The times., 1899-06-28


in the street. Predictions are more often
harmful than otherwise, and 1t has been
the policy pursued in this column only
to speak of the big general outlook with
out attempting to foretell immediate fuc
Iuations of the market Recently weighty
circumstances have pointed so strongly
toward an early resumption of the upward
movement of security prices that this rule
has been departed from to certain ex-
tent. The suggestion is ventured now that
the advance is not yet completed. end
that much higher prices will be seen be-
fore the low level of few weeks ago
is again reached. Setbacks are not i'm
possible, not even unlikely, because the
market is a much more complicated affair
than it was a few years ago, and much
more liable TO large fluctuations even in a
bull campaign. The tendency, however,
seems certain to be upward. This is the
view of the people who believe in the pros
perity of the country, but not of the pro-
fessional bears who make their living by
depressing values.
The only matters that have been sug-
gested as containing possibilities OF danger
to the market are the industrial security
situation, the coming grain crop, and the
outflow of gold. The probability that the
money situation will prove bear factor is
dismissed with very little consideration by
the street generally, for the very good
reason that the superabundance of gold in
the country is beyond question. The
problem is not how to secure gold, but
what to do with it. If it can be lent to
Europe. and be a paying investment, the
logical deduction is that this country Is
now, and for the first time in history, so
well supplied with money as 10 be able to
compete with European cheap interest
rates. me outlook for the grain crops is
growing brighter every week. There is
the possibility of disappointment in this
quarter, but it is small. The weekly crop
report is an excellent one. AS to the in
dustrial security situation, which is per-
haps the most serious menace to sus-
tanned upward movement of prices there
is noticeable every day a tendency on the
part of the street to divorce the industrial
group from the railway list in speculation,
a tendency which seems likely to go far
toward proving the solution of the prob
lem. The industrial corporations are pros
pering, nearly all of them. as they have
not done before for many years, and 1t
seems certain that their securities will be
selling at much higher level in the early
future, but, notwithstanding this fact, 1t
will be well for the. public to be convinced
quickly and thoroughly that they are in
a different class from the railway securi-
ties, offering different and much greater
risks, with the probability only of larger
rewards. There is he same difference
between buying St Paul and buying Fed
eral Steel common that there is between
investing in an established business and
putting money into a promising patent
that may be worth fortune in a few
months. tH
The market yesterday was strong ono
all day, though business was not brisk
at all times. Prices opened at about the
level of the close on Monday and there
was fractional decline from that level.
Before noon an advance began which con-
tinued during the remainder of the day
and carried prices in nearly all the railroad
securities and many of the industrials TO
the highest level during this movement.
The grangers and the Vanderbilts were
again the leaders of the advance. 1t seems
possible that the prices Of today may be
the highest of this week, as the advance
has now continued nearly week with no
reaction, and some profit taking would not
be unnatural over the holidays. This,
however, should not be too confidently
counted on as markets like that of yester-
day have a way of disappointing those who
wait for reactions to buy stocks.
The grangers all advanced well and
closed at the top prices for the day. ST.
Paul opened at 12S l-2 and went to 129 Ia,
closing at that price Burlington advanced
from 1873 IA to 1874 3-S. and closed at 134.
Rock Island was heavily bought by Flower
& Co., and was one of the most buoyant
of the group, gaining a point and a half
for the day and closing at ia rs, within
an eighth of the top. Atchison preferred
opened at 81 and closed at 81 IA, the top
notch for the day, after going as low as
Sc SIS. The weekly crop report of the
Weather Bureau, printed in another col
umn is one of the most satisfactory this
season, and it can hardly help having
bullish influence on the grangers.
The Atchison statement for May contin-
ued to have its bullish influence on the
preferred stock. This statement shows the
largest increases in net earnings and net
income ever made by the company in one
month. II is entirely phenomenal show
ing. The gross earnings for the month in
creased S131. .376, but owing to the large
reduction of operating expenses, $363,521,
the net earnings increased $494,904. The
avowed intention of the new management
of this road to economize in operating ex
penses has been carried out in a remarka
BILE way and the results are entirely salts
factory. 1t is stated positively by well in
formed people that the management is not
niggardly in its policy either, and that all
necessary betterments are being made and
all property kept up in frst-class condi-
tion. The percentage of operating cost for
the month was 60.02, against 1854 in May
of last year This is the smallest percent
age for operation ever shown by the COM
pany, the best previous month having been
last October, when the percentage was
62.13 The percentage of operation for the
eleven months of the fiscal year to the end
of May was 6S.37, while that for the pre-
vious year was 1858, but the difference Of
these figures does not indicate the present
rate of saving in operation, as the present
economies did not begin to show in results
| until last October. since which time the
percentage has been only trife over So
| per cent.
The Vanderbilts were again buoyant and
aggressive in their advance. New York
| Central opened at 1877 ga and declined half
point during the first hour. Later heavy
buying put the price up TO 14O Is. and the
close was at 40. Northwest went as high
as 163 and closed within half point of
| the top. Big Four for some reason did not
| keep pace with the others of the group,
declining fractionally. The Union Pacifcs
advanced fractionally. The bears put out
| stories yesterday attempting TO impeach
| the veracity of the accounts of the New
| York Central Boston and Albany deal but
apparently they were little needed. There
seems to be no doubt that the deal has
been made, as 1t has been recorded in this
| column. More than that the talk of a
much larger Vanderbilt deal along the line
of the transcontinental scheme hitherto
| described in this column is being revived
In usually well informed quarters.
The New York traction securities were
more buoyant than for some days past
There was selling of the group at the