The times., 1899-02-08

The rosiest times OF the recent advance
offered almost nothing in the way OF quick
movements in stocks that yesterday did
not equal with a move in the other direc-
tiOn. After an opening little in advance
of the close on Monday there was begun
a determined selling campaign which last
ed practically all day and sent prices down
one to three points or more. Al times there
seemed to be no support whatever and
prices sold of by the half point at a
time 1t was the worst encouragement for
the long crowd that has yet been offered
and doubtless a large number of small
margined people were closed out. The
total of the decline has now averaged five
points or more on the active stocks, and
some issues have dropped off ten points
or more. II is difficult to see a turn in the
market for today or for the matter of that
for this week The bears become more
aggressive with every victory. The pub
lie who put prices up two weeks ago has
been losing much of its profits in the
last week, and now has little money with
which 10 buy if il should desire to take
such step. The extreme bears freely
express the opinion that the advance is
over and decline begun which will prob
ably last until well into the spring. Sew
eral matters must be remembered. how
ever. even when the bears are as success
full as they We're yesterday. The position
of the country is as fine as il was two
weeks ago. Even better than that every
week shows the prOphesled large increases
in railroad earnings. There is nothing in
sight anywhere except a continuance Of
the great revival OF business The decline
in the market Is a technical matter war
ranted by no conditions except technical
ones. II is very certain that one days
good buying by the bull leaders of the
market would turn the tide in the other
direction. IL is very certain also that
after rally of point or more there would
be more buying by the public. And for
these reasons although the look of the
close last night suggested nothing except
lower prices there is undoubtedly the
large possibility that the bottom prices
may be reached at any time, may even
have been reached yesterday.
The earnings statements published yes
terday illustrate the soundness of the rail
road situation, and the certainty of pros
perity for the roads eXcellently. The
earnings OF New York Central FOR the
month of January increased 1927 300 The
earnings of Fort Worth and Rio Grande
for the fourth week OF January show an
increase of 1886 Chicago and West
Michigan, fourth week. Increase. $l5, 100;
from January /, increase, S36,67l. Texas
and Pacific, fourth week. increase. SOS, 900,
month, decrease. $1,000. Norfolk and
Western, fourth week, increase s3S, sos;
month, increase. s59,356; from July |, in
crease, S22S, GOO. Northern Pacific, fourth
week. increase, s3s, 5000; month, increase,
Ss5, 900; from July /. increase, 81, ass 600.
The action of several stocks yesterday,
and during the entire decline OF the past
two weeks, suggests that they may be
bought with comparative safety on fair
margins. with the certainty that they will
he among the first TO recover and to ad-
vance when the market turns. For in
vestmeDt such issues must be considered
excellent at this level, several points away
from the high figure. Atchison preferred
is one Of these stocks. There has been