The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-02-18


New York, Feb I7.-Notwithstandiup
London came in considerably below parity
our market opened fraCtioually above
closing prices and held strong through
out the greater part of the day. NJ r.
was leading feature, selling up to pa
We Still advise the purchase and we he
heye 1t will sell at 60 and probably 100
points higher than il is today. The buy
ing Is of most confident and persistent
character and certain interests who have
TINS stock well IN hand advise there is no
question Dut what II will sell at 800 and
probably $50 before the end of the wear.
The market today showed an underiving
element OF great strength. The general
impression before the ODeninp was thar
the sudden death of President Faure of
the French republic would have an Of
rect on all our securities brought about
by the unsettled condition of the Euro
pean markets. The fact that II had quite
n contrary effect showed our entire in
dependence of foreign influences Had
ihe event occurred six months ago there
Is no question but what We should have
had sharp decline but the heavy selling
by Europe has cleaned their markets Of
the greater part of our speculative
securities. The floating supply of stock
in London has been reduced to such n
point that it is difficult to borrow stock
against sales and in consequence the bear
lSh operators are cut off from dealings.
All this undoubtedly had good effect
on conditions here While we do not be-
lieve buying on strong spurts we do he.
lievc that the market Is one that should
be purchased on an periods of weakness.
We are very bullish on the coal stocks
ana believe that Reading first preferred
and Ontario and Western are all great
purchases even at the present price. As
you know we have been perSistently bull
iSh on Union Pacific. ANY one who takes
the trouble to examine into the condition
of the company cannot but be impressed
with the favorable outlook. The common
II held through weak spots should be
good for 2j points during the year 1t will
make a record similar to Omaha and win
probably pay more dividends in the next
five years than the Omaha company will
pay. We advise purchases on Missouri,
Kansas and Texas common and pre-
ferred We are advised that a movement
of some magnitude viii start next week
market conditions being favorable and
the preferred around 80 Is a great pur-
chase Burlington and Quincy continues
strong and advances easily: The Original
bull pool engineered by Mr. Keene has
gotten out and the buying now comes
from Boston sources who are talking $50
and above for It. 1t Is dangerous how
ever, until II has had some material get
back. Southern Pacific and Southern
Railway preferred and Central Pacific
can both be purchased with surety of
getting good profits If held. The mON e.
ment In the Changers which we advised
shape, both Rock Island and st. Paul
scoring quick and sharp advances The
only weak spot about the market we see
Is Manhattan ana no material decline
sue becomes placed, II is possible there
may be some decline in Pacific Mail. II
has been bought quite freely on theory
that the subsidy bin would be passed.
hood Of II during this session Of CONGRESS
and as soon as the knowledge becomes
general liGu'daticn may carry the price
down somewhat Next Wednesday being
Washington's birthday we are inclined
TO think there will he pretty general
| evening up of contracts between now and