The times., 1898-11-29

Yesterday was filled with interest 10
pebple who have been following the re-
cent fluctuations of the stock market. Inc
situation in Paris, the present very hieh
level of the market, the bounding conn
dence of many interests, the work OF the
rnnIs the cold weather and snow
throughout the East, all would have their
effect on the range of prices, II was
known before the market opened, ana the
outcome was awaited with Keen eXpec'a-
,ion. The result of the day shows all
this very conclusively. There was a Dig
market with a great volume OF business
and activity in a surprising NUMBER OF
securities. Prices at the opening WERE
above Saturdays close on the general
outlook, heavy buying by the arbitrage
houses also contributing to the opening
strength. 1t is estimated that S9co
shares we're purchased by them as
against only 5000 shares sold. AT the
high opening there was heavy reahzing'
and TO many 1t looked as If large interests
were liauidating The public then came
in with big buying orders. Ihese anu
the work of the pools in several securities
made the closing strong in several direc-
tions. II is difficult to estimate tne
strength of the public enthusiasm but
the turn toward the down grade seems
likely to occur at any moment. Except
in a few specialties there will be no buy
ing by insiders or the professional eie-
ment at this level.
The industrials were quiet yesterday,
| speculation turning to railroad securities
| almost entirely. This is only one of the
indications that the public is making ihe
| market The public has apparently pe-
come imbued with the idea that the raii-
! roads are earning large dividends and
IT, rp II.
/ The public is a weak holder snd break
| of a point or TWO would be hard blow
| to its faith.
Metropolitan was the feature of the
I afternoon trading. The stock reached
| $50 3-S during the last hour and the close
| was at $50. making the net advance IL
points The heavy buying in this stock
was said to be due-to the expectation
| that S. 600, 600 treasury stock will be sold
| to stockholders at par. The. advance in
\ Metropolitan was predicted in this column
with much positiveness when it was
| around 172, a week or more ago. Talk of
l. 200 for the stock was to be heard on the
| exchange yesterday, but IL there Is a
| slump in the general market it seems
probable that Metropolitan will hardly go
| counter to the stream.
| Louisville ana NaSHNIie ANU eHe oouth-
/ ern Railway securities continue very
strong, as has been predicted in this
| column Louisville went to 6S IL yester-
| day, closing at the highest figures for
| the day Southern preferred went to
Il is, closing at Al. The prospect of large
| dividends with the certainty of continued
| good business in the future Is ample rea-
| son for bullishness on these stocks. A
rumor was all around the board yester-
| day that / 1-2 per cent will be paid on
| Louisville in January.
| The grangers were in good demand in
| the afternoon. The logic of this seems tc
be that the street was favorably i'm
| pressed by the snow storm, which is good
for wheat and consequently for the busi-
ness of the carriers. Also the statement
of st. Paul was excellent. There is moi
the buoyancy in these stocks, however
! that some of the other issues exhibit
apparently for the reason that they are
believed to be very nearly If not quite
IS high as their prospects warrant
Strong bull tips were out. yesterday OF
Rock Island and there is reason to beiiev,