The times., 1899-10-31

to show too large a net this year for fear
Of having to increase the dividend rate.
Sentiment regarding the market is still
markedly bullish in most quarters. 1t IS
thought that there may be an opening
somewhat below the close this morning,
but that if this occurs II win almost surely
be followed by good advances before the
end of the day. The situation is satisfac-
tory in every way and there is sufficient
evidence that the large interests look at it
in this way.
The St. Paul statement for September
shows an increase in operating expenses
of $3.50 054 and decrease in net earnings
of $2ol 600. The statement for the first
quarter of the fiscal year shows an in
crease in gross of 1888, ,407, an increase in
operating expenses Of Sl,2G2,960, ana an
increase in net earnings OF $l3O AS. The
proportion of the gross expended on opera
tiOn is apparently extreme, and 1t caused
much surprise in the street. The showing,
however, is at the rate of i per cent or
more, earned on the common stock, and
there is no reason for believing that the
system is going to the dogs. The granger
securities all advanced handsomely yes
teTday morning but declined in the later
trading. and closed with only a small net
gain. The high price reached by st. Paul
was 12S SIS, and the close was at 127 SIS.
Atchison preferred held its own best of
the group, advancing to 67 IA, and closing
at G6 3-S Burlington went as high as 135
and closed with more than point decline
from that fiure. Rock Island got to 116 IL
and closed at 115 3-S.
Atehison preferred is the favolita Of the
granger group. OLE excellent earnings, and
the finest of prospects. All these secuIi-
ties. however will be doomed handsome
ly without a doubt if good increases in
rates can be brought about. The attack
on American Steel and Wire common con-
tinued all day, the decline from rather
high opening being heavy to 40 3-4 The
close was at 46 II. 1t was still said that
the insiders were selling the common
stock. Many still hold to the theory that
this is only ruse to get prices down TO
point where Mr.. Gates can buy to advan-
tage. Whatever the truth may be, there
are certainly many securities more attrae-
tive than this unscrupulously manipulated
common Wire.
Chicago Gas is believed to be an excel
lent purchase by several careful people
that have been right on it heretofore.
There was an attack on the stock yester-
day IN the "Stockholder," reciting the old
story of interference by the Illinois Legis-
lature. Knowing people in the street said
that this was an excellent indication that
Mr.. Keepe wishes TO cover his Gas. He IS
supposed to be heavily short OF the stock
il went off with the remainder of the mar
ket from high opening but was not es-
pecially weak, closing at ia IA Mr..
Keene, since his bearish interview resent
~ followed by a continuously booming
market. has been somewhat discTedlted as
a prophet in the street.
Manhattan was the stock most unsatis-
factory in the list after American Steel
and Wire common. II went OF rapidly IN
the afternoon TO 10, and closed only a
small fraction above that figure. There
was 10 new explanation for the weakness,
and an attack by the bears on what seemed
TO be a weak spot was generally credited
with the break The gossip regarding
Manhattan is as varied as stock market
gossip ever is, which is saying much. Mr.
Sage is quoted as being most confident re-
garding il, predicting 125 in the near fu-
ture. while one of the bears puts out the
tip that il viii go TO so. On general prin-
ciples the stock is not nearly so good 10
buy as one on which big surplus earnings
are being made, but Mr.. Sage is shrewd
old gentleman. and he may very easily be
intending TO advance it despite poor earn
ings.
Brooklyn Rapid Transit was active and
rather stronger than many expected it to
be- 1t has the appearance Of being a pur-
chase to many careful traders. very at
tractive circular was put out yesterday by
friends of the company, showing the i'm
mense increase in the Brooklyn street rail-
way traffic in recent years, and predicting
that the same big gains viii be made in the
future.
The writer's who take the optimistic view
Of the. present market base their arguments
largely on the unprecedented prosperity OF
the steel and iron trade II is one of the
interesting items Of the present market
situation that while nothing could be bet
tered in this condition OF the trade the
steel and iron securities are the laggards
of the market American Steel and Wire
is weak in a distressing way, and even the
better securities Of the group are not ad-
vancing except very slowly. The situa-
tion is an anomaly, and il is known
that some Of the leading financial interests
are buying Federal Steel common and pre-
ferred and others Of this group confidently,
with the firm belief that it cannot continue
: long.
( The Pacific securities were all buoyant
yesterday morning, but all declined in the
/ afternoon business Missouri Pacific got
as high as 50 and then declined TO a frac-
ton below IS. The Union Pacifcs ad-
vanced a point and more from the low
prices Of last Saturday, and after declining
( somewhat closed with net gains. Union
common is considered one Of the best Of
the group and predictions OF 60 for it this
| year are heard in quarters not generally
| considered overconfdent. Southern Pa
ciic made fine advance 10 80 3-8 and then
went of fraction, closing the day with a
net gain.
Louisville went to IS 3-8, Southern Rail
way preferred to 5S IA, and Norfolk and
! Western preferred to Y and fraction. All
the Southern securities declined in the lat
ter part Of the day, but their net showing
was considered excellent
The firm of Carley, Rosengarten & Co.
have opened a Washington branch Office at
1921 f Street, in the same building with
/ Rathborne d Co.'S local Office. NJ. d. ia
cobs is to be their resident manager. The
firm is one Of the widely known members
OF the New York Consolidated Exchange
and Mr. Jacobs is quite as well known in
this city Mr.. Jacobs was for many years