The evening times., 1899-08-01

The outcome is a question: of much in
terest and the conditions, technical and
general are beginning to favor the bulls.
The public is more bullishly inclined than
at any time in months, which must be
considered a very strong argument in IA
yer OF higher prices as the leaders of the
market and the holders of new industrial
securities have been waiting for this de-
yelopment before they would begin any
large bull campaign. Stocks are in the
strongest hands SO far, and in order that
profits may be made by these people it
will be necessary for the price level to be
advanced materially. And on the other
hand the people who hold stocks now are
not the ones to be influenced by the bear
attacks. In other words, while it has been
difficult matter to start the upward
movement at this season of the year, and
while the conditions were against it until
1t was well under way, every day of ad-
vancing price makes the task of the lead
ers more easy. Conservative people are in
clining more every day to the belief that
large advance has been inaugurated that
may last with the usual necessary reac-
tions during the entire summer and au-
tumn. This view may prove to be un-
founded and speculation may again sag
into the inconsequential rut of last month,
but this does not at present seem proba-
BILE. A decline of point or more seems
likely at any time, but there is excellent
evidence that there would be heavy buying
on any such reaction.
Tobacco was again the most active stock
on the list, withGan advance to 1O9 7-S in
tthe first half hour of the day. This move
ment in Tobacco has surprised the people
who have been familiar with the buying
of the stock recently very little. The price
now is higher than has been attained by
Tobacco since the 100 per cent stock divi-
dend few months ago.
Norfolk and Western preferred went to
u on the opening, the highest point ever
reached by it. Advices to buy this stock
have been frequent, owing to.the immense
earnings of the system in comparison with
its dividend requirements. The preferred
stock is restricted to per cent. and dur
ing the past year it is understood that be-
tween Z and 8 per cent has been earned
on it, The semi-annual dividend of per
cent will be declared tomorrow, and it is
understood that a preliminary statement
Of the earnings of the company for the
year will also be made.
The Southern securities generally were
affected again today by the yellow fever
outlook, but nothing more serious hap
CChCu " tuCh ludu a ldiuTc W dQNducC
further with the remainder of the market
II is not believed by the street that there
will be any unpleasant consequences of
the fever news unless the situation becomes
much worse than at present seems likely.
The grangers were strong. all showing
small advances, but it is apparent that
for the time being at least the public is
giving more attention to other parts of the
list. st. Paul went as high as 1873 1-2,
Burlington 1873 1-2, Rock Island to 120 3-S
AID ...cnison preferred to "a Ia. The ST.
.aul earnings for the last week of the
1onth are expected tomorrow.
ttchison's earnings for June will be Civ
out this week, possibly today or tomo.-
Nv. There have been predictions that the
ne net earnings of the line for the month