The times., 1899-10-19


tect on the market on Tuesday or yester-
DAY, bcth days having been notably strong.
Mr.. keene says in brief that prices are
TOO nigh despite the prosperity OF the coun-
try, which he does not try to deny.
He points, as others have, TO the
immense tioatation of industrial companies
during the past year, and says, as others
have, that of their S4 SEQ 600 000 capital at
least half is fictitious. He argues that al
though there has been some increase in
the gold supply Of the country in the year,
1t bears only most insignificant proper
ton to the immense amount Of new capi-
tallzation, representing at the best not
more than good will" He SAYS what is
undoubtedly true that the financial institu-
tions that underworld the larger number
OF these new trusts lost immense sums OF
money in the operations, and argues that
the result of this flood of stocks, intrinsical-
ly worth almost nothing, must unavodabIy
be immense liquidation and much lower
prices. The answers to exactly these ar
guments have been made many times.
There is nothing new in them in fact.
The believers in the prosperity of the
country are not frightened by them, but
look confidently forward to a fine advance
in prices in the near future.
several luulNlOudl securities anu sew
eral groups were notable for their
strength yesterday and as a matter of fact
the advances in prices We're so general
that 1t would be difficult to pick out more
than very few stocks that did not make
an excellent showing for themselves. The
grangers and the Vanderbilts among the
railway stocks were conspicuous. The
grangers closed at the top price for the
day. ST. Paul advanced TO 126 and closed
at 125 rs. Burlington went to 131 IA,
and closed at that price. Rock Island ad-
vanced to 113 IL, the highest and closing
price OF the day. Atchison preferred
closed at 63 3-4, the top price of the ses-
sion. The statements of St. Paul for the
second week of October was one of the
bull arguments for this group. The gain
in gross earnings for this stock in a little
more than three months is now more than
$I5OO,OO0, or very nearly half a million
month. Those familiar with the earn
ings Of st. Paul last year do not need to
be told that an increase in gross of any
thing like $6000,O00 for this year viii be
something entirely unique. 1t is limited
that the September statements of the
granger lines, which will be given out
now in a few days, will also be fine.
Atchison, it is said, viii have a gain in
net earnings Of more than half a million
dollars. The buying of these securities
Oely Ndb 6Ubu al al tilltS
Chicago and Northwestern had the
largest advance of the day and the most
conspicuous 1t seemed to be started by
covering by shorts. There was little stock
taken but the price advanced rapidly.
II is undoubtedly very closely held. This
is the case in many other directions
among the railway stocks. and it offers
one Of the chief bull arguments in the
present situation. The recent buyers OF
the market have been the rich men They
have taken the stocks thrown overheard
by the weak long holders. and they have
bought from the shorts. 1t is probable
that there is less floating sJock-of the
standard issues-on the market than for
many months past New York Central
advanced to 1876 3-8 and closed at 135 SIS,
with a large net gain. The Union Pacific
each advanced point net for the day.
Omaha opened at ~, and closed at 124,
the highest price for The day.
Sugar and Transit were the most con
spicuous among the industrials. Sugar
advanced to 146 IS, and closed at las 81,
with large net gain. 1t was bought in
large blocks all day. apparently for both
accounts. No news was given out and per-
haps there was none 10 give
Brooklyn Rapid Transit was bought in
much the same fashion that it was sold in
its tremendous slump a few weeks ago
thousand share lots were numerous, and
the total business of the day must have
been very large. 1t was strong at al
times and closed at 50 Sd within a small
fraction of the top price and several po nts
above the close on Tuesday To the peo-
pie who predicted a tumble Immediately to
90 for this stock a few days ago, and who
told of the innumerabie disagreeabla
things that were to develop for the con-
pany such an advance very plainly due to
influential buying for both accounts. must
come in either of two ways. as a great
surprise or as no surprise whatever. The
advance was unquestionably planned last
week, at about the same time that the
bear stories concerning Transit were con
cocted.
One group of securities was dull yester-
day, and entirely without sympathy with
the general bullishness Of the coalers.
Observant people cannot help drawing con
cIUsions from this The .cCalers are among
the few stocks regarding which Mr. KeeHe
has not been bearish, and in which he has
10 shorts TO cover. The stakeholder, "
Mr.. Keene's organ, has been hopeful and
even buoyant in its comment on this
group. while it has been preaching Mr..
Keene's bear talk regarding the general
market Every day it has had something
good TO say of their prospects.
The Leather securities were also very
dull yesterday with no movement in either
direction. and the reason for this is the
same as in the case of the coalers.
President c. F. Matthieson, of the Glu-
cose Sugar Refining Company, has author
lied the statement that the dividends on
both the common and preferred stocks Of
the company will be paid as usual. The
selling of the stock on Tuesday is said 10
have been started by Mr.. Keene, and it is
to be supposed that the story that the
dividend on the common stock would not
be paid was put out by his interests.
Mr.. Sage is said TO have turned bull He
is quoted as saying that he has been buy
ing a few stocks, and that he expects 10
see prices advance on account of easier
money rates
OF the steel and iron securities those Of
Federal Steel made the best showing yes
terday The common stock advanced to
"a Ia and closed al the top. The street
Will be likely to shOwiits preference for this
stock over the common Wire in a marked
way in the bull market. if such a market
is coming and the result many believe viii
be much better and steadieT advance for
it. The Wire people made money a few
months ago by selling out their holdings
to the public at the top prices but it is
doubtful if this game Will prove profitable
in the end. Aside from any such matter