The times., 1899-12-20

ss.,si' Tesa. Pasiaa fa.'"-s pl@ i5& Mis M i5'. H7s
Tenn. Coal and Iron. p - 4 -
Union Pacific ......... 45 45 42l2 a
Union Pacific pfd.... dgla ne 6s54 "a
n. = hus''L .---.---' 23 S,,
Wahasl W.. ptd -. 593s S93- ig4 s952 s5
Yesterdays stock market was much such
as was expected by the street after the yio-
lent tumble of Monday. Prices had a gen
orally advancing tendency but much fever
ishness was displayed at all times and
where gains of two or three points were
made there were always blocks of stock for
sale by brokers who had not been able to
sell them out on Monday when margins
were exhausted This is feature of every
aftermath Of a quick break and it always
prevents a quick, steady advance for sew
eral days 7 he news of the day was so en-
tireIy favorable however that a much
better feeling regarding the future Of the
market was developed. Cali money was
offered freely all the afternoon at per
cent, and the closing quotation was , per
cent, the lowest for many weeks. Tne de-
yelopments which led up TO this ease of
rates were interesting and important. The
banks after putting SO, 00O into the mar
ket on Monday, had another meeting yes
terday morning and decided TO offer an
to this the subtreasury deposited 100000
with the banks in pursuance Of the offer
made BY Secretary Gage on Monday night
This cf course. made it impossible for the
outside money lenders 10 advance rates IN
the afternoon. The statement was made
later in the day that several of the banks
have applied 10 become Government de-
positcries under the SecreJary's plan.
These various factors in the financial situa-
dove 11r.~.i in
LCadon the purchase Of American shares
for the London market yesterday. and the
good investment buying noticeable all day
yesterday on this side, make the outlook
seem excellent for gradually higher range
Of prices.
Investors arz considering the fact that
they can now buy dividend paying s6curl-
lies at ne same prices they were selling
for year ago, despite the long business
strides made in the year 1883. year OF
immense prosperity has added many dollars
10 the intrinsic value Of all good securities,
moi 10 mention The many stocks that have
I been put on the dividend list in that time
OF that have had their dividend rates in
creased Earnings are 10 per cent larger
/ han they were year ago In general,
. these earnings are from 20 per cent TO
. 100 pr cent higher than the dividends
paid But with all this increase in in
trinsic value. market prices are now where
they were last December. in some cases
even lower. il is this that is causing care
Iul investors TO buy Rock Island around
par. s. Paul around 115 Burlington around
. IZU Northern Pacific common below %,
Northwestern below $50. Southern Railway
preferred around 80. Southern Pacific at 80,
New York Central in the 12o's. not TO men
lion a long list Of other railway securities
% ne Of fpF
. months ago. As for the industrial list,
( there is excellent reason Tor believing that
the panic in them is over and that the
prices Of Monday and Tuesday viii prove
10 be The lowest IN many long months. The
stocks have been thrown over by then
holders Tor anything that they would bring
There was never more drastic and thorough
liquidation iu any market before. The peo-
PIE thar buy securities when they are going
begging usually pay the lowest price, ano
they usually realize large profits later. The
record OF these companies, both new anc
old. for the past year has been far better
on the average than that OF the railways
The better class of such securiues-anc
they are numerous-have probably to theil
credit something like double the earnings
proportiouately, that the railway stock:
have.
I Earnings statements given out yeSter'
law were all excellent. Louisville and
Nashville. for the second week OF Decem
her. had an increase in gross Of S9l, ,235
Great Westerns gross for the same weel
increased Sl46S2 Missouri Pacific's gross
for the week increased &41. 900. st. Pauli
gross increased $2J 000 The low prices 0
these securities on Monday We're; Louis
Vile and Nashville, 73 Il; St Paul l13 4
Great Western 10 3-8, and Missouri Pa
lfc IS 5-S The gains from these figure
al the close Yesterday were substantial
as was to be expected, three to four point
in each case Missouri Pacific at 80 seem
particularly cheap for a stock earning il
excess Of per cent and to receive divi
, dend this winter The 81 Paul oompan
is earning in excess Of - per cent yearly
The report of the Tennessee Coal AM
s Iron Company for the month of Novembe
4 is as follows.
Net earnings ............. Szs5.Gl3 uo. .S2lS.Ig
! Fixed charges -------..... 3o.2o3 Dec ~
. Surplus -..............--.- 23J,047 Inc 2l9lo
Z Frrm Jan. 70 NOV. a0
Net earnings .--..-..-... I5ol.oJ4 Inc. 50 .26
! : Fixed charges ........-.-. 5l2.Ig3 Dec. 1907
Surplus .----------- ---.---l e3s,sil Inc. sti .Fi
e The average monthly net earnings G
r this company during 1897 were abou
r $50 600 The average net in 1898 Wer
= about 500 GOO. During the present year il
g net earnings boy months have been as FOL
: lows:
February ...-. 6l.0j0 August ....... l2lG5
! / sf4~IN - 50 SaUrclubas - sb2 q