The evening times., 1899-10-30

Bullish expectation was fully realized in
the opening and general tone Of the stock
market this morning. Prices opened an
average of half point up in all che active
securities. and the advance continued dur
ing the first hour with little hesitation.
The gains at II o'clock from the close on
Saturday ranged as high as TWO points.
and one point advances were frequent.
There were no particular groups couspicu-
Gus in the buoyancy, the entire list show
ing the effect of heavy short covering and
commission house buying The leaders,
too. were heavy buyers, Vanderbilt and
Standard Oil interests being prominent.
The general and technical conditions work.
ing to a climax last week and eliminating
in the bank statement for the week are
having their legitimate effect The ad-
vance of this morning was a good one, but
it is not believed by careful observers of
the market that ii marks the extent Of the
improvement in values that is to take place
at this time. These people advise buying
securities. particularly the low-priced is
sues with good dividend prospects, on ev-
cry occasion. and they are not rabidiy in
sistent on waiting for recessions.
Experts are estimating the logical effect
of advances in freight rates already made
and likely to be made in the future. Some
express the belief that 10 per cent ad-
vance will be accomplished. This seems
to be too high. In some cases unGoubted-
ly, and on some classes of goods il Will be
possible tO do as much, but generally
speaking half CT this advance is a faiIer
estimate. Even this, however. will mean
big additional earnings on the railway
stocks.
Atcnison, preferred, is one of the securi-
hat ic IEalv hpDeff hy the a6-
vance in rates. One estimate is that it
will mean q per cent for the preferred
stock. There are many other reasons for
bullishness regarding this stock. The
company has made a most valuable traffic
arrangement with the Iowa Central which
will give it large new business, and it has
purchased the Hutchinson and Southern,
also a most important acquisition. Cotton
business is to be very large and profitable
for the Atchison. and the immense corn
crop will be hauled largely by it either in
the form of grain or as corn-fed pork.
Atchison preferred, advanced this morning
quickly to Sc rs and showed every inten-
tion of going higher during the session.
The other grangers were also buoyant,
Burlington being the leader with a quick
advance to 1876. The September statement
Of the system, issued last Saturday, was
an excellent one, ana mas aroused new ell
thusiasm for the stock. St. Paul was up
to 12S 3-S early in the day, and Rock Island
to 116.
The Pacific securities generally were ac-
tive and buoyant, Missouri Pacific and
Southern Pacific for the moment showing
the greatest advance. Missouri Pacific
went to so quickly. All Of these stocks,
but particularly Union, common, are IA
xIz4 fvyn {rp ct<,ro
and spectators.
There Is gossip Of various kinds regard
ing the stock Of Peoples Gas The bear
organs attacked it this morning on the
ground that some time in the future the
old attacks Of the legislature will be re-
newed. 1t was a very fimsy argument,
and many considered the bear gossip to be
the forerunner OF an attempt to cover by
the big bear leader who is said to be heav-
lily short OF 1t. When he covers the price
will go up rapidly.
Louisville and Nashville went to SS this
morning, and Southern. preferred, had a
good advance also. Norfolk and Western,
preferred, jumped from Il, the level Of Sat
urday, to 72 and above at the opening this
morning. All Of these securities look par
ticularly attractive. -
Leather, common, advanced to 27 and
above. The preferred was less active.
There was some short selling of these