The evening times., 1899-10-27

There was hesitating stock market this
morning for an hour or two, with little in
dication as to the probable later course OF
speculation. Prices were fractionally ad-
vanced at the opening, and they declined
from this level on realizing and
some small short selling. There was
q fair recovery before noon. The
feeling of the Street is still more
bullish than otherwise, and to all ap
pearances the strongest element in the
market is on this side. The intrinsic con-
ditions are of course overwhelmingly bull
ish. 1t seems probable now that the South
African war may not be an immediate
victory for the British, but the Street Is
now discounting ultimate victory as far as
1t is influenced by the Boer affair in any
way The money rate is still fairly high,
but, as is well understood, this is not an
argument against cautious buying Of Sc
curities. though it is against any attempt
at a wild bull campaign. The bank state
ment tomorrow is matter of guess work
as yet, but the chances do not favor
brilliant one. Perhaps the remainder Of
the week will show slight reactions from
the present well-advanced prices as re-
suit Of some discounting Of poor showing.
Southern Railway, preferred, was, FER
haps, the best feature of the morning mar
ket. 1t advanced to 81 in the first hour
and was very strong at this fine gain The
stock was selling at 81 1-2 yesterday, and
a few days ago was around 81 The i'm
mense increase in the earnings of the
Southern for the third week of October
was largely the cause OF the buying. The
earnings of the system for the week were
SOL, 1874, an increase OF S109943. The
gross earnings from July were $3.50, ,I52,
an increase of S946S33. Conservative pso-
pie have been buying this stock for many
weeks in the expectation of just such an
enthusiastic advance in its price as is nov
occurring.
The grangers held their own excellently
during tine first hesitation of the morning.
St Paul and Atchison, preferred, wou- d
not yield more than very small fraction
each, and Rock Island and Burlington
were only less strong. The magnificent
Atchison statement for September dispo es
many people not already in possession of
the preferred stock TO buy it, and the re-
suit is the great frmness noticeable in il,
for the bears are afraid to sell it short.
The other monthly statements of the gran
ger lines are expected shortly.
American Steel and Wire, common, was
again the weakest stock on the list. II
opened at 80 and dropped in two transac-
tions to 40, around which price il hung all
Street is very much inclined 10 believe that
this weakness in Wire is due TO inside SELL
ing and whether this is true or not the
Street is not disposed obuy the stock. Fed
eral Steel, common, declined fractionally,
but recovered later. Spectators favor the
latter stock as between the two and IL
seems probable that in the course Of not
very long time this stock will have good
advance. The questionable dealings of the
Steel and Wire people with regard to their
stock will not keep the securities of the
Federal Steel Company down always when
the iron and steel business is in such mag
nificent condition.
Missouri Pacific was very strong, selling
early in the day at As. Mr.. Sage is quoted
as stating that dividend will be declared
on the stock in December. 1t has been
fairly certain that the immense earnings of
the company would result in this action by
the director but an authoritative statement
by Mr.. Sage is nevertheless reassuring.