The times., 1899-02-08

decline of three or four points from the
high touched by the stock, but during the
past week no loss has been made by 1t.
The stock has been bought every day by
the best posted people in the Street, in-
Guiding MIR. Flower himself. 1t has never
been allowed to go below 90, although on
several of the dips OF the market the price
has been within n fraction of that figure.
The investment value OF Atchison is much
beyond 60, or even, 65 the point touched
for moment two weeks ago.
There is much talk of the prospects of
Pacific Mail 1t may be recorded of this
stock, and of almost no other. that its
course has been upward during the past
week, almost every day showing at some
time new high figure for the week. The
outbreak in the Philippines is believed by
careful critics of the market to be a bull
argument for the stock. 1t is certain
that the chances for the passage OF the
Hanna subsidy bill this session are in
creased largely. The earnings statement
OF the company, issued earlier in the week
and heretofore mentioned in this column
is one of the best showings, comparatively,
made by any company since the good state
ments began to appear.
Southern Railway preferred sold at the
end of the break yesterday above the price
at which it sold when the decline in the
general market began. The hammerng of
the market for two weeks has used only
two points loss in this stock from the ex-
treme high level. Al 40 Is Southern is
one of the cheapest stocks on the list, ac-
coTdinS to earnings and prospects, and the
suggestion has been made in quarters usu-
ally well informed that there is no inten-
atnr1 nt oil siYnrr a. sIf
level Undoubtedly the advance when it
comes will be excellent.
The weakness of Manhattan every day,
and the gradually lower level that the
stock is attaining is most suggestive of
return to the old quotation around par.
The predictions of 125 for Manhattan made
by its friends only a few days ago GER
taiDly seem far from fulfiilment. The
statements made b. officers Of the com
pany yesterday, which seem to leave no
doubt that the electrical equipment of the
road is to be undertaken Immediately,
nevertheless had no effect in stemming the
tide OF selling. The low price for the day
was 40 SIS, and the close was at i'll.
Tennessee Coal and Iron was one of the
weakest stocks on the list AT the end of
q decline OF nearly three points the c'ose
was at 40 l-2. which is eight points aaay
from the high point of week ago. The
advance of the stock to near 80 was mani
festly n manipulated move. 1t is said that
bull pool was helped to liquidate by the
advance.
The granger shares were weak yester-
day and all made new low levels for the
decline Rock Island at the close was at
l16, the low figure for the day. All support
seemed to be withdrawn and although
there was apparently little or no selling
short the liquidation forced constantly
lower quotations. Two points were lost
during the day. Burlington closed at
within an eighth Of the low Burlington
has now lost nine points since the high
quotation was reached. The actual
strength OF the bear position in the market
is illustrated by such extreme declines in
stocks actually worth much more than
any prices reached on this movement.
St Paul is earning considerably more than
per cent and its dividend rate will be
increased to that figure within few
months. This announcement is semi-offi-
cial, and is not questioned in the street
Despite this fact there has been a decline
of So a share in the price of the stock.
The positions of Burlington and Rock ISL
and are equally good. These facts make
it very clear that the decline is no surface
wave. but also they suggest very forcibly
that the grangers will probably not have
much further recession if any.
The new American Steel and Wire stocks
were hammered by the bears and sold
L