The times., 1899-07-21

brokers expected a big business. And big
business means a bull market. There is
little profit in a bear market for the COM
mission brokers. The overwhelming rec
ord of increasing earnings by the railways
and the industrial corporations is, OF !
course, the pivotal intrinsic reason why
the level OF prices should advance.
The grangers are perhaps the securities
that have been held with most persistence
during the small bear raids of the past
few weeks. This is despite the fact that
these securities have had a greater rela-
tive advance than any others. 1t shows
that the people of importance are fully
aware of the great record of these systems
during the past year, and fully capable of
understanding its significance as fore
taste Of the future. St. Paul, Rock Island,
Atchison preferred, and to a lesser de-
gree Burlington, are being absorbed by
big people steadily and taken out of the
street. Every new item of news regarding
the grangers only confirms the fine show
ing already made. Yesterday IL was said
that the earnings of Burlington so far this
month have been increasing $35 900 day
over the same period last year, or at the
rate of more than 81, 100000 increase for
the month. A well informed authority
stated that Rock Island gross earnings for
June were 1,750, 900, or nearly $500, 900 in
crease, and that the record of July so far
has been even better than this The
strength of this group yesterday was
marked. ST. Paul closing at 131 1-2, the
high price for the day; Rock Island at
lis is only an eighth off from the top
and point gain for the day; Burlington at
1876, and Atchison preferred at 81 1-2, the
high price for the session. The Rock ISL
and full statement for June is sure to be
brilliant -one, as is that of Atchison.
The new bear factors that have hung
over the market for the past few days, the
fear of tight money and the strike trou-
bles in New York, are gradually losing
the worst of their aspect. Money on call
yesterday was easy, and the strike stua-
tion looked better in the afternoon than
at any time since the trouble started The
New York traction securities were all
marked up yesterday, though perhaps this
fact should be attributed to the rights
for Metropolitan more than to the strike
situation.
Metropolitan sold ''ex rights yesterday
morning and was very strong all day,
closing at 2l1 12, with a net gain of FIVE
to seven points, according to the value of
.
to stockholders of record yesterday to sub
scribe to an issue of 5000, 900 treasury
stock at par, each stockholder being al
lowed IL 1-2 shares for every hundred
shares in his possession. This right on
paper is worth 10 or more, but it sold for
trifle less yesterday. The stock on We'd
| nesday closed at 220 which "ex' the
rights, worth at least H. would be 206.
New York Air Brake sold off again yes
terday forenoon on the good news of the
decision in favor of the company in the
suit of the Westinghouse Company. The
sharp decline in the price of the stock is
one of the stock markets peculiar ways
of receiving good news. The total recess
sion was forty points or more. Later in
the day there was good rally again. 1t
cannot be doubted that the company is in
much better position now than before
the suit was settled. Its right TO manufac-
ture under its patents have been vindicated
and it will probably earn more than the
20 per cent supposed to be its profits at
| the present time.
Big Four and Chesapeake and Ohio were
active yesterday and strong for the first
time this week. The talk of the Big Four
/ deal, of dividends for both these stocks
| in the near future of the excellent results
that are TO be expected from the appoint
ment of the new president for the Big
Four. A. L. Mohler, all contributed to this
result and i. was understood that the
| friends OF the companies were buying their
securities. Both Big Four and Chesapeake
! and Ohio are much favored by careful
market authorities recently.
The steel securities were again neglect
ed The disappointment of the public over
the continuance of the injunction against
the Federal Steel Company is greater than
it need be, but it is not surprising. 1t is
quite among the possibilities that the
steel stocks may be taken up actively on
the next bull movement of the market.
! The New York Herald story of the
combination of Baltimore and Ohio, Illi-
nois Central, Chicago Terminal, Chicago
and Alton, Union Pacific, Oregon Railway
and Navigation, and Oregon Short Line,
was read by the street with much interest
II is impossible to say that it is true or
| that it is untrue. The story, however, is
significant as indicating in the way that
all the recent consolidation rumors do,
that consolidation is in the air. There is
very little room for doubt that the most
| pctent railway and financial men in the
country are working immense deals,
| and that the results of their work Will be
of stupendous Importance to the railway
world.
Leather was strong yesterday, but made
no new high price record. The talk oil the
prospects of the stock is most hopeful.
The Washington Stock Exchange.
sales-Arlington Fire Insurance, 100
1873; Capital Traction. 1Oas5 IA; Wash
iugton Gas, 325@53 1-2; Mergenthaler
Linotype, 1562O3 3-S; Lanston Monotype,
35Gls SIS. S00G1s 1-2; Pneumatic Gun
Carriage. 100d25 cents
After call-U. S. 3's. coupon, s500q1O9;
Washington Gas, 25G53 1-2.
GOVERNMENT BONDS
Bid Asked.
rs IS 1906 O J.. Il2 II2K
Us as 1907 @ ] ............. :. Ii2% il3ss
Us as r e25-........-.............l l29 l29sS