The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-02-17
Darlington & Co.'S. Letter.

New York, Feb. 16.--The market opened
at slight advance above closing prices
with considerable strength in Union Pa
enc preferred and common, Central Pa
enc Missouri Pacific, Northern Pacific
ana Changers. Burlington and Quincy
was again feature selling up 4 per cent.
on the heaVy buying by what was sup
posed to be keene interests, and renewed
talk of refunding. As we said yesterday
there was very little chance of any such
scheme at the moment and the main ad-
vance is due to the forced covering of
shorts. Central Pacific was bought on
refunding talk and .Sorthern Pacific on
numerous uncontirmed rumors. M. r. ad-
Nanced about per cent, on quiet inside
buying. This stock will undoubtedly sell
well above 275 between now and next
July. The buying today was by inter-
side at the beginning of the last advances.
Traders switched over to the long side
OF the market causing strength and high
er prices throughout almost entire list.
Ihero was very Ittle news to influence
prices at moment and fluctuations are en-
tirely due to the operations of the street.
commission houses seem TO have some
what more business to do and it is just
possible they may be able to advance
prices sOmeWhG without any material set
back. The COalers have not shown prop
er appreciation of present severe condi-
tions and we think that Delaware and
Hudson, and Reading first preferred,
should be purchased on any sign of
weakness. The Grangcrs, outside of Bur-
strength, but We think If Rock Island is
bought on any decline it will show a
iair profit in q short time. Union Pacific
common and preferred can be safely
purchased for very much higher figures.
There may be some decline from present
prices but we have no hesitation in pre-
dieting par for the preferred and Is for
the common before the end of the year
The probable earnings of the company
show a surplus applicable to dividends
on me common OF over per cent The
stocks is closely held and foreign inter
oStS are good buyers on all declines and
we think there IL very little doubt but
what ultimately consolidation between
Union Pacific, Northwestern and the
eastern Nandehi7t connections was made.
While we are blarish on Manhattan for
Il long pun we do not advise short sales
eNcept on good sharp advances. There Is
TO be lSO,Uo SnaruS of new stock to ne
PVT upon the market TO which the stock
holders have a right to subscribe at o.
the virtual effect of which will he to COM
PEI the Underwriters to hold the present
stock W i'm the market until after tho
now undCrWrltngS have been disposed of.
We see no reason to change our views
on the whole market and If you Will
look back over our letters you will find
that the stocks we have advised YOU to
buy Will show good profits If they have
been purchased when weak as we adj
NiSed you to do. The market in the last
half hour turned very strong and there
was heavy covering causing a sharp adj
vance in prices all along the inc At one
tmo the list assumed the appearance of q
bear panic and the covering was very
pronounced iii great many stocks. The
market should open tomorrow at higher
prices ana we think will continue to ad-
vance for time but the present mOve-
ment is II little too raDid and we advise
taxing p,OhtS on u continued advance for
re-nurch@SrS on decline. Market closed
sironE, active at about best prices of tho
day.
Quota tIons furnished by LARAR e.