The times., 1899-07-08

market in recent years that these are the
tactics which always start the bull mcV--
ments.
The news of most Importance yesterday
was that of the Pennsylvania New York
Central deal. There were denials of the
authenticity of the story published in The
Times yesterday morning, but notwlth-
standing these the street believed 1t. 1t
| may be stated again here that there is
every reason to believe that the entire
deal between the two great systems has
been accomplished Denials seem a neces-
sary adjunct TO every big railway deal, and
/ they usually mean that the railway people
simply are not ready to give out the news.
| The effect of the news on the stock mar
ket yesterday was partially obscured by
/ the efforts of the bears, who made great
attempt TO cause a break. Both Central
| and Pennsylvania opened with large ad-
vances over the Thursday might prices,
! but there were declines from the top level
Immediately. Later in the day the ad-
vances began again, and the rclese IN each
stock was at good net gain for the day,
4 the last sale in Pennsylvania being at 1Sh
and the last in New York Central at
/ l39 1-2.
Another New York Central story, to the
effect that the system is to acquire the
Manhattan l. road. was also af1oat during
the day. II caused a great boom in Man
haitian. This talk of the probable acquisi-
ton of the Elevated for the Central, and
of the plan to run the Central trains into
New York over the Elevated tracks has
been heard before in the street. There is
probably a good foundation for the story,
| but il is not known that anything has been
accomplished as yet, except the large pur-
! cbases of Manhattan stock that have been
made for the Vanderbilts recently. The
entire plan was discussed in this column
several months ago in advance OF other
publication. There can be no doubt that
such plan has great possibilities OF proht,
| if il is feasible. Manhattan was opened at
an advance of point or more, and after
a considerable recession with the remain
der of the market it was taken up later in
| the day and advanced rapidly to the best
price in several weeks, III rs. The close
was at l2l, and one party was inclined 10
believe that the gain made was all that
need be expected for the present
Clioues got actively to work on several
of the speciaIties yesterday afternoon when
il was seen that the market was recovering
| from the early selling. Several OF these
securities that have been inactive for many
| weeks were taken up and pushed
ahead quickly to new levels. Among these
were St Louis and Southwestern preferred,
which went up two points; Colorado Fuel
and Iron, which advanced frcm A to 46
| and a fraction; Texas Pacific, which ad-
vanced to 81 3-S, and Wabash, which went
up a point and a half to %, closing at
| the top price. The talk of all of these
securities is most bullish. Colorado Fuel
and Iron especially seems likely to have
a good advance Immediately. following the
lead of Tennessee Coal and Iron.
Tennessee Coal and Iron was another OF
the specialties that was bought heavily
by the insiders and advanced rapidly. The
price reached, 20 Ia, is the highest attain
ed by the stock since the year 1890, when it
went to SO. The gossip regarding the COM
pany yesterday was to the effect that the
accumulated dividends on the preferred
stock for the past six years, which amount
to about half million dollars, are to be
paid Immediately.
The grangers, after somewhat dis
| couraging forenoon. were taken up in the
afternoon and advanced handsomely
under the lead of Atchison pre-
ferred, which was bought by the
tens of thousands of shares. Atchison
had a spurt to 81 3-i from SO Ia, the low
price for the day. Such large movement
is very rare in Atchison, and was not seen
more than once during the entire boom OF
the stock six months ago. The changes in
the management Of the company alluded
to in this column yesterday were evidently
considered an excellent matter by the
street, not to mention the inside buying
OF the stock. The other grangers all closed
the day at the highest prices, though they
were not quite as high as those recorded
in the stocks two days ago. St Paul
after declining in the morning TO about
13l. recovered to 1872 1-2 Burlington closed
AT 1877 1-2 and Rock Island at III 3-4. The
street generally expects to see higher
prices in the group today and next week.
Cotton OIL common is to receive a divi-
dend of per cent, an advance of l pei
cent from the present rate. This in
formation comes from a source considered
entirely reliable. The stock is selling al
3s. and will undoubtedly be taken up il
the bull market continues.
Missouri Pacific has been making a phe-
nomenal earning record. The stock will
receive a dividend in the near future in
all probability.
Norfolk and Western preferred and COM
mon are considered by many conservative
people among the best stocks on the lis,
at their present prices.
New York. July 7.-Bradstreets tomor-
row will say:
Holiday observances and semi-annual
stock takings have worked toward quiet in
general trade and industry, but il is sig
nificant OF the favorable conditions ruling
in this as compared with previous years
that trade adyices point to rather more
than the average business being done, not
withstanding the checks to demand and
shipment above mentioned Additional re-
suits OF the seasons work brought to light
are fully as favorable as those indicated
last week, and furnish an adequate basis
for the general air of confidence with
which the business world faces the latter
half of the year. Bank clearlngs returns
fully bear out estimates given last week
pointing to unprecedented totals and enor-
nous gains for the six months period over
preceding years while Bradstreet's roport as