The times., 1899-08-17

tetudS Was tue cause OIL some short sell
ing, although there had been no expectation
OF higher rate. The other securities of
the group closed at about the opening fig
ures.
further spurt in the Tobacco issues was
the feature of the early. hours yesterday,
American Tobacco getting as high as 126,
and the Continental common above 90. All
these securities declined later and closed
with net losses 1t Is announced semi-offi-
cislly that the trust has obtained the Bu-
ehanan q Lyall concern, the purchase being
credited TO the Continental Tobacco end
of the trust combination. This purchase OF
rival company that had been incorporated
with the ayowed intention of fighting the
trust was made much of yesterday by the
clique which is booming the Tobacco stocks,
but this entire business of the forming OF
a new company and its speedy acquisition
by the trust smacks much of hippodrome
TO many Another piece of news" yester-
day was the announcement that dividend
is soon TO be declared on Continental To-
bacco preferred, some assertions being that
it will be 12 per cent for the entire first
half-year of the company. Such a dividend
is most unlikely, and there are not wanting
those who declare that there Will be no
dividend whatever at this time. No sur
prise would be felt at slump in these
stocks from yesterdays level.
Louisville and Nashville continued its
advance yesterday, the high price reached
being II SIS, and the close a Ia The
steadiness of the upward movement of this
stock is nothing less than remarkable and
it is attracting much attention as the
tremendous increase of earnings shown
every week and month. An analysis OF
the outlook for the present year made by
careful authority recently suggests that
with large increase in gross earnings which
now seems assured and reductions in oper-
ating expenses something like 10 per cent
should be earned on the stock. Louis
vile and Nashville is in fact one of the
best managed and most prosperous systems
in the country, and its stock is even at
the present level selling at a low figure
compared with its prospects.
Southern Railway preferred has been
somewhat neglected of late, but there are
confident predictions that it also will make
fine showing during the coming two or
three months.
The skillful clique in Southern Pacific
continued its work yesterday and advanced
the stock to 81 Is, the close being at 81,
only an eighth from the top. Central
Pacifice also was advanced nearly two
points, to Sc SIS. 1t is stated positively
lldl the Duyl0R Ul luiS SlOfh Is IOI the
purpose of accumulation and not in order
TO give it fictitious boom, and in view of
the excellent prospects Of Southern Paei-
fic this seems reasonable supposition
The dividend of per cent was declared
on Chesapeake and Ohio yesterday, as had
been predicted.
| Baltimore and Ohio was again bought
| by insiders, it was thought, though not
! heavily. A small advance was made by 1t.
! 1t is stated by a good authority that the
| July net earnings of the company will
show an increase of S415, 600.
| The steel stocks We're inactive, and
nearly all declined somewhat Federal
| Steel common being the exception Amer
ican Steel and Wire common opened at 50
and closed, at IS g. A. The street is some
| what unpeasantly affected by the persist
ent weakness of this stock in the face OF
! the excellent report OF the company
| Jcckeying by the insiders is undoubtedly at
the bottom of the difficulty. Mr.. Gates is
stock gambler, and he and his friends
bought the stock few weeks ago at its
low price before the positive announce
ment was made that the statement of the
company would be submitted TO the stock
/ exchange They are now selling out and
| taking their profits Such manipulation
! will do the stock no good, and Ii may go
! far toward preventing the public from
buying it. Tennessee Coal and Iron lost
another fraction closing at SO. The de-
| cline from 80, the price reached by the
| stock on Monday. is the largest that has
been made by it at any time since the re-
/ cent movement began, and it was suggest
| ed yesterday that the end of the advance
may have been reached for the present at
least. On the other hand many express
the confident belief that the stock will go
| TO par Another advance in the price of
pig iron has been made by the company,
which is not suggestive of lower prices in
the stock.
/ Sugar was sold off viciously yesterday
afternoon and closed at 15S IA. after go
ing as low as 157 ga. The high price of
the day was 162 "a. No explanation Of the
selling was given.