The times., 1899-06-11

of the gain of the boom. If the level of
prices -iH-MaEeh -asa-April, 1898, be COM
pared with the high level of this year and
with the Iepel.a week or more ago when
the lowest ebb had been reached, it will be
found that this is an extremely liberal es-
innate.
AS to the immediate prospect for the
market there has been a good advance
which may, in the nature of things, be
followed by a reaction of a point or more
early next week. The leaders of the mar
ket, however, do not have any fear that
anything more than such a temporary
decline Will be witnessed. They advise
buying good stocks on any weakness and
predict that before next Saturday the level
of prices will be considerably above that of
yesterdays close. The present month is
particularly attractive from the point of
view OF the bulls, because of the large dis
bursements of dividends and interest that
are to be made in July. 1t is argued that
even were the general tendency of the mar
ket downward the coming three weeks
would almost surely witness good gains
for this reason
The leaders of the upward movement
seem likely TO be the New York traction
stocks, the steel stocks, the coalers, the
grangers. and the Southern and South
western railway securities. II is not to
be doubted, however, that the advance
when it comes will be general and with
very few exceptions. Conditions are favor
able to all classes of securities, and more
than that bull movement of its own mo-
mentum carries everything with it, just
as a bear movement causes declines in
the best Of securities, no matter what
their intrinsic value may be- Special
conditions, however, make these securi-
ties particularly attractive. The steel and
iron trade is prosperous in a unique way,
beyond all expectations, and all the COM
panies are earning immense dividends,
with even brighter prospects ahead The
grangers have been made the object of a
particularly bitter and unwarranted at
tack and have declined further in proper
ton than was legitimate. The brighter out
look every day for the wheat and corn crops
should act as a very bullish influence The
earnings of the roads continue A
number of special conditions seem certain
to influence the course of Speculation in
the New York stocks. Brooklyn Rapid
Transit Is making record of earnings
that is startling, and before the system
are unnumhered years of greater and
greater prosperity as the population of
Brooklyn doubles and quadruples Man
haitian is putting in the electrical equip
i-t4iN AnGA udS Lldlt tne fortune OF every
street railway system that has adopted it.
More than either of these matters is the
belief in the street that a great consolida-
ton OF all the street railroads of Greater
New York is to be effected The coal
roads are making money for the first time
in years, and in addition to this it is be-
lieved in the street that the return of Mr..
Morgan from Europe will be followed by
the announcement of the completion of
the coal roads deal
The gross earnings of the st. Paul for the
first week in June show the usual tre-
mendous increase of business over last
years great record. The earnings aggre-
gate S5S,97l, and are an increase of
SlO2,420. The record of earnings shown by
all the granger roads is one of the best
indices of the general prosperity of the
country. 1t is particularly attractive to
the holders OF stock in these roads St
Paul Rock Island, and Burlington are all
earning from s to 10 per cent on their
stocks, though they are paying only and
q per. cent. Atchison preferred is earning
per cent, and has declared a dividend at
the rate OF 1-2 per cent. which will prob
ably be increased at the next meeting of
the directors, Every one of these roads is
doing more business than its friends had
expected in their most enthusiastic mo-
ments. The fact that the grangers are
among the chief of the internationa! securi-
ties seems likely TO be a point in their
favor in the coming two months. Until
a week or so ago the selling of these
stocks for London was much greater than
the buying. When the low prices of
short time ago were reached, however, the
sentiment regarding them on the other side
seemed to change and since that time the
buying has been good at every decline.
1t is believed by international houses that
London will buy literally of American Sc
curities this summer. The course of the
grangers during the past week has been
exceptionally good. They have all made
substantial gains on covering by the shorts
and renewed investment buying, and the
slight reactions from day to day have in
variably attracted supporting orders.
Pennsylvania was one of the best stocks
on the list yesterday. The stock opened
at 1Sl and advanced full point net during
the day. There is a disposition in the
street to consider the selection of Mr.. Cas-
satt for the presidency of the company a
most fortunate one. This gentleman has
been one of the chief men in the affairs
of the company for many years and he is
recognized as great railroad man and
financier, thoroughly experienced and prac-
tical in his methods. He was at one time
a vice president OF the system and 1t is
said was offered the presidency, but refused
to take II. The belief in the street is that
the company will not be SO ultra -conserva-
tive regarding dividends under his manage
ment as IL has been In the past, and promi-
nent street people were predicting yester-
day that a fine advance in the price of the
stock is likely TO be made in the next few
weeks.
The situation regarding Sugar stock. is
more acutely interesting every day. In the
face of predictions that the price of the
stock was TO have a sensational decline,
il advanced rapidly during the latter
part of the week and closed yesterday at
l5S, with a gain of nearly IA points for
the week. The street, or large section Of
1t, has been converted to the belief that
the Sugar war is at an end and predictions
that the stock will sell for 200 within thirty
days were made yesterday. At the same
time. careful traders continue shy OF the
stock on account of the we'll known manip-
ulative methods of its inside friends on the
exchange. -'
There Is much bullishness in well-in-
formed quarters regarding the stocks OF
the Southwestern railroads, on account Of
the excellent showing made by these roads
during the past few months. and their
prospects for very large business in the fu-
ture. People who buy low-priced securities
are enthusiastic regarding Kansas City.
Pittshurg and Gulf, owing TO the COM
pletion OF the roads canal at SABINE Pass,
which viii give II the best Of facilities for
handling Gulf business. The road with the
ia - .4fl .