The times., 1899-01-26
nc market vas strong again yesterday

The market was strong again yesterday
with prices advancing continuously and
steadily There are still two opinions as
TO the future course of the market de-
spite the excellent showing OF the day.
The bears are of the opinion that the ad
vance was only temporary matter, an
incident in the decline. which they contend
has now begun in earnest for several
points II is safe TO assert, however, that
some of the most conservative and careful
people in the street have turned bulls
again on the theory that the best efforts
of the bears. aided by circumstances, have
been proven to be unavailing in stopping
the advance OF prices and the immense
buying by the public The situation is
that on Monday there was an abnormal
advance and that every one with any bear
ish tendencies hammered the market then
In the hope that the break could be in
duced. These people were aided by heavy
profit taking The market was undouht-
edly reactionary on Tuesday and there was
a decline in prices varying from two to
fifteen points II had been said that with
such start nothing could stop a break
The presence of stop orders in the market
and OF large numbers OF accounts only
lightly margined had been pointed out as
an element of weakness which would work
destruction once the recession began.
Yesterday seemed TO prove the contrary
TO be the fact. There was no wild scram-
BILE TO sell stocks. The public did not
tumble over Itself to throw away its hold
ings and force prices down on itself. In
stead during the entire day there was
fairly good buying by the public, by Lon
don and by several of the insiders Such
being the case, and the bears best efforts
having failed TO cause the break many are
inclined to believe that the advance in
&c IN, lOnYpr
and TO considerably better level, with
only occasionally a recession of a point or
two such as this has been.
The Vanderbilt stocks were the features
OF the list yesterday. all having good ad-
vances and all apparently having friends
who were eager buyers at the lower prices
of the declines. The Union Pacific secu-
rites. New York Central, Canada South
ern. and Northwest were especially buoy
ant in the afternoon on revival of the
talk of the transcontinental railroad
scheme. The street seems still to believe
that this deal will be accomplished, de-
spite more or less official denials. Cen
trail advanced from 1873 "a, the opening
figure, to l39 IL. or very nearly 10 the high
est on the bulge of Monday. The Union
Pacific stocks advanced to IS IL and
81 rs. respectively. Canada Southern
reached 50.
Big Four and Chesapeake and Ohio were
very strong. II may almost be said in fact
that neither of these stocks partook Of the
decline of Tuesday. Their advances during
this entire week has been uniform and
consistent. The record of Big Four yester-
day was one of the two sensational fea-
lures of the session. The opening quota
tion was 50 Ia and the high for the day
81 SIS, or nearly six and half points up
The recession at the close was small
Chesapeake and Ohio advanced to 30 ii
1t seems probable that the advance in Big
Four is near its limit for the present.
The St Paul earnings had a very good
effect on the general market, and may
| quite possibly have been the deciding fac
tor which turned the tide OF prices Up
ward AS stated in The Times yesterday
| the earning for the third week aggregated
s66l. 900, being an increase over the same
| week last year of sl06. .9s9. From July |
| the increase has been s223s314 The
| grangers were helped by the statement.
and all had good advances, though they
were still somewhat neglected by specu-
| lators. Rock Island. which has been ex-
pected TO squirt forward this week, because