The times., 1899-12-21
pers have turned front with the statement
that market prices are now below values


rumors were bad. The announcement OF
the increase Of the dividend on New York
Central 10 per cent may be included in
the former The story that Brooklyn is
To 90 into the hands of a receiver is an
example of the latter. Il Is not true, OF
course The announcement of the Central !
directors that the stock is to be hereafter /.
a ) per cent stock had been expected, but (
il came at this time. nevertheless. as a sur |
prise TO the street. II was none the less (
welcome. Of course. The company has been .
earning 6 per cent during the last year,
and its present earnings are at the rate
of per cent. il is said. They are the best
made by the company at any time in its
history. Central S record as a dividend
payer has been one OF the best The rate
has not been high but the dividend has
always been paid From 1887 TO 1882, 4
per cent was the rate, in 1896 and 1891 L he
rate was 4 II per cent, in 1892 there was
q dividend OF Ia per cent; then for two
years 8 per cent and since that time
Der cent has been the regular distribution
The advance 10 ; per cent is as good an
indication of the belief of the Nanderbilts
in continued and even greater prosperity
as anyone need desire. Higher prices Tor
thi5 stock and also on the Union Pacific
securities and other Vanderbilt issues may
be expected in the very near future. Union
Pacific preferred is one of the securities
in which investors have implicit faiJh, and
4 has been picked up steadily since Mon
day. IL sold on that day below 20, and it
f. extremely improbable that there will be
another chance to buy il at these figures.
IN connection with the purchase Of the
Pittsburg and Eastern by the New York
Central. it is said that the Vanderbits viii
build important and profitable extensions
10 their coal lands in northern and west
ern PENNSYLVANIA.
The trouble in brooklyn Rapid Transit
was violent and apparently without any
sufficient cause. A number Of rumors were
afioat all day regarding the stock and il
was said early in the morning that it would
be attacked, but probably few Of the bears
on the stock expected any such realization
of their hopes as came late in the after
noon. The low price reached was 81, sew
eral points below the low on Monday. and
- points below the highest price of last
spring. One Of the stories was 10 the
effect that an application has been made
for receiver for the property. 1t was
promptly denied by the officers of the COM
pany, and received little attention in the
street. another story was that the Brook
lyn pool with 75.00G shares was selling
out with losses of millions Of dollars This
also was denied and seems 10 have no
foundation. The best explanation Of the
weakness offered was that a new bear had
entered the field with desire to break the
stock down 10 10.
This little gentleman has been one of the
tipsters OF the Consolidated Stock EX
change. and during the recent break his
bearish views have given him heavy follow
ing among the small traders. The thing
has been most profitable TO him and il is
said that he has taken out of the market
a million. dollars or more. Flushed with
his victory he is understood 10 have de-
cided that the Consolidated was too small
a field and to have put his entire million
into the attack on Brooklyn Rapid Transit.
He may win in this game, too and his
success Yesterday was excellent but il
seems highly probable that he and his new
found wealth viii soon part company.
Brccklyn. however. is not an attractive
stock at the moment, even after its violent
breaks.
The break in Brooklyn carries with it
tumbIes in The other sO-called Flower
stocks. Federal Steel common and pre-
fefred and Chicago Gas. Federal Steel
common declined to Il 1-2 only point or
two higher than the low price Of Monday.
ii rallied quickly, however and closed at
a 81 The preferred sold 'eX' dividend 3
per cent. and, although il declined with
the common. ended the day with part Of
the dividend regained. Chicago Gas went
as low at q IL. after rallying above 81.
II closed yesterday at 80 l-2. Atchison
preferred and Rock Island were prevented
from advancing by the weakness in these
securities but they did not decline much.
This entire group seems likely to be iTreg-
uIar for q few days, bus the stocks viii all
he bought on the declines for much higher
prices in the near future
/ Another New York gas war settlement
story is afloat with the usual denials.
! Sugar was broken down nearly 10 Mon
days low price again yesterday during the
! raid on Brooklyn Rapid Transit The 'dou-
bic tops and bottoms people who haunt
: Lha brokers Office with LheLr toy records