The times., 1899-05-19

manipulation has been responsible for the
remarkable rally in the price of the Fed
eral Steel stocks. People who are well
informed both as to the affairs of this
company and as to the movements OF its
stocks advise buying them both on any
further recession. The same is true OF the
American Steel and Wire securities, and of
Tennessee Coal and Iron and Colorado Fuel
and Iron.
The Flower brokers, the Vanderbilts. and
the Standard Oil interests were all buyers
of Brooklyn Rapid Transit yesterday. The
stock advanced during the morning but
in the last hour broke sharply on realizing
and lost part of the extreme advance
made on Wednesday. The same is true of
Chicago Gas. There will be extensive and
strong buying OF these stocks on any fur
ther break.
Ontario and Western was one of the
strong stocks yesterday. 1t advanced to
26 and in the break declined only to % 3-4.
thus scoring one of the net gains for the
day. The buying of the stock was undoubt-
edly due to the excellent showing made
by the company in its report for the quar-
ter ending March 81. The increase in net
earnings for the period was S120,000. 1t
is computed by a careful authority that
the outlook for the year is for at least
net gain of per cent earned on the stock.
which would justify quotation very near
ly double the present figure.
There is much interest in the recent ac-
tivity in Southern Pacific and Central Pa
cific. Rumors of various kinds are in cir
culation which are more or less borne out
by the actual developments. One story
is to the effect that the recent heavy buy
ing of these securities by the Vanderbilt
interests means that the Vanderbilts have
secured control OF the property. 1t has re-
ceived considerable attention in conserva-
tive quarters. AS matter of fact the
earnings CT the roads and their prospects
are an allsufficient reason why the price
OF the stocks should advance.
Rubber common was again conspicuously
weak The stock tumbled from A to 43 SIS,
and recovered only point of this loss
in a subsequent rally. The street is bear
ish on the stock on account of the annual
report of the company, but it is probable
that a careful consideration of the figures,
which are only not as good as was expect
ed, will result in a recovery as soon as the
bears are tired Of manipulating it.
The local stock market was more inter-
esting yesterday than for several days past.
with revival of buying in some stocks
that have been heavy recently, and re-
newed selling in others. The chief centres
of interest were Mergenthaler, which had
a quick advance of several points, and
Washington Gas, which continued to sell
off in price. The amount of business was
greater than on any previous day this
week.
Washington Gas sold above 60 during
the pendeucy of the gas deal negotiations.
1t iluCtuated around 60 for several days.
Since the failure OF the deal it has gone
off in price to below 80, the low and clos
ing price yesterday being 81 rs. The re-
action is a natural one, due to realizing
by few speculative holders of the stock.
1t is thought. too that people close to the
syndicate have sold the stock for the pur-
pose of teaching the opposing interests
a lesson" There are confident predictions
that the price will rally Immediately.
The selling of Mergenthaler is over ap
parently. There was a strong demand for
the stock yesterday. and the price was
quickly bid up to 205 is.
The statement is made semi officially
that Baltimore interests allied with the
Merchants and Miners transportation line
! of steamers, have secured control of the
| Pneumatic Gun Carriage concern. and all
! its patents and rights. 1t is stated that a
new issue of 100000 shares of stock has
been made and sold as a block to these in
terests. giving them, with their holdings