securities despite the at
tack Of the afternoon were only small de-
clines. and in some cases, in fact, gains
were made.
A Tip was in the street yesterday to buy
the Chicago Great Western securities.
Washington stock Exchange.