The evening times., 1898-12-27

The stock market opened with wild
rush this morning, as had been expected
by nearly everyone. AS predicted In The
Times this morning there were tremend-
Gus buying orders by the public and al
most equally potent realizing sales during
the first fifteen minutes of the day, SO
that il could not be told one minute where
quotations would be the next, within
point or more. The markets opening
prices, owing TO the accumulation OF buy
ing orders over the holidays, were from
one 10 nine points in advance OF the close
on Friday. After the first great rush 1t
became evident during the day that the
buyers were in excess of the sellers almost
everywhere The course of the market
showed the first jump. then recession
from the highest, and finally a steady,
though slower, advance in nearly all
stocks continued well above the close OF
Friday.
There is still very bullish feeling in
almost all classes, professional and pub
lie, while it is not thought possible that
the public can be stopped In its buying.
and il is not believed that any interest
will desire 10 try the task for some time
TO come The great primary dividend and
interest disbursements are now only Few
days away and it is certain that large
part of this great food of money will be
reinyested adding new impetus to the ad-
vance. Mr. Flower and his friends are
understood still TO be extremely bullish.
The Flower stocks were among the
strongest at the opening this morning. and
they all held their advance we'll, though
Federal Steel common went OF quickly
when so was reached in the opening quota
tions. Mr.. Flower has been in a manner
the central figure of this entire bull move
ment, and his record has been a remark
able one. His friends went into his stocks
at level many points below the present
prices and they have seen their faith in
him verified in truly remarkable way
They have made fortunes. 1t is the belief
of the bulls, and they include large sec
tion of the entire speculative community,
that the Flower people will continue to
boom their stocks.
Rock Island was one of the leaders to-
day. It's initial advance was not so great
as that in some other stocks but it con-
tinued on it's upward course without
break until after y. and looked then to be
at it's strongest, 1t sold above 113 very
quickly 1t is believed that Burlington
and ST. Paul as dividend payers with as
sured futures will accompany Rock Island
| in it's advance. though they are not SO es-
| pecially the favorite of the Flower party.
American Steel and Wire was one Of the
sensational features. There was a tip in
certain quarters on Friday morning that
| the securities of this company would i'm
| mediately follow Federal Steel in its course
upwards. During Friday there was an ad-
vance of three points. Over the holidays
the commission houses received great buy
/ ing orders and the opening this morning
| was at an advance of nine points, one of
/ the greatest ever seen on the Exchange.
| Later there was some recession but much
| of the advance was held.
| Federal Steel common reached so and the
! preferred 81 in the opening rush. There
| was heavy realizing in both these stocks
| also, and some decline. Despite this. it is
| noticeable that the buying continues in
| great volume. The advance in all the Sc
] curities of companies allied with the steel
| and iron trade is of course due to the al
most unprecedented activity in steel rails
| and all other iron and steel products. 1t is
almost the universal opinion that the COM
ing year will be one of immense prosperity
for these companies.
! Leather preferred was very strong this
morning. The public is buying this stock
because of the great activity in the leather
trade. There is manipulative buying also.
Pacific Mail is the favorite of many OF
the market critics. Aside from the great
intrinsic merit of the stock, owing to the
most advantageous position of the COM
pany, there is a strong clique behind the
present boom. After an opening two
points up from Fridays prices there was
recession of point and then a steady
though slower advance again, which show
ed the strong buying.
The Baltimore and Ohio securities are
believed by nearly everyone familiar with
the affairs of the company. to be among
the best on the railroad list. The letter
of Spencer Trask & Co., a few days ago