The evening times., 1899-11-27

The opening of the stock market this
morning was irregular and somewhat of a
surprise to the public generally. There
were quick sharp advances in Pennsylva-
MIA, New York Central, Federal Steel, COM
mon. and one or two other securities, but
the general list opened at about where it
closed last Friday. and during the first
hour went off fractionally. Sugar and
Leather, common broke sharply. the latter
seeming TO have little support against
heavy snort selling orders. Any analysis
of the market at such an early hour in the
week is uncertain but it seems probable
that the bears, expecting heavy realizing
at the opening. took advantage of il TO send
in immense short selling orders in the hope
of making a break. They attacked the
stocks in which they thought they would
have most success, and were fairly cor
rect in their supposition as to these securi-
ties, but the general market naturally
showed no disposition to yield to them
more than fractionally. 1t seemed prob
able at IL o'clock that the railway list and
perhaps the steel and iron securities, would
be strong before the end of the day. As
to the general course of the market this
week there can be. and is, little doubt.
The conditions are SO favorable that more
than a momentary shake-out and decline is
impossible.
Opinion still favors the Pacific securities
as likely to be the most buoyant and sat
isfactOry of the conservative issues. There
was no squirt in these stocks this morning
but neither was there any more than a
fractional reaction with the tremendous
selling in other directions. This has been
the attitude of the Northern Pacific AMI
Union Pacific stocks for many weeks past.
a gradual hardening under the influence of
inside buying, but nothing like squirt.
The intrinsic value of these securities is
such that this is an eminently safe way
20 secure lasting confidence in them from
the public. Cats and dogs that have no
merit to help them must naturally be
doomed by rank manipulation.
The very clear indication of manip la
tive buying in the Baltimore and Ohio Sc
curities last Friday. caused the st2tement
to be made in this column, that they had
probably reached their top prize. al least
for the present. This action of both the
common and the preferred this morn ng
was exactly what might have been expect
ed. Both opened high and then tumbled in
price three or four points in the first hour.
PENNSYLVANIA was bought in enormous
quantities in London on Saturday, and
again today. and there was very little
doubt that il would open with a boom on
this side. Sales were made at the opening
several points above Fridays price, and
although there was some recession from
the top figures. il was seen that there was
a good demand for it. Two or three stories
are afioat regarding the stock, the most
generally credited being that the company
has decided 10 pay an extra dividend. The
Pennsylvania people are ultra -conserva-
i've and it would seem that this story
should not be credited too easily without
something further in the way of confrma-
tion.
Mr.. Keene was a seller of stocks in large
blocks. He attacked Leather, common.
With particular vehemence and succeeded
in breaking it TO IA. between which price