The evening times., 1899-02-01

Opinions differ as to whether the reac-
tion is over or not. The opening this
morning was the best for three days, and
IL was evident that many people were get
ting into the market at the decline. The
only question is as to whether the bears
will have the nerve to continue their sell
ing On the whole 1t is perhaps fair TO
say that the conservative opinion is large
ly with the bulls, to the extent that it is
not believed there is to be much further
reaction. Prices may hang around this
level for few days, possibly, or they may
have a steady rise. During the second
hour this morning some of the opening
gains were lost.
Atchison was the strongest of the favor
ties with an advance in the first hour OF
a point. The buying was large and it was
evident that important people consider
that the stock has had enough decline The
prospects of 4 per cent dividends as soon
as the economies in management have
been put fully into operation makes 81
seem almost ridiculous figure for the
stock.
The surprise of the morning was a spurt
in Texas Pacific. There has been talk in
the papers of action inimical to the road
by the Attorney General during the last
two days, and as far as anybody consid
cred the prospects of the stock it is prob
able that a decline was expected. Within
the first hour there had been a gain of two
points This is half as much advance as
the stock has had in the last four months.
The grangers were active and strong
during the first hour with advances of
point or more each. Later there was some
selling short which resulted in loss of
a part OF the gains. Ii is believed that
there Will be little further recession in
these stocks, If any, on account OF their
excellent prospects.
The directors of Norfolk and Western
preferred meet today and take action en-
the dividend question. 1t is generally
believed that there is no question of a
per cent rate. There was little buying of
the stock during the first hour and no ad
vance 1t seems certain that if the 1 per
cent rate is given the stock it must have
a good advance from its present level at
which it pays over 6 per cent. Several of
the largest houses in Wall Street are bull
ish of the stock.
The Louisville earnings, which were an
nounced today, were very favorable. For
the month of December the net increase
was sS7, ,O7S. and for six months the net in
crease was $3.50 6S1. London bought this
stock this morning, and there was rally
on this side, though it did not extend far
during the morning hours.
Sugar was again strong owing to inside
buying probably for manipulation. Moore
| & Schley are said to advise purchasing the
stock for a good advance.
Southern Railway and Northern Pacific
| common, which have been among the
strongest features of the market for sew
eral days continued to exhibit the same
| strength this morning. 1t is said that
| there is Morgan buying in Northern Pa
| cific and that people close to him are con-
| fident of much higher prices for the Sc
curities in the near future.
The recent squirt in Cotton Oil was not
| continued today. It is thought that they
may be small recession now IL the re-
/ mainder of the market is weak but the
| earnings of the company and its pros
poets seem to make 1t very certain that
| the common stock in particular will sell
| much higher in the near future.