The times., 1899-07-14

| the story. The close of Brooklyn was at
lib SIS. showing a net loss for the day
! but perhaps not a very serious one cousid-
eriDg the circumstances. 1t is noticeable,
! however, that this stock has been selling
lower and lower day by day. and there can
| be no doubt that it is losing friends.
Whether people who sell out their Brock
| lyn are making mistake or not nobody
knows, perhaps. Manhattan and Metro
politan were apparently little affected by
the Brooklyn weakness, both closing at
about the level of the opening.
| Northern Pacific common and Missouri
| Pacific were the features of the day among
| the strong stocks. Northern Pacific went
| to 81, the top price OF this movement, and
closed at the top. Missouri Pacific went as
| high as 40 is. and closed within half a
| point of the top, showing a good net gain
| for the day. The gossip OF Northern Pa
cific common has been extremely bullish
during the past week, as has been sta,,
| in this column. II Is now a fairly well eS
| tablshed fact that there will be another
| l per cent dividend on the stock in August
making the total for the year 3 per cent.
| The talk of the street is that on the basis
of this rate the stock should sell above
| 60, as it would pay the investor per cent
at that figure. Missouri Pacific has had a
| disposition to take profits in ii at present,
| although it is not doubted that it will go
| higher in the near future on the excellent
| outlook for the system.
The recent disposition of investors to
buy the low priced securities that have
good prospects, rather than the standard
issues, has been commented on. This fea-
ture of the market is particularly notieea-
law ly al of nf
stocks showing more activity than at any
! time in many months. Missouri Pacific
and Northern Pacific common are in this
class, are also Chesapeake and Ohio,
Big Four, and Union Pacific common
among the Vanderbilt stocks, Texas Pa
cifc and the st. Louis Southwestern Sc
eurities among the Gould shares, Norfolk
and Western preferred and common, South
ern Railway, and Wabash preferred sew
eral of the low priced coal stocks. and the
Huntington securities. 1t is the opinion OF
some of the best informed people in the
street that these securities will all sell at
much higher levels during the coming two
months. In general the earnings Of the
various roads have shown large increases
during the past year, and in many cases
dividends are in sight even in the lower
priced stocks of the list.
American Cotton Oil common was more
active yesterday than at any time for
many months. The price went up to 40 81,
the highest since 1897, when it reached
above 80. The prospects of this company
are of the rosiest and, as has been pointed
out on several occasions, the ultimate ad-
vance Of the stock is assured. II has been
going up steadily though slowly during
the past six months, perhaps more than
the average trader is aware. year ago
it was selling at 20. A dividend OF 3 per
cent was paid last December and the pres
ent earnings of the company make certain
at least as large dividend this year. For
ty is a very small price for a per cent
stock.
The grangers We're strong yesterday, but
not buoyant or especially active. The ten
dency of the street to neglect these stocks
somewhat has been noticeable within the
past few days. 1t is not considered in any
way an indication of weakness, but after
their large advances recently attention is
naturally diverted to other hitherto in
active securities that show tendency to
advance under careful clique work. ST.
Paul and Atchison preferred are the best
liked of the group.
Louisville and Nashville was again one
of the strongest stocks on the list. II
showed little inclination to decline in the
later advanced though slowly. closing at
~ 3s, within an eighth of the highest
price for the day.
New York newspapers are reviving the
story published in this column several
months ago to the effect that railway af-
fairs are tending strongly. toward the con-
solidation OF the Northern railways into
three great transcontinental lines. under
tfa pff fhn
tral, the Pennsylvania, and the Baltl-
more and Ohio. The Vanderbilt plan has
been discussed fully in this column. and
probably will be the first to reach con-
summation. The combination of the Atch-
ison with the Pennsylvania is also said
to be one OF the deals that may be COM
pleted at any time. and the buying of the
stocks of both of these roads by the same
parties is commented on. The Baltimore
and Ohio. if it is to become transcon-
tinental line. will naturally reach the Pa
ciic Coast by way of the Northern Pa
cific and the Great Northern.
The question of the bank statement is
most interesting one. and it is fortu-
nate for the market, perhaps, that its
complexion is well nigh certain. The New
York banks have been receiving money
from the interior during the entire week
and it is probable that an increase of
reserves of at least $4,000 600 will be
shown. The chances of tight money at
present are remote.
The Washington Stock Exchange.
Sales-U. S. 3's registered. s1,5OOG1Os ga.
West End National Bank, 5G123 3-i. Ma
tional Safe Deposit and Trust 10d 40.
Capital Traction, 35G95 1-2. 4d95 "a, and
1895 5-s. Washington Gas, 50d53 SIS and
54G53 1-2. Chesapeake and Potomac Tele-
phone 1GS0. American Graphophone, 1i0
dl3 3-4 100G13 SIS. American Graphic