The times., 1899-04-12

Illinois Legislature without any action
adverse to the company is sufficient good
news to account for a much better ad-
vance in per cent stock than was made
yesterday.
The talk of Manhattan is uniformly bull
ish. One of the houses nearest to Mr..
Flower advised its customers TO buy the
stock yesterday for an immediate advance
and the record of the hour of the
day showed that its info stfon was cor
rect up to that time. Mr.. White of this
city, is again buying the stock in consid
cradle blocks, and predicting 40 for il in
the near future. The top price reached
by it yesterday, 119 3-S, was made at the
close which seems to insure good OPEN
ing The advance for the day was more
than points.
Iron and steel products are now selling
at higher prices than they have command
ed for many years before. And even at
these very high prices the companies are
all overrun with work and turning 1t away
every day. The Federal Steel Company has
made contracts for many months in ad-
vance at magnificent prices. With this
condition of business 1t is. of course, GER
tain that unless an earthquake comes the
company will be able not only to earn its
per cent dividend on the preferred stock,
but 10 or Il per cent on the common.
Governor Flower is not alone in his belief
that the preferred stock will sell at par in
a short time, and the common at par very
nearly as soon. The common stock went
from so IA, the opening and low price for
the day, TO SO "a. the closing and high
price The preferred advanced from the
opening and low price of 81 3-4 to So 3-s,
the closing and high price. This latter
is also the high price since the slump OF
Friday, although the Federal Steels have
been more laggard in resuming the ad-
vance than the other speciaities.
The crop report may be considered good
or bad, according to the point of view.
Wheat's condition is given at about rs,
which is points lower than for the same
time last year. me expectation, however,
had been for something like 80 or 60. And
also ii must be taken into consideration
that the farmers have a very large surplus
of wheat on hand from last year which win
be marketed during the season, and which
will go far toward making up for any de-
ficiency in this years crop. a third matter
to be taken into consideration is the fact
that the present report has only 10 do with
the winter wheat crop which is of less i'm
portance as to quantity than the spring
wheat crop. The street, at any rate, looked
upon the report as relatively bullish doc
ument. A much poorer showing had been
discounted by traders. The result was that
during the entire day the grangers ad-
vanced we'll, the net gains being from l TO
more than points.
Atcbison preferred, which on Monday
was weaker than at any time before this
year opened at so is and closed at 81 81
Burlington's net advance was nearly three
points. and ST Paul's and Rock Islands a
nit,y and half oh n
orally given by the market critics yester-
day was TO buy the grangers on all recess
| sions.
| Pacific Mail was one of the features OF
| the day. The stock opened at 30 Ia and
closed at 81 34, the two figures being also
the low and high for the day. The buying
| of the stock was at all times good, and at
| some periods of the day there was much
| the look about it of accumulation prepar-
| atory TO quick bulge. The tip is out that
! such movement is TO be made In the near
future, but everything in the condition and
prospects of the company warrants the be-
! lief that much higher prices will be
reached with or without manipulation.
The Vanderbilt securities occupied a
! prominent position in the market again
| yesterday, and nearly all made good ad-
| vances in price. New York Central went
up from 1873 12 to 141 SIS. The Union Pa
cifics were both bought heavily by brokers
supposed to represent inside interests, and
both advanced. The common touched 4S
and closed at AZ rs. and theScohmon ad-
vanced "a to so SIS. Northwest went up
over three points to 1853 and closed at the
top price for the day. Big -Four. made no
new net gain, but held the large advance
made on Monday. Chesapeake advanced
to 1884. The Vanderbilt interests are
said to be enthusiastic over the condition
and prospects of their roads and to be
thoroughly in accord with the plans TO ad
vance the securities to a considerably
higher level in the near future. New York
Central is an especial favorite with people
who are supposed to be close to- the Van
derblt operators.
No group was laggard yesterday in the
general recovery and the coalers made as
good records as did the Vanderbilts and
the grangers. Reading first preferred
went up from GA ga TO &c SIS, Jersey Cen
trail from 1lS 1-2 to 120, and Lackawanna
from 40 TO 173, and the other stocks ad-
vanced in proportion.
The local market was active and prices
advanced in several stocks. The amount
of business done was not as large as on a
few recent days. but compared with any
previous period in the history OF the ex-
change 1t would have been considered mag
niicent. The local brokers are doing an
excellent business. and there Is probably
more interest in the sessions of the ex-
change than ever before. More than 1000
shares of stock changed hands and the
value OF the days business was upwards OF
$4,000.
The fire insurance stocks have been
steadily coming into prominence during
the past month, and considerable blocks OF
the securities of the various companies
| a1,yap pricps