The times., 1899-08-27

nessee Coal and Iron, and finally the bank
statement have all been matters that seem
ingly have offered the bears an excellent op-
portunity TO break the general market, but
prices have held up stubbornly and in many
Eases made gains. Intrinsieally, the situa-
tion is excellent in every way, with railway
earnings continuing TO increase, the iron
and steel trade showing no abatement oil
prosperity and the general business outlook
steadily improving. II is conceivable that
a recession of point or two may occur In
the market early this week on profit-tak
but the chances seem to favor immediate
advances. There is little difference OF
opinion as to the ultimate tendency of the
present market being upward.
The most entertaining feature OF the
market yesterday was the continuance OF
the advance in Consolidated Gas which
went as high as 1S7 "a, and closed at the
top price for the day. This is more than
u points higher than the opening price on
Friday During the first hour there was
q decline ia the price TO $50, but later the
same heavy buying as that of Friday
caused the price to soar again. The New
York gas situation is an interesting one,
aside from its market feature, TO everyone
that uses gas, and especially since the rus
mors have been current again that the war
is over and that the price of gas is TO be
put back at the old high figure. The war
began two months or more ago. and the
several companies that had been growing
fat in selling gas at high rates suddenly
decided to fight each other by cutting the
price in two. Since that time it is said
that they have all been growing H3n for
a change, with losses every week instead
of profits. The price of gas has been 90
cents thousand feet, and in addition to
that the companies have offered extra in
ducements in the way of patent burners
and gas ranges. The Consolidated com
pany has been paying per cent on its
stock for long time, and has laid up
large surplus while doing ii. When the
war began il cut its dividend TO per cent
On Thursday afternoon the dividend was
again cut TO per cent, or exactly half the
original rate. The street generally has
expected that this cut would be followed by
q tumble in the price of Gas stock. In
stead the stock advanced rapidly, as has
been noted. The question whether the war
is now to end was naturally raised when
the upward movement, SO unexpected, be
gan in the stock. Rumors regarding this
are conflicting. One is TO the effect that
the Amsterdam Company has secured con-
troll of the Consolidated by purchasing
stock in the open market. Another states
that pressure has been brought 10 bear
on various interests by important people"
with the result that the companies have
agreed to agree and again advance the
price of gas to the old rate. 1t is well
enough to state that both these stories are
strenuously denied To all appearances
the advance in Gas stock is due entirely to
buying by insiders to put the price up when
the street was going short of it The sim
pie system of market rigging employed by
the people in control of many of the in
dustrial securities does not need the help
of intrinsic good or bad conditions to put
prices up or down.
The Pacific shares were perhaps the
features of the railway list in activity and
strength. The Union Pacifics advanced
during the entire session and closed at the
top prices for the day which were about
the same as the high of Friday. Northern
Pacific common went as high as 81 Is and
closed at 5e rs. The preferred closed at
rs. In this group may also be included
Missouri Pacific, which, after declining
trifie in the first hour or more rallied when
the bank statement came out and closed at
so Ia, within lis of the high price of the
day. There has been excellent buying and
support Of all these securities during the
past week, and they all show good gains.
The cliques behind them are active and
powerful, and the public is beginning 10
support their efforts. Union Pacific pre-
ferred has been particularly buoyant dur
ing the week on a well authenticated re-
port that the directors of the company will
increase the dividend to per cent at their
meeting next Tuesday. Something like s
per cent has been earned on the stock for
the past year. The rumor that Northern
Pacific common is to receive another divi-
dend Of / per cent next month has caused
heavy buying of this stock. Earnings on
all these lines are increasing rapidly and
the promise for the coming year is espe-
cially good.
The securities Of the Republic Iron and
Steel Company have been admitted TO the
unlisted department of the stock exchange
and may now be traded in. The street
generally is well disposed to them on ac-
count of heavy earnings. The iron and
steel securities generally have been the
laggards In the recent market. There has
been little activity and no advance in price
in them for several weeks. Shrewd people,
however, are disposed to buy several of
these stocks on good earnings and excel
lent prospects for future business and II
seems entirely probable that they will
have good advance.
Mobile and Ohio is one of the low priced
shares that is likely to receive attention
in the immediate future.
Western Union is under pressure Care
ful people advise selling it.
The grangers are selling now at prices
practically unchanged from those of a
week ago. There has been some liquida-
tion in the high-priced issues of the group
by people who believe that the large ad-
yanees in the market in the near future
will be in the low-priced shares. The buy
ing has been good also, however and a
gradual advance seems certain if the bull
market is 10 continue. Atchison pre-
ferred was sold by some traders on Fri
day, and yesterday on account of the fail
ure of the July statement to appear on
Friday. when it had been expected. 1t is
now said that IL will probably be issued
tomorrow, and that it will show an in
crease of earnings of at least 100000.
Sugar was sold off during the week, and
closed practically at the bottom figure,
$50 ID. on the resumption of the sugar
war The insiders in this case seem to
have decided that the stock shall move in
the natural direction, downward, instead
OF advancing as Consolidated Gas did.
The conditions in the two fights are very
similar in many ways.
Tennessee Coal and Iron was again
strong yesterday. IL closed at the top
price for the day, 81 1-2 only 1-2 points
below the top price of the bulge Insiders
are buying the stock.
Southern Pacific has been sold some
what heavily during the latter part of the
week by large holder, who has been a
member of the pool in the stock. but has
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