The times., 1899-04-02

| it tells clearly of the confidence of the
| public and promises much higher prices
! during the coming months, it also sug-
| gests strongly that the public is likely to
! become overconfident and go to excesses
Z in its buying of stocks that are no: consid-
/ cred the soundest and most safe Any such
boom as that of yesterday is likely to be
/ followed by big selling movement that
might carry prices down five to ten points.
One fact seems very clear. Large fuctu-
ations are likely and large margins will be
a necessity if one wishes to be safe in his
speculations.
The public and the professional operators
| seem To have decided not to pay any fur
ther attention to the bank statements Two
or three weeks ago such showing as that
OF yesterday and would have cast a heavy
damper on the market. The reserves de-
creased heavily and the specie and deposits
also decreased. The loans increased sew
eral millions. Every one of these items
was markedly unfavorable. according to
the standard of month ago. The fact
seems TO be that financial people believe
the money situation is entirely satisfactory
and likely to continue So The great album
dance oi money all over the country and
the promise of continuing immense exports
leave no fear anywhere that money rates
can be Kept up for more than a few hours
at time. The normal rate for the next
six months will probably be around 3 per
cent The figures of the statement are as
follows:
reserves decreased. ................s SO, ,062, SIS
Loans increased. d............... l. 6gS 300
Legals decreased. ed.... III. 500
Deposits decreased sed. 223 700
Specie decreased d............. ais 200
Circulation creased-..... A. 500
Ihere was no hesitation when the
statement was made public The good
buying which had continued almost
without cessation all the morning was even
accelerated during the last half hour. The
close was at the top prices in almost all
stocks.
The market must be called still Flower
affair almost entirely. Flower and his fol-
lowers were heavy buyers all day. and
with the exception Of Manhattan the Flow
er stocks were the ones that had the sur
prising advances and showed the most con-
sistent strength. Federal Steel common
was the leader of this group. as has been
stated Mr.. Flower bought the stock even
at the top figures. The preferred stock
followed in the lead of the common, though
its advance was in no way sensational. Its
close was at 80 1-2. The predictions of
the street are still OF the most bullish char
acter regarding both these securities The
statement of the company officials that
10 per cent is being earned on the common
stock in addition 10 the per cent on the
preferred which has been earned already.
Is calculated TO make the friends of the
company enthusiastic. 1t is said that the
preferred stock is TO be advanced to l25
and that the common viii not be far be-
hind it.
Chicago Gas, another of the chief favo-
rites of Mr.. Flower, was one of the fea-
lures OF the list yesterday. II went to
12S 5-S, new high figure for the stock,
and closed at the top, very strong. The
chief buying was by the same crowd that
Federal Steel common Rock
Island and Atchson we're strong and both
closed the day with good net gains, though
the grangers were not as conspicuous in
their strength as other stocks, apparently
owing 10 the fears regarding the wheat out
look Atchison closed at 63, full point
advance for the day. Rock Island ad-
vanced half a point. Brooklyn Rapid
Transit was neglected somewhat and made
no new record in high price. II was not
allowed to lose any ground, however, and
closed at the opening price-l34. Many op-
orators are holding their Brooklyn still
in the expectation of obtaining much higher
prices for it in the near future. The out
look for the Brooklyn concern Is fine. Its
system of street railroads is one of the
most valuable in the world-only second
perhaps TO that OF the Metropolitan Trac
ton.
Manhattan was the chief performer of
the day, even TO the overshadowing of Fed
eral Steel. Its movements were wild. the
jumps at times being three points or more,
but despite its erratic course the tendency
was at all times upward. and vigorously
So During the early trading the stock was
held sturdily near the opening price, while
OF shares were sold out by peo-
pie anxious 10 realize. As soon as this
batch of selling orders had been disposed
Of the mauipulators commenced an active
bull campaign, with the aid of shorts.
who were badly frightened by the deter
mined front Of the clique. When lbs was
reached, at or near 1870 o'clock, some
short wanted to buy back his stock SO
badly that he gave l29 for il. In a few
minutes more similar orders had sent the
price to 1873. This was the extreme high
level for the day and the close was at 125.
a net advance over Friday of nine points
Mr. Whites prediction. made last Thurs
day, and chronicled in this column that
the stock would go to 1i0 before it reacted
to 40 was fulfilled within seven points In
one days market.
Missouri Pacific. which has been picked
out by several shrewd brokers as likely to
have quick advance in the near future,
was fairly strong yesterday. but failed to
fulfill the expectations of its most enthu-
siastic friends The opening was at AZ
a point advance from the close on Thurs
day, and during the day no further gain
was made, the close being at IS "a
The stocks of the Vanderbilt roads were
neglected, although they all
showed good strength. New York Central
made a half point net advance for the day,
and Union Pacific common 3i. 1t is stated
by people who are supposed to be close to
the New York Central management that
the stock is to have good advance within
the next month. Two rumors are circu-
lated with regard 10 the stock. II is said
10 have been decided that 8 per cent divi-
dends shall be paid hereafter. and the story
of the transcontinental railway is still dis
cussed.
Reading first preferred stock was active
during the last hour and advanced half
a point or more. The other coalers were
neglected. The street looks for a move
ment In the Reading securities this week
and probably will not be disappointed il
the market continues strong.
The local stock market was an interest
ing one, although the amount of business
done was not as large as on many recent
days The chief activity cas In Metropoli-
Daf flxraN t1-If fgh tssao coli