The times., 1899-09-19


least hopeful. Buying on scale is ad-
vised by many careful brokers, though it
is the opinion of perhaps az majority of
the street that there may be further de-
clines before the low price Of the move
ment is reached
The traction stocks were the weakest
on the list again, and during the first hour
especially seemed TO receive no support
whatever. Metropolitan Traction went to
1877 1-2, a decline of four points At this
low figure it was 81 points lower than the
level reached last March, 259. When Metro
politan sold at 270 the prediction was very
general that it would sell at 400 this year.
The result must be exceedingly disappoint-
ing to those who bought heavily On this
tip. Manhattan tumbled TO 105, which Is
about 29 points from the high price six
months ago. Brooklyn went to rs 3-4 or
very nearly 60 points off from the high
level of the year. Covering Of shorts late
in the day caused some rally in these is
sues and the closing prices were up one
to four points from the lowest Much wa
ter has been squeezed out of the group
but there are many who expect to see
Brooklyn, especially, reach a much lower
level yet. The best advice regarding this
group now, as always, is to keep out of it.
The news OF yesterday regarding Brook
lyn was that the company will be forced to
put all its trolley wires under ground.
Many believe that the grangers reached
the bottom yesterday and that they are a
purchase now. st. Paul went to 125 5-S,
Brooklyn to 12S 1-2, Rock Island to 10 1-8,
and Atchison preferred to so 5-S, at which
figures the group is from to 20 points be-
IGnrf h inh Of tIo
coveries were made in ali of these stocks,
except st. Paul, which has been attacked
most fercely, and was yesterday least in
clined to advance in the late trading. The
failure of the directors to declare an extra
dividend has been more of disappoint-
ment than was at first realized, and it is
seen that many outsiders bought the stock
on small margins IN the expectation that
the extra would be given. The result is
seen in the fact that while st. Paul and
Burlington were selling at the same price
two weeks or more ago, they closed yester-
day 8 3-S points apart.
The steel and iron securities were all
weak, making heavy losses in the early
part of the day. They recovered with some
sprightliness in the last hour. American
Steel and Wire touched As, drop of five
points over Sunday and decline of fifteen
pUIuto III the ldSI lew NSthS- IL IGCOFSiCo
TO so Is. The preferred dropped to "a and
recovered 21-2 points. AS the preferred
stock of corporation earning at the rate
OF 10 to 10 per cent on the common stock,
81 seems sufficiently attractive purchase,
especially when the price of It's product is
being advanced steadily and orders for its
goods are many months ahead of produc-
ton. Federal Steel common went off to
81 IL and rallied to SO 3-S. The preferred
q 4
Tennessee Coal and Iron and Colorado Fuel
were both supported somewhat by good
buying orders, as they went off and both
recovered we'll in the latter part of the day.
Tennessee Coal and Iron went as low as
112 IA and closed at 115 1-2, which is cer-
tainly remarkably good showing for such
a stock. Colorado Fuel and Iron went of
three or four points and recovered the
greater part of the loss. The advice to
buy both of these stocks was given by
careful traders.
The strength of American Cotton OIL dur
ing the past week is worthy of note. 1t
went as low yesterday as AZ and closed at
AZ 81, which latter price is only l Ia
off from the price of week ago. Leather
| preferred, which was one of the few stocks
which held its own last week, went off to-
| day somewhat heavily to 72 Ia. 1t re-
covered TO "A "a, which is only q point
away from the price of a week ago. The
clique is supporting the stock and the COM
mon also, and making excellent promises
| for the future.
| Western Union, which up to the time
of the recent raid has been one of the
weakest stocks on the list. refusing to ad-
vance to anything like its former usual
! price, has, during the past two weeks, been
one of the strongest. 1t went only as low
as So IA yesterday, and closed at SO. The
| payment of the dividend, even although
| II was not earned, has had good effect on
| the holders of the stock,
It is said that plans for deal between
| the Baltimore and Ohio and the Seaboard
Air Line have advanced so far that close
alliance between the two systems is now
| assured. The Seaboard Air Line is endeav-
! oring to secure an entrance into this city
as was stated in The Times yesterday, and
| it is said to be probable that it will accom-
pIish its purpose. If this is done, the bene-
! fit to the Baltimore and Ohio of close traf-
| fic arrangement will be very great The
Baltimore and Ohio has been badly in neee
| of Southern outlet. Baltimore and Ohit
| cacuritfpc wara bafb fairly strong Yesterday