The evening times., 1899-11-15

The stock market this morning vas
stronger and better sustained, with excel
lent buying of many securities and a gen
eral tendency toward confidence. With
Southern Pacific leading in a wholly salts
factory way. on the buying of many thou
sands of shares around 43, and with a
squirt in New York Central and buoyancy
in Sugar. the outlook WAS exceedingly ex-
cellent for good advances today. There
was nothing new in the gossip of the
morning. Financial people whose cpin-
ions are worthy of the utmost confidence
asserted that the bank statement last week
was not in any way a true index OF the
financial situation. The relative plenty OF
money this week seems to corroborate this
estimate. Not only the trust compa anies
but the banks. have seemingly had unlim-
tied funds for call loans at per cent.
Some loans have been made at higher
rates. but it is asserted that there was no
reason for paying the advance. Considera-
bic sums have already been received in
New York from the West. They do not
figure in the bank statement. however. as
the Westerners are loaning without the
aid of the local institutions.
Southern Pacific declined yesterday to
i2 Ia and closed at 42 I-2. There was
some fear that there would be a continu-
morning and that there would not be suff-
cient buying orders TO keep the price up.
These fears were all unfounded as far as
the morning business was concerned The
opening was from 4S is 10 ~ 3-i and with
in short time the price advanced TO i3 3-S
on the buying of many thousands of shares.
There was undoubtedly liquidation but the
purchases were apparently made for parties
who are willing TO take the entire capital
stock if necessary At IL o'clock there was
a slight decline in the price, but it was
not thought that it would continue long
Brokers who have been among the heaviest
purchasers of the stock recently were ad-
vising to buy.
There was a tip out before the opening
that New York Central would have a good
advance today. 1t was not generally cir
culated. but its source made many confident
that the stock would be bought by impor-
tant people. The price advanced from 1876
to 131 in the first minutes of the day and
was buoyant around the top level. The
Union Pacific securities also were well held
up and seemed likely to advance II the gen.
eral market were in the least favorable.
The ne, earnings Of the iowa Central for
the month of September. were sS4,7Sl, an
increase over last year OF SIS, 1872. :
There was another rurnor of settlement
of the gas war in the Street yesterday and
this morning. which received the same
prompt contradictions = from official
sources that such rumors usually do. Con-
solidated stock was somewhat active yes
terday. but during the early hours this
was again neglnctad. 1t is, of
course, certain that some, rumor of the
gas war settlement some time will prove
true, but there is no particular reason to
suppose that this time has yet come. Gas
stock will have been boomedzup nicely for
the insiders before any such valuable infor-
nation will be allowed tohleak out to the
public. Sos
There was a marked weakness in the
Steel and Iron securities this morning that
was not easily explained, except as the re-
suit of manipulation. The Steel Hoop
has furnished some facts regard
ing its earnings that show the admirable
condition of the trade better than any
amount of argument could. They are
commentary on the persistent
of the Steel and Iron securities
1t is said that since the company began
business last April it has manufactured
and sold 422,000 tons Of pig iron and fin-
shed material at a profit large enough to
pay the entire per cent dividend on the
preferred stock with a substantial balance
for the common. The period Is little |
3ver six months. This company has no
ponds and no expenses between the oper- |
lting expenses and the preferred stock.
Warrington Stock Exchange.
Czn- q nAA