The times., 1899-04-13

adopted by the STOCK exchange Win regard
to the listing of new securities. They are
aimed at the indiscriminate listing of new
industrial companies stocks. The follow
ing is an extract:
Original applications to list any securi-
ties OF Industrial or manufacturing COM
panies must be accompanied by copy of
charter or act of incorporation; by-lass
of the company; opinion OF counsel that
the company has been legally organized
and that the securities have been legally
issued; statement whether this is an origi-
nal organization or consolidation OF sew
eral previously existing firms or corpora
tions; a full description Of the property,
real personal, and leased; nature and
character of product and general state
ment of the business proposedto b. trans
acted: opinion of counsel that real estate
owned is free and clear, exceptsas to stated
liens report of responsible expert ac
countants, showing results of business
each year for the period of at least two
consecutive years If possibless and bal
ance sheet showing assets and liabilities
of recent date; statementfof special rights
and privileges of directors, as conferred by
charter or bylaws; and agreement that
the company will publish at least once in
each year a properly detailed statement OF
its income and expenditures for such pre-
ceding period, and also a balance sheet,
giving detailed and accurate statement
of the condition OF the company at the
close cf its last fiscal year or OF recent
date" az 81
These rules should be beneficial in their
effect, and they are certainly in the right
direction. ~ 90
The stock which showed the best
strength all day and closed nearest TO the
high figures was Peoples Gas. The move
ment begun in Gas on Tuesday was con-
tinued at the opening yesterday, and with
hardly any recession until the close. The
buying was started by Flower and the
public took up the cue quickly. The open
ing and lowest figure for the day was 125,
and the highest price paid was 127 IA.
The close was at 127 IL. There Is moth
ing new in the affairs of the company. 1t
is asserted by Mr.. Flower and by officers
Of the company that more than per cent
Is being earned.
Brooklyn Rapid Transit was bought as
aggressively as Gas, but its advance was
all made during the first hour OF the day.
The opening was at 120 and the high price
reached was 12S 1-2. The close was at
I27 rs. The talk of the street regarding
Brooklyn is all bullish.
The Federal Steels were both advanced
aggressively in the early hours OF the day
and both held their own well in the later
trading. Both scored new prices since the
reaction of Friday, the top for the COM
mon being 81 3-S, and for the preferred
81 Ia. The close on the common stock
was 66 "a, and on the preferred Sc 5-s. In
connection with these good advances the
great buoyancy of Tennessee Coal and
Iron was noticeable. The stock went as
bioh e nS "A
earnings of this company are increasing
almost as rapidly as those OF the Federal
Steel trust The talk of q combination OF
some kind between the two concerns is
still heard in the street, but no new de-
tails are added to those published in this
column. 1t seems probable, however, that
there may be some foundation for the ru-
NOR.
Northern Pacific common was the leader
of the railroad shares. with steady ad-
vance all day and net gain of more than
a point The high price reached was "a IA.
and the close was at SO rs. The preferred
stock was strong also but made no large
advance Morgan buying was conspicu-
Gus in these stocks, and it was taken to
mean that they are to be pushed ahead to
! new high levels in the coming boom.
| dividend of 1 per cent is to be paid on the
preferred stock for the quarter ending
| June 80, no change in the rate.
| Louisville and Nashville was strong dur
ing the entire day, going as high as &C "a
and closing at sc IA. The buying of the
stock was largely by commission houses
| on the fine earnings statement. The in
| crease for the first week of April was s44,-
| 600. Louisville is not far from the highest
| level reached by 1t this spring, and the
| talk of the friends of the road is that 1t
will pass the best previous price in a short
| time. Another southern stock that was
actjye and strong yesterday was Southern
Railway preferred, which went up to 50 "a
and closed at 81 with small net gain for
the day.
Missouri Pacific opened with good ad-
vance, but failed to better that price in the
later trading. The buying of the stock
recently has been large. The pool has been
responsible for a large part Of this, but
the commission houses also have contrib
uted to the total on the gossip predicting
a boom in the stock. 1t is said that the
| officers of the Missouri Pacific and of the
| Rock Island have been holding conferences
recently, looking toward closer relations
between the two properties, and it seems
not unlikely that something in the way
of an arrangement may be made.
Washington Stock Exchange.
| Rapular call ,lnnnlp- National Rank