The times., 1899-06-29

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be surprising IL this crowd covered In a
wild way. on Friday under these circum-
stances. Today will perhaps be a more
crucial day than Friday for this reason.
and II prices advance today many will
buy more stocks to carry over the holi-
days. The general outside factors that
influence the market are all of the most
prosperous character every day adding to
their number. The money situation may
develop unpleasant features later on but
at present nothing of the kind is in sight
Although the grangers and the Wander
bits were again the leaders OF the market.
II is interesting to note that the South
ern securities were conspicuous for their
strength. 1t will be remembered that the
rosy outlook OF Louisville and Nashville
and Southern Railway has been pointed
out IN this column many times, with the
added suggestion that neither of these
stocks is ever likely to decline far in a
temporary bear market. Both have been
among the strongest during the recent de-
ciines in prices, and both now begin to
advance in conservative but most reas
suring manner. Louisville and Nashville
In recent weeks, or since its last advance,
mas hung around the top price and would
at no time have hurt a trader with a
respectable margin. Yesterday it advanc-
ed to the high price for the year, 20 "a.
and closed near the top, at 20 3-S This
level is the highest since 1893. Southern
winch recently has hung in the vicinity of
4S and 40, yesterday opened up nearly a
point to 81, and during the day went to
52 The close was at 81 L. The earnings
OF both these roads have been nothing less
than phenomenal during the past few
months; and their prospects are not sur
passed by those of any others In the coun-
try. Larger dividends seem assured in the
near future for both.
The fine crop report for the week and
the consequent disincIination of wheat to
advance In price added to the growing
buliishness of the street and the public
regarding the granger securities All of
these stocks advanced well during the
day, and all of them held their own in
the periods OF reaction in the Vanderbilts.
ROCK Island was especially strong on
heavy buying by the Flower crowd. TIPS
were circulated well that the group will
nave considerable further advance st.
Paul, which closed at 129 IA on Tuesday,
opened at 129 "a and went to 1870 IA.
The close was at 130. Burlington, after
advancing full point, closed the day
with 5-S net gain. Rock Island, which
closed at ia rs on Tuesday, opened yes
4.
and closed at 116, making a net gain for
the day of more than a full point
The Vanderbilts, which led the advance
in the market last week, opened with the
greatest gains yesterday, but later in the
day they were somewhat weak, as if re-
alizing sales had been induced by the big
prices. In the last half hour of the day
the group was strong again. but it would
not surprise many If these securities we're
inclined to hesitate now for a few days,
or even to react. The price levels in the
group yesterday were surprising compared
with those of a week ago. showing i'm
mense gains that few if any outsiders
would have thought possible. New York
Central opened at III, which was the
high price for the day Northwest was
also high at the opening, 163. Big Four
went to 50 Ia. Chesapeake and Ohio to
26 3-S. Canada Southern to sc 3-4, and
the Union Pacifics to 43 and n ga re-
spectively. Except for the Union Pacifics
and Canada Southern the recessions from
the highest prices were indicative of
heavy selling.
Manhattan was perhaps the strongest
stock on the list yesterday. to the intense
satisfaction OF many who have held the
stock during a long decline. The highest
price reached during the day was 119 5-S,
which was also the closing price. the last
spurt being made in the closing five min
utes OF the session. This price with the
dividend is better than any reached by
it in many weeks. or since the big bulge
in April. The talk of the triangular com
bination of the Greater New York street
railways and the knowledge that the i'm
provements are progressing on Manhat-
tan seem to be the bullish factors.
quick advance in Norfolk & Western
preferred would not be an unexpected
matter on any bullish day. The earnings
of the road are surprising even its most
ardent friends, and the per cent divi-
dend will be earned with a good surplus
to spare. People who buy low priced
stocks are also favorable to the common
Norfolk & Western and bond experts talk
of much better prices for the Norfolk As.
Pennsylvania was strong yesterday, ad-
vancing'to 133, and closing at the top price.
The stock is believed by careful critics to
have many points advance ahead of it.
One of the tips yesterday was to buy
Pennsylvania and sell New York Central.
American Tobacco opened with an ad-
vance but closed below the opening price
in sympathy with much weakness in Con-
tinental Tobacco. dividend OF 6 per
cent was declared on American, which
is equal to u per cent on the old stock.
On the whole this was considered a favor
able matter for the stock though friends
of the steel issues were pointing to the
fact that Federal Steel preferred, which
is per cent stock, is selling at a lower
price than American Tobacco, while the
company ie undoubtedly earning more
money. No news was given out regarding
Continental Tobacco. and the Street at
tributed the weakness of the common stock
to the general pessimism Regarding the
company, which is perhaps well founded.
Sugar was strong, though erratic. The
Trust reduced prices on several grades of
sugar 1-Sc and 1-16c, but the street did
not seem to consider the move bear ar
gument
One of the surprises of the street during
the week has been the comparative weak
ness of Pacific Mail. which has not ad-
vanced in the least with the remainder
of the market A rumor was current in
the street yesterday afternoon that if the
market is strong today the stock will be
advanced a point or more.
The Washington stock Exchange.
Regular call-Washington Loan and
Trust, 1d157 Columbia Fire Insurance,
25614 1-2. Lincoln Fire Insurance, 100
II 1-2 Capital Traction. 61Q9S Ii; 4@
n a q.