The times., 1899-08-18

movement their first move would be to
depress Brooklyn and Metropolitan Trac-
tion, il order that stock might be ac-
cumulated. and perhaps, also, to let out
influential bears. Such surmises are nee
essarily largely empirical, but they have
lcck of probability that is attracting the
attention of some shrewd people. 1t is
saId that If this coterie and others are
intending to begin a campaign, they are
reasonably sure that the condition Of the
New York banks this week will be salts
factory The easy money rates that have
prevailed also point to the probability of a
good bank statement.
Louisville and Nashville was one of the
features OF the railway list. The stock
was bought heavily during the entire
morning and advanced rapidly to above
so, and closed at 10 "a with a net gain of
i IL points. The advance in this stock
has been one of the few really important
features of the market during the past
month The earnings of the system and
its exceptional outlook for large business
} during the coming year are attracting an
imRense amount of buying both in this
country and abroad. Yesterday 1t was
whispered about in some quarters that the
Louisville and Nashville and the Southern
Railway are to form a combination. Such
move, If it could be carried out, might
be of great benefit to both systems, but
there is particular reason to believe that
ii is in contemplation at the present time
Rather some people in the street were in
clined. from the appearance of the story
with the final big squirt in the stock, to
believe that the end of the upward move
ment has come for the present at least.
Southern Railway preferred was active
also after being dull for several days. 1t
advanced to 54 3-S but lost all of its gain
before the close.
Francis d. Cariey, who is In some ways
one of the most remarkable men in Wall
Street, continues TO predict very much
higher prices for Pan Handle. He is cred
tied with being at the head or near the
head, of the pool which owns a large part
of the minority of this stock and is now
booming it on the strength of the suit
against the Pennsylvania Railway. The
advance is already an important one Dur
ing the past month or two the price has
risen twenty point and was yesterday
above rs. Mr.. Carley now promises par
for ii.
Southern Pacific and Central Pacific were
both buoyant the former advancing to
80 IL and closing at 80 3-S, with more
than two points net gain, and the latter
getting as high as 5S IL and closing at
IS 3S. with a point and half net gain.
The pool in these securities is efficient and
persistent and it is talking of much higher
prices, especially for Southern Pacific
Brooklyn Rapid Transit was stronger
yesterday and the support given it by i'm
portant interests leads many to believe
that the recent decline in the stock is
likely 10 have been the forerunner of
good advance. Mr.. Brady advised his
best friends to buy it yesterday. with hints
that it will have tidy advance to the best
price recently attained by it. Others whis-
pered of Vanderbilt support. 1t is well to
bear in mind that SO far the bears are the
people who have been hurt by Brooklyn
Rapid Transit and not the bulls.
In any good bull movement that is to be
inaugurated il may be counted on as a
certainty that the grangers will take
prominent part, despite the talk of present
prices being high enough in these stocks.
AtchisoD preferred was the best of the
group yesterday. with an advance of a
point nearly. The stock reached 65 IA
and closed at 65 Is. The phenomenal
earnings of the system and the promise of
large increases over even the big business
of the past year is the sufficient cause Of
the good buying of the stock. st. Paul
advanced to 132, Burlington TO 1877 Ia and
Rock Island to lis SIS. The earnings of
st. Paul during the fiscal year to date have
increased about si,1o0.0O0, the gain for
last week having been 100000.
The Baltimore and Ohio securities both
made good advances, which on account of
the usual inactivity of these issues were a
prominent feature of the days business.
The common stock, which has fluctuated
below 80 for some weeks. advanced rap
idly TO SO SIS and closed strong at 80 Ia.
The preferred was equally buoyant. The
July earnings Of the system were very
large and the management is promising
that 1t will make fine showing during
the coming months.
II is unsafe to make predictions regard
ing the Tobacco stocks, but many shrewd
people would be more surprised at a fur
ther advance in them than at d decline
American Tobacco broke TO 40 yesterday,
six points of from the high, but regained
three points of this lost ground.
Tennessee Coal and Iron was strong yes
terday, closing at 81. within a fraction of
the high price for the day. Federal Steel
common was strong though somewhat in
active. The Steel and Wire issues were
trife weak. Opinion favors the long side
OF Steel and Wire common, despite its sag
ging tendency since the statement was
published. "
Adyices from a good source yesterday
were to buy the Union Pacific issues, es-
pecially the common stock.
Chesapeake and Ohio made net gain Of
half a point yesterday. The street is
bullish on the stock The directors have
kept their promise and declared the first
dividend on the stock since the reorganiza-
tion of the company, and the dividend is
considered a good augury.
The Washington Stock Exchange.
Sales-U. S. 2's. counon: s12AG10S Ia.