The times., 1899-05-06


by insiders despite the weakness of the
general market, and the losses made by
| them were small. Federal Steel closed at
| sc 1-2. only IA lower than the closing on
Thursday. Steel and Wire common was
hurt more, but still held much of its re-
cent gain. The opening for the day was
at IL and the close at So l-2.
| 1t is theory with some careful OBJ
servers of the market that some of the
specialties may advance during the coming
months, while the railroad list fails to at
tain to any new high levels. The theory
is an excellent one and il will perhaps be
well to remember. for reference. at least.
Brooklyn Rapid Transit has long sum-
mer of tremendous prosperity before 1t.
Nobody can foresee what percentage its
earnings will be, but there is every reason
to believe that the dividends of the COM
pany can be most generous. The system
! is one of the best in the country and
every year its business must grow. The
! present price is a very small one for a
! frst-class street railroad property, as a
reference to the stocks of any such COM
| panies will show.
The earnings of the steel and iron con-
Germs of the country are already assured.
They viii show large dividends earned on
the common stocks and will thus remove
all question of dividends on the preferred
| stocks There is ample justification for
| the statement that the preferred stock of
| Federal Steel is certain to receive per
cent dividend for the next five years, and
for an indefinite period unless the worst
! kind of financial panic overtakes the coun-
try. Any believer in the prosperity of the
country has no right to doubt that this
stock will sell very much above par with
in the coming year. The Steel and. Wire
preferred stock is in as enviable a posi-
tion in every way.
The weakness of the stock market was
illustrated yesterday in a new way, the
price of wheat declining steadily all day
but falling TO keep the grangers from de-
clining also Wheat sold at the close a
cent lower than at the opening, and two
cents lower than the high prices of Thurs
day. Atchison preferred opened at 50 1-2
and closed at 81 IS, the lowest price
since the first part of January. Rock
Island opened at 115 Is, and went to
lib rs. also new low price. The slump
carried the stock below the lis mark at
which 1t has stuck on all former breaks
and this one fact turned many former
bulls 10 the other side of the market ST.
Paul was the strongest but showed a de-
cline of "a at the close. Burlington,
which sold ''ex" rights and dividend was
strong during the first hour of the day
but later succumbed to the general selling
movement and closed at 1876, three points
on from the opening price. There was
support of all these stocks yesterday, but
the public and the traders generally have
become most pessimistic regarding the en-
tire group, especially Atchison and Rock
Island. A rally of point or two in them
Will probably occur at some time today.
Great Western and Missouri Pacific, con-
sidered as of the granger group, both
made new low records. The little gran
ger" has fuctuated between 10 and 16
for many weeks and there are people who
have made handsome and apparently
sure income buying and selling it for
half point profit. Yesterday it broke its
rule and went as low as a 3-S, closing
at this price. Missouri Pacific declined to
&c "a, and closed at AZ, one OF the weak
est stocks on the list.
Southern Railway preferred and Louis
vile &c Nashville began to tumble yester-
day after remaining firm for three days,
while the remainder Of the market was
going off. Each lost nearly a point :rom
the opening TO the closing price. There
are people who consider this one of the
best indications of a rally. Louisville
G. Nashville and Southern were the last
stocks TO be taken up in the recent ad-
vance, as they were also in the January
boom.
The anthracite coalears were as short as
the grangers, and seemed TO be subject 10
even heavier short selling. Reading pre-
ferred opened at 81 ii and declined to IS.
The close was at 5S 1-2 Jersey Central
went to III Is. Ontario and Western de-
clined to 25 L.
The Washington stock market partook,
to certain extent, of the weakness of the
New York affair yesterday. Prices in the
two most active issues OF the list, Mer-
genthaier and Capital Traction, declined,
and there was a shading of prices in two
or three other stocks. There is every rea-
son to believe, however, that a consider
ably higher level will be seen in local se-
curities despite these declines, due to too
rapid advances. The business of the ex-
change yesterday was heavy. comprising
about $4,000.
Three hundred shares of Mergenthaler
Linotype changed hands at prices ranging
from 204 1-2 to 206. The opening was at
near the lowest price for the day and at
decline Of four points from the level of
Thursday From this level the price ad-
vanced slowly. The quick advance of the
stock few days ago was too rapid for its
good. and quite number of people who
have been specializing in it sold out their
holdings for the profit. II is said by peo-
pie familiar with the affairs of the COM
pany that the advance will soon be taken
up again. The same may be said in gem
eral of the recent slight decline in Capital
Traction.
John W. MacCartney. of the old firm of
Corson & MacCartney, has returned to
the city considerably improved in health,
but still very feeble man and greatly
emaciated His friends hope that the COM
ing summer, which he will spend at
Gloucester. will greatly benefit him and
enable him to enter active business again
New York, May 5.-Bradstreets tomor-
row will say:
That this is, indeed. an era of trade and
industrial combinations seems evident from
the long list of announcements of new con-
solidations, rumored or actually hoated
coming to public view this week. Whether
this tendency has as yet reached its culml-
nation cannot, OF course be easily pre-
dicted, but in some lines of industry tho
announcements of projected consultations
would seem to have left little room for
further operations OF this kind Easily
first in this direction is the gigantic iron
and steel combination announced with
seeming confidence as in process of forma
ton. Second only to this, however. is the
actual floating OF the great copper COM
bination, whose issue of stock is reported
to have been oversubscribed six times.
while the list of combinations in other
lines would. If all were carried out. make
the week notable in year memorable for
the floating of such enterprises. Out
growfhs of these great combinations ~.