The times., 1899-06-29
RAILWAY Shares ACTIVE
General Advances the Feature of
the Stock Market.
The Industrinls Dull and in Some
Instances Weak k-Anthracite - Coal
York Street Railways influence
of the Vanderbilt Stocks Shown.

New York, June 2S.-Today's stock mar
ket had many of the aspects of the deal
ings in January before the market for Sc
curities had been flooded with the newer
industrial issues. The dealings in the rail-
way list resulted in practically general ad
vances, many of which were of notewor-
thy proportions. The industrial quarter,
on the other hand. was dull and in some in
stances weak; the dealings there seemed to
be wholly uninfuenced by the buoyancy of
the railway list. Here is unquestionably
one of the most interesting phenomena
of the market at this time.l From the
close of January until last week entirely
contrary conditions prevailed, That Pc
riod covered the rise and the partial down.
fall of the industrial speculation, and dur
ing these months the railway list was
neglected. 1t is not altogether easy to
assign specific causes of !. the return to
fashion of the railway stocks, for current
arguments for a rise have been applicable
at any time during the period when they
were obscured by the speculation in the
industrials A further interesting question
is in regard to the present lodgment of
the industrial stocks. There has un-
doubtedfy been heavy and persistent Ii
quidation in these stocks since they were
offered to the public, and presumably they
event the current market shows plainly
that the buying power of the public is OF
greater proportions than had been sus-
pected. The existence of the noted pub
lie buying power was disclosed in the
greater activity of commission houses and
the wide distribution of interest appar-
ent in the dealings in the railway list No
quarter of the railway market was neg
lected, there being large dealings in the
trv-erl che ha IL lirn etc Ire rhn
Atchison and Pacific issues. Louisville and
Nashville, and Southern Railways, and in
many of the specialties.
The local traction shares also received a
good share Of attention, Metropolitan
Street Railway and Manhattan advancing
sharply. while Brooklyn Rapid Transit had
an uncertain tone. Metropolitan Street
Railway advanced on the expected issue of
s5,000,000 additional stock which 1t was
said will be offered to the present share
holders for subscription at par. The rapid
rise in Manhattan appeared to follow the
covering of short contracts, probably in
duced by the tangible evidences of prog
ress in the work of electrically equipping
the property. The anthracite coal shares
participated notably in the strength of the
market, though from speculative point of
view these stocks suffer from the absence
of formal announcement of what has
the anthracite industry. It is safe to say
that this virtue of omission is fully appre-
ciated by everybody not speculatively in
terested in these stocks.
London again furnished a much higher
range of prices for American stocks and
was buyer in this market of over 10000
shares of various stocks, the largest pur-
chases being in Louisville and Nashville.
These operations were reflected in a lower
foreign exchange market which throws
some doubt upon Saturdays shipments of
gold. There was very little actual news
all day and the money market was un-
ruffied.
The influence upon the general market
exercised by the strength of the Vanderbilt
stocks was clearly shown in the manner in
which the market hesitated upon the ap-
pearance of reaction in that quarter
Apart fl rumors of more or less credi-
bility there was nothing to be heard in
regard to the so-called deal in the Van
derbilts and their connecting lines Per-
sons who should be in position to be in
formed in regard to the rumored arrange
ment profess to know nothing about 1t,
but ignorance OF a similar sort has at
tended other great financial operations of
like Importance.