The times., 1899-02-22

Tobacco made another advance and then
was sold heavily and more than lost the
advance Of the day. Sugar went up well,
but did not hold all of its gain. In the
first hour Tobacco climbed from lI2 to
jas - II tumbled then TO l61 "a, and at
the close had only got back to
III IL II is believed that the brokers
who caused the advance attempted 10 un-
load al the high figure. but found the
stock soft that they were unable 10 do
so. They may try an even higher price.
Keene is credited with having caused the
advance in Sugar. Yesterday he was
known to be selling the stock and others
followed his example.
Some interesting facts regarding the To-
hacCo situation were learned yesterday
from a source usually well informed in To-
bscco matters. The American Tobacco
Company paid the taxes for the incorpora-
ton Of the Union Tobacco Company few
weeks ago They amounted 10 $1,000.
For months the trust had been endeayor-
ing to secure the Light & Myers plug to-
bacco plant in st. Louis and had failed.
The concern had sworn never TO sell out to
the trust The Union Tobacco Company
is formed mysteriously. as hot cOmpeti
tor OF the trust. In few weeks it is an
nounced that the Light d Myers people
have sold out TO the Union Company. And
then when Tobacco stock should go down
with q swoop it advances 46 points in four
days. So the trust wins again. Is not the
idea fascinating, at least?
Leather preferred was strong and active
in the morning hours owing TO the fact
that the dividend rate was to be announced
The price went to II SIS. or two points Up.
The dividend was l Ii. the usual rate.
Later the advance was lost when the gen
eral market went off, although there had
been no expectation of higher rate II is
noticeable that the industrial stocks gen.
orally are prominent in the trading in this
movement. and it is an opinion quite gen.
orally held that they will several of them
be advanced if the bull market continues.
This will not be of any benefit TO the
general list, but rather a weakness.
The rapid advance in Atchison preferred
on Monday caused large amount OF realiz-
ing yesterday and despite good buying a
point or more was lost from the highest
price, before the day was over. London
was said 10 be selling the stock heavily.
The friends of the road and the market
leaders who have made the stock favorite
are apparently as enthusiastic over it now
as at any time heretofore. They predict
l7O for il this week. The earnings of the
road for December are known to show
phenomenal increase.
There was a quite unexpected spurt in
Pacific Mail yesterday afternoon which
carried the price to 81. 1t is not known to
whom the buying should be attributed, or
for what reason it was made. The subsidy
bill has been given up by the street for
this session The advance IN the stock
was not fully held. 1t is Probably safe,
however, TO say that there will be no such
violent slump in Mail as some people seem
aIfA Thar
have been those who have sold the stock
short with the expectation of buying it
back with immense profits few days after
Congress adjourns.
New Jersey Central had fine advance,
which was largely held during the after
noon recession In the general market The
top price was 109 1-2, an advance of five
points The other coalers were strong
also, making the people happy who have
held them for weeks in expectation of
movement.
1t Is now stated positively that the
Chicago and Alton purchasing syndicate
has obtained considerably more than a
controlling interest in the stock Of the
road, and that therefore there is now no
question as 10 the success of the deal.
The securities of the Union Pacific, Miss
ouri Kansas and Texas, and Missouri
Pacific roads were all strong yesterday
morning on this news as they were on the
day before. In the afternoon, however,
they succumbed to the general desire TO
realize shown by the public, so that no
net gains were made although new high
prices were reached.
The business on the local exchange was
large yesterday, and the advanced prices
of recent transactions were held. II is
general prediction among local brokers
that during the next few months still
higher prices will be seen in many Sc
curities The suggestion made by one OF
these gentlemen yesterday that it would
be profitable TO sell out New York stock
at the present very high level and buy
good Washington securities has much of
attraCtiveness In il. 1t is an unquestion-
able fact that outsiders are constantly
buying local securities at higher prices
than Washington people are willing TO pay
for them.
A considerable line of Mergenthaler, 500
shares or more has been marketed during
the past week for a gentleman who had
good profit on ii, but it is noticeable
that the price has not been affected TO any
appreciable extent
Another block of Washington Gas was
sold al SO 3-4. This stock is one of those
which Washingtonians are allowing outside
people TO buy away from them at a tempt
ing advance In price.
Today is a holiday on the local exchange
as il is in New York
Washington stock Exchange.
Sales-U. 6. 3's, coupon: $4,000 l06 rs;
L s. Electric Light. Cert: sl.0OOd111;
Capital Traction: 7Hs6 Ii. 25GS5 1-2:
Washington Gas: 4Od 50 "a: Mergenthaler
Linotype: l0d1Ss "a 2OGlS6 5-S. S5G
1S6 IL; Lanston Monotype: 110d19 sea
IS Is; American Graphophone: 5OdI3, 5M