The times., 1899-03-08

! However, it would seem evident that 1870
! is an absurdly ipw price for the stock in
| comparison with that of other lines, and
| that much higher figures should be attained
| during the coming months of prosperity
| There was an advance yesterday of rs,
| one of the best showings in the entire list
The report of the company on the affairs
of the Panhandle road is meager and
unsatisfactory. The earnings OF the road
are given as about sl9O0O,0O0, and the
expenses" as about 81, SOC, 900, or over II
per cent. This amount supposedly in
ciudes all expenditures for improvements
of every kind. The rentals. interest,
si,Oo0,O00. which leaves net profits of ST.
220,0I1.29 There has been declared on
the $500, 900 preferred stock of the COM
pany dividend of 12 per cent, which
amounts to $340.000 This is somewhat
more than a quarter of the profits shown
for last year. 1t will be seen that under
the present policy of the Pennsylvania
Company with regard to the Panhandle
road there is earned on the preferred stock
something like 3 per cent. The suit of
the minority stockholders of the company
is intended among other things, to compel
the Pennsylvania Company not to take
such large part of the revenues for i'm
provements each year. but 10 turn more
of them over to the stockholders.
The coal roads stocks were strong and
well bought yesterday, the immediate
cause of their activity being ascribed 10
the blizzard and the predictions of more
cold weather all over the East. But it is
certain that a large part of the speculative
public believes in the stories floating of a
deal between the roads, and it is to this
fact that the continued strength of this
group of stocks is to be attributed There
has been talk of this deal for so long
that some people are beginning to doubt
if there is really any foundation for it,
but this does not prevent the buying of
the stocks It seems probable that some
insight into the mystery will be given
within a few days now if there is anything
to show. Mr.. Morgan is on his way home
from Europe, and it has been promised
by those supposed to know that his re-
turn is all that is now waited before i'm
portant matters will be disclosed Wheth
er there is to be consolidation of the
roads. OF a combination less close. or moth
ing at all it seems probable that there will
be further advances in these stocks i'll the
next few days.
The statements as to the earnings Of the
General Electric Company recently pub
lished, If they are accurate, account most
satisfactorily for the fine advance of the
stock In the last few days. The figures
remind one forcibly of the most palmy
days of the Sugar Trust. The latest Off
cal statement is fine although it does not
reveal quite the full particulars of these
unofficial figures. From the official state
ment it may be learned that the income
for the year ending January 81 was
81, ,5S1 1874 and the total charges 81, 1881
leaving profit Of about million and
quarter which would be equal to the full
dividend on the preferred stock and about
6 per cent on the common. The directors
of the company have declared further
dividend Of about $40 on the preferred
stock, payable today. which completes the
payment of back dividends on this stock
and removes this load for the future.
The stock sold yesterday as high as 12O IL
and closed at 119.
Tobacco did not sell yesterday at the
top price, but it was very evident from its
actions that it would be an exceedingly
risky business to attempt selling the stock
short. The opening was at 1873 and de-
cline to 192 came Immediately. Later on
good buying the stock rallied 10 1856 and the
close was at 194, showing a net gain for
the day of one point. Nothing new as to
the condition of the tobacco situation came
out.
The steel and iron stocks were all strong
yesterday and good gains were made The
belief that these securities are TO he near
the head of any advance in the market is
still held by many despite the talk OF dis
elimination against them by the lenders
of money. Friends of the Federal Steel
Company continue to point out the IN
doubted fact that the stocks OF the concern
are very low compared with the earning
capacity and the showing already made by
it, The same condition of things is equally
true of the Steel and Wire Trust.
The Flower stocks-Rock Island, Atchi-
son preferred, Brooklyn Rapid Transit, and
Chicago Gas--were all strong yesterday,
with gains averaging point in each 1t
was not believed that Mr.. Flower was con-
Quoting any active campaign for higher
prices. but he was unquestionably buying
the stocks With regard to Atchison pre-
ferred especially there are many who be
lieve that the stock has about reached its
low figure The decline from the top price
has now been nearly seven points, and it IS
noticed that around 81 support seems al
ways TO be ready.
Pacific Mail is considered most attrac-
tive stock at this level by many careful
observers of the market who have made a
study of the companys present condition
and future outlook. The price OF Mail Is
now at the level ii had attained before
there was any talk of a subsidy for the
company.
The New York Stock Exchange firm of
Burr. Stokes & Co. has gone out of busi-
ness. All its business was turned over 10
c. L. Rathborne & Co. yesterday at
o'clock L. d. Fowler, the Washington
of UUrr X o.
turned from New York. where he acquaint-
ed himself fully with the particulars OF
the change. He expresses himself as much