The times., 1899-01-07

Speculation was unsettled yesterday and
the course of prices irregular. Support
came principally from one group of oper
ators and from cliques that are bulling
certain stocks, and there were frequent
periods of liquidation when the market
yielded easily. At the close the entire list,
with few exceptions, was of from half
point TO point or more. The suggestion
made in this column yesterday afternoon
that the look of the market is not bullish
must be repeated. The belief that dan
gerCusly high level has been reached for
some of the manipulated stocks is becom-
ing more general. On the whole II seems
probable that there may be further reces-
sions today, and If the tumble in one or
two stocks is serious there should be no
surprise. Nothing Of this should be under
stood, however, to indicate a belief that
the end of the bull movement has come.
The market Of yesterday and of today, if
there is to be continuance of the decline
in prices today, indicates only that con-
servative people desire more stability in
the advance and do not consider the pyra-
miding in one or two stocks healthy. The
strength of money yesterday seems 10
mean that the banks have not been pleased
at this active speculation in the specialties,
and have arranged not to let anyone and
everyone have money TO push favorites
further. II was said yesterday that people
who We're pyramiding Brooklyn and Fed
eral Steel were refused loans on their
holdings. Next week, and even perhaps
the last trading today. may show better
condition of things and another beginning
of the advance. Somewhat may undoubt-
edly depend on the bank statement.
There is much interest in the fiuctua-
tions of Peoples Gas, and undoubtedly
many conservative people believe that to-
day may witness a spurt in the stock
Flower was again a buyer of the stock
yesterday, though at times it was said also
that he was selling. The movement is to
come in few days, but If the remainder
Of the market is unfavorable to his plans
he may decide not to make his campaign
today. Apparently there would have been
a great advance before this had not the
amount Of stock that came out on his tre-
mendous buying Thursday been so consid-
cradle.
There is renewed interest in Pacific Mail
There was talk yesterday of large buying
by inside interests. The stock went up to
it's highest level for the movement. but
did not pass it.
Late yesterday afternoon there was a tip
to buy Leather preferred and the price
advanced point on good buying. The
people who gave the first information are
strongly bullish still. NJ. D. Jacobs, of
Miller & Co, received good information of
it yesterday.
The gross earnings of Baltimore and
Ohio Southwestern, for the fourth week of
December. declined sl21: for the month
declined sl3. 800: from July l increased
| s2l7 COO The earnings OF Southern Rail-
way for the fourth week Of December in
creased Sl4l. .753; for the month increased
| s225, ,785; from July / increased 81, ,526, ,000
Ladenburg, Thalmann & Co. say of the
| situation There must be very good sell
ing of long stocks from time to time bu,
sales are carefully hidden. There are many
| tempting inducements to jump In and buy
on top. Advice goes for little, but
we take the conservative view that it is
dangerous To buy at this level"
Western Union had considerable activity
yesterday. but as soon as it advanced there