The evening times., 1899-08-22

The stock market opened this morning
with a slightly better tone than character
lied the later dealings yesterday. The rail-
way list generally advanced during the
first hour and seemed inclined to have a
further gain later. Brooklyn Rapid Tran
sit, the weak stock of yesterday was
stronger at first, and other specialties
We're advanced fractionally. American
Steel and Wire. common. was the weak
stock Of the list and Sugar was sold off
also, but the declines in these securities
did not have the same effect on the gen.
eral list that the weakness OF BROOKLYN
did yesterday. The commission houses
buying was large in many stocks. but trad
ers We're inclined to take the bear side
temporarily owing to the advances in
prices that have been made recently The
chances were very nearly equal as far as
outward appearances went, as to which
way the market would move. temporarily.
The advice generally given was to buy
stock on recessions, especially the low
priced issues, like the Norfolk and Wes-
tern issues, Ontaria and Western and some
Of the other coal stocks, Atchison common
and preferred. Southern Railway, prefer
red, Southern Pacific. Union Pacific. COM
mon, and Northern Pacific, common and
preferred. Later in the day new selling
movement in Brooklyn Rapid Transit be-
and affected the entire list.
The coalers were one of the features of
the early trading. Reading first preferred
was bought heavily and advanced a point
or more in the first hour, and others of the
group were buoyant. There has been bull
lish talk regarding these securities for a
long time in certain quarters owing to the
fine outlook for the coal business this au-
hnt ha rd
ment if it is to come. has been long de-
layed.
American Steel and Wire common went
off two points further at the opening this
morning. selling before many quotations
had been made at 55, which is loss OF
six points from the high price OF a few
days ago. Nothing very definite has de-
veloped as to what has been done by the
Stock Exchange committee regarding the
application of the company for the listing
of its securities, but it is in the air that
there is hitch somewhere. One rumor
has it that the committee yesterday con-
sidered the, application and decided not to
take the responsibility of allowing the Sc
curities to be listed. but to refer the mat
ter to the governor. 1t is said that the re-
port of the company was not as full or as
clear as the committee desired and that
1t will be necessary for the company to do
much better in this direction il ii wishes
its stocks to take their place on an equal
footing with the railway shares. 1t seems
probable that the company will do all that
is required of it, as rsanifestly it would be
blow to II TO have its application re-
jected, and as there can be no doubt that
its showing would be good one There
was good buying of the stock at the lower
price of the morning.
Federal Steel common was fairly strong.
though no gain of importance was made
from yesterdays lower price in the earIy
trading. Tennesse Coal and Iron sold be-
tween SO and par during the early part of
the day and Colorado Fuel and Iron fluctu
ated around the closing prices Of yesterday.
The grangers were active and strong. At
Gibson preferred making the best record in
the morning by selling during the first hour
at the high price Of yesterday. 1t is said
that an officer of the st. Paul has denied
that the directors Intend to declare an extra
dividend in September, but ii is also stated
that the company expects to earn at the rate
OF Is per cent on the stock during the re-
mainder Of the year.
The cutting Of prices on Sugar Yesterday
by the trust and the rival refneries con.
tipued to have its effect on Sugar stock this
morning and the price went OF two points.
Some authorities state their belfef that the
war is on again and more ihard 6rhtinr
ahead. and It Is suggested that fhe trust.
unless 1t intends 20 make a vicious attack
on the rival re1neries. would hardly desire
to cut rates at the height Of the best season.
OF the year. On the other hand some Street
people assert the opinion thar the cut in