The times., 1899-07-06


the coming months. The level reached
yesterday by many stocks was very close
to the highest of the year so far.
The London buying of securities cannot
be considered anything else than most
significant. The strength of the New
York market during the past two weeks
has been contributed to not little by the
buying of the international securities for
London account. Large blocks of the Pa
cifcs and of St. Paul have been taken.
The continuance of this buying yesterday
shows that London does not as yet be-
1ieve the top prices have been reached
here. And further than its Indication of
confidence in American securities this
buying very probably marks what will be
the end of the outoflw of gold from Amer
lea. ST. Paul was taken in large blocks
by London late in the day, owing, 1t was
said, to a considerable short interest in
the stock there.
The st. Paul report of gross earnings
for the fourth week of June was perhaps
the most important factor in the market
yesterday. This report was even more re-
markable than the succession of excellent
showings that have preceded it. The in
crease in the gross for the week was $780,,
600 in round numbers, the total for the
week being s1,147,000. This total shows
an increase in the gross for the month of
s649.657. and an increase for the year of
"a, 120, ,969, the total gross earnings for the
year being s3S.310, 633. 1t is approximated
that this amount will pay the operating
expenses, the fixed charges, the dividend
on the preferred stock and leave nearly
IL per cent earned on the common stock.
This will be the case unless a large in
| crease has been made In the operating ex-
penses during the month of June, which
T., i. ~
event the percentage earned on the COM
mon stock cannot be less than 10 per cent,
which is double the amount paid under the
present dividend rate. Under the spur of
this fine report, and the talk of an increase
in the dividend rate that naturally follow
ed it, there was buying of st. Paul in large
blocks, both on this side and in London,
and the stock was the most buoyant of the
granger group, scoring net advance for
the day of a full point. The close was at
1913. quarter below the highest price for
the day. The top figure reached, 1873 IA.
was within an eighth of the highest price
Of the stock this year, 1913 3-S having been
reached by it early last February. The
talk regarding st. Paul is still of the most
optimistic character.
The other grangers were all buoyant
Atchison preferred led in the amount of its
| net gain, and again reached so. The OPEN
ing for Atchison was IS rs, the top price
reached go 3-S, and the close 60 Is. Bur-
| lington and Rock Island both opened up in
| the morning and they did not succeed in
getting above the early quotations during
the day. Rock Island closed at the same
price as the close on last Saturday and
Burlington a fraction above that level.
The monthly report of Rock Island for May
was somewhat unsatisfactory, and was the
cause of some realizing in that stock.
Another excellent report OF gross earn
| ings given out yesterday was that of LOUIS
vile and Nashville, which keeps up the
great record OF recent months by show
ing an increase in the gross for the month
of June Of more than s25O,000 With in
complete data il is possible to estimate
that the surplus for the year of this COM
pany will be at least equal to 1-2 per cent
on the stock. The gross earnings for the
year are S23, 6SS. 600, an increase of Si.672.-
900. Louisville opened up yesterday morn
ing at 72, and held it's own during the
day excellently though no advance from
this figure was made. The close was at
n ga. Southern Railway preferred was
more active and buoyant than Louisville,
the record for the day being of an ad-
| vance to 90, aid close at within a small
fraction OF the tcp price. The ADVICE given
in this column as coming from the best
Informed sources to buy both Louisville
and Southern preferred has been borne out
| in remarkable way by the developments
of the past two weeks, and it is not be-
lieved that the top prices have been reach
ed in them yet.
One of the features of the market yes
terday was the advance of Sugar to 100
| from a high opening at 156. There was
decline at the opening for few minutes.
but later heavy buying set in. which car
ried the price upward rapidly. 1t was said
| that Mr. Keene and other shorts were COW
ering at great sacrifices in a somewhat
| excited fashion, little stock being offered.
The highest level of the day was not
held the close being at 15S rs The street
seems inclined to believe that Sugar will
go higher. though what its optimism is
| based on cannot be learned.
| The apparent settlement of the Brook
lyn Rapid Transit differences with its en-
ployes was the signal for good advance
in that stock The opening was at 116 "a.
a gain over the holidays Of over a point
and a half. An advance from this price
to 119 was made. The close was at lis 7-s.
| showing net gain for the day of nearly
four points. The talk of Brooklyn is most
| enthusiastic but conservative people are
still unwilling TO buy 1t except with the
| utmost caution, on reactions. Although 1t
| Is said that the difficulties of the Metro
politan Traction with its employees have
also been settled there was no particular
strength in that stock yesterday. Man
haitian also failed to advance.
movement began in the anthracite
coalers yesterday afternoon. all of that
group advancing well on concerted buying
after O'Clock. Reading first preferred
was the most active. getting as high as
| 62 "a and closing at 60 3-S. with a good
net gain. Jersey went as high as 119, but
declined late to lis 1-2. There has been
almost no activity in this group recently
and the good buying yesterday was con-
sidered by many a sign that 1t will be
taken up now for a good advance.
Missouri Pacific was one of the most
buoyant stocks on the list, opening at
"A 7-S, getting as high as As rs, and clos
ing at As SIS. This stock has had steady
advance during the past few market days
under the influence of inside buying. 1t
is said that the Gouds intend to devote
considerable part of their attention to
Missouri Pacific during the coming months,
and that 1t will likely have good advance
from the present level.
Mergenthaler advanced well under the
influence of good buying, The stock sold
from 2O3 1-2 to 205 is. the total number
of shares traded in being f50
The local stock market yesterday was
characterized by activity large total OF
business, and generally higher prices in
all securities dealt in. II was the best
market seen recently, the buying appar-