The times., 1899-03-09

refining sugar. If this rs done, who can
say how cheapIy they may sell sugar? And
who can doubt that in the end they will
be successful in their light with the oppos
tion refineries?
The strength of the eopi road stocks was
as influential in buoying The market as the
dividend on Sugar. The stories of the deal
among the coal roads were more freely
circulated Yesterday thap at any time be-
fore, and the return OF Mr.. Morgan from
Europe seemed to make the elimination
and announcement OF the deal imminent.
Traders generally continued to buy the
stocks, discounting the story. Reading first
preferred went up four points from the low
of Tuesday, and Ontario and Western closed
above 2S, both of these prices being higher
than any heretofore reached by the stocks
this year The correct story of the ar
rangement to be made by the stocks this
year is probably not known except to a
very few of the insiders. 1t seems certain
however that something in the way OF a
closer alliance for mutual protection has
been completed. The scarcity of coal Is a
strong argument in this direction. Ihe
Morgans and the Vanderbilts were said to
be heavy buyers of the stocks yesterday.
The earnings of Pacific Mail for the
month of January show net increase OF
$50. 200 without the subsidy. This increase
makes the same fine showing as that Tor
the earlier months of the year. The net
earnings of the company for the year end
ing April 80 will be far in advance OF any
thing achieved by it since the o.d times
of its subsidy from the Pacific railroads.
They will approximate and probably exceed
81, 500. OO0. or about Z 1-2 per cent on the
hA Gtn Nv1g
yesterday, closing at the highest point Of
the day. Al This price. however, does not
seem in the least approximate to its value
in comparison with the earnings, and with
the position of other securities at this
time.
The regular dividend is expected in st.
Paul today. In some quarters there Is
still talk of the possibility of per cent,
but information apparently authentic is
to the effect that there is no chance of
change. St. Paul, with the other gran
gers. was strong yesterday under the IN
fuence of good buying in the late alter
noon. St Paul will hardly show any weak
ness as the result OF the announcement
of the old rate, as it has been expected
by everybody. On the other hand. 1t seems
to be good buy on any slight recession
Rock Island was somewhat behind tie
others of this group yesterday, and II the
market is strong today 1t may be eXpect-d
to have a good advance.
There was tip out yesterday to buy
Union Pacific common. The stock did not
respond to the tip. At the present price
(46 5-S) it is considered one OF the best
purchases on the list by careful observers
of the Pacific stocks. One argument made
by many is that the buying of the Wander
biIts will certainly extend to this STOCK II
1t is continued for any length of time. The
dividend to be paid on the preferred STOCK
will be announced on Friday. per cent
rate is expected.
General Electric continued strong though
IL did not get above the high price of the
week The earnings of the company have
attracted large buying by the public.
The Flower stocks were strong yester-
day, although Mr.. Flowers buying seemed
to be largely in the Readings. Atchison
preferred closed above 81, Federal Steel al
So and Chicago Gas at 112 17S. Atchisou
preferred looks good for further advance
though if there is to be general reces-
sion today it may lose some OF Its gains.
There has been good buying of Southern
Pacific around the present low level anc
I
newal of operations by the pool in the
| stock 1t seems not in the least unlike
ly that some rally will occur whether this
rumor is true or not.
The earnings of Big Four for the last
week of February show a decrease of &c.
7oS This decrease probably accounts fol
the failure of the stock to advance with
the remainder of the market. The decline
IN . iS ctr he
has been large and it is not believed thai
| II will extend much further if any. Chesa-
| peake and Ohio has been keeping Big
| Four Company and is now near the bottom
price for the movement. A gentleman
usually well informed on this stock ex-
pressed the opinion yesterday that it viii
have good rally within the next few
| days.
| Louisville and Nashville was one of th'
| weak stock yesterday, though it closed ;
t,oI, he.