The evening times., 1899-07-31

During the morning hours today there
was a spirited continuance of the Lnex-
pected ADVANCE of prices begun in the stock
market last week. Before IL O'Clock sew
eral stocks had passed the previous high
prices of this advance, and the entire list
was strong at higher figures What the
days later developments would be could
not be judged from the opening of the
market, however and tonorrow's market,
of course. is still less TO be calculated
in this way. 1t was more or less GER
tainty that the opening would be good
one after the strength of the market last
week. strong market at the close of
one week always induces buying on the
following Monday by the public from in
siders usually anxious to sell at the adv
vanced prices. How strong the buying will
prove to be, and if the insiders will this
time desire to support the market in
stead of selling, it can only be deter
mined by the results 1t seems reason
able to expect, however, that there will
be some reaction tomorrow, If there was
not some during the late hours today. The
bank statement was not a good one, and
the talk of yellow fever can almost al
ways be counted on to cause some sell
ing of stock by the timid holders and some
short selling. The market, as a whole,
is strong and the tendency to advance
is apparent everywhere. The immediate
course of speculation seems to be the
only question in doubt.
The leaders of the advance this morning
very nearly the same as those or last wee,
American Tobacco went to 107 quickly, st.
Paul got above 133 and Rock Island above
l2O, Chicago Gas sold above 120 early in
the first hour, and Louisville was strong.
The remainder of the list all showed buoy
ancy, however, the speculation being on
broader plain than at any time heretofore.
The spurt of American Tobacco has now
become a matter of importance on account
of its steadiness, and the bigness of the
gain made. The advance, at 107, was more
than ten points, part of which has been
made in each of five successive days, re-
markable movement in a market that has
been comparatively inactive. The expla-
nation given of the movement is the state
ment of an insider of the company made
several weeks ago that interests close to
the management were accommodating stock
steadily with the intention of advancing
| the price sharply in the near future. 1t
will be remembered that this statement was
made in The Times.
The grangers were lead by Rock Island
| this morning, but they were all buoyant as
had been expected. st. Paul went to
1873 1-S soon after the opening, Rock ISL
and to 12O. Burlington to 1873 IA, and At
Gibson preferred to 62 rs. The Union Pa
cific securities also were strong at higher
prices than any Of last week. The strength
| of these Western securities generally taken
as a group has been one of the certainties
of the situation, general bull market only
being necessary, as, relatively speaking,
| this group is in an almost perfect condi
| tion as far as present earnings, manage
ment, and prospects are concerned. Rock
Island is being bought heavily by the
Flowers which is a bull market of i'm
! portance in itself. Atchison preferred is
| likely to be buoyed up this week by the
statement Of the earnings of the company
| for June which probably will be issued
within a few days. st. Pauls weekly
statement of gross earnings will show the
| usual large increase.
Pennsylvania was strong this morning.
The Street is disposed to consider the
statement Of the company an excellent one
despite the fact that some decrease of net
earnings for the first half var is shown
owing to the gradual lowering of rates
both on freight and on passenger traffic. 1t
I is believed by conservative people through
out the Street that this stock will advance
| in price steadily in the coming bull mar
ket.
There is likelihood that the opposition
Of the stockholders Of the Boston and Al
| bany to the proposed lease of the system
| to the New York Central may become a
serious matter. 1t is now asserted that
| there are $1,000 shares in opposition to
the lease, and 81, 900 shares are all that will
| be required to- defeat it when the stock
holders meeting takes place on September
Il. 1t is claimed that IL per cent is being