The times., 1899-12-16

New York and will undoubtedly thus cut
down the amount available for speculative /
purposes. But in a broader way OF looking
az the matter. it is an excellent general
financial situation that allows this country
10 export gold profitably. This has oeen
pointed out heretofore recently in this col
umn. As 10 the New York bank situation,
ii is probable that there viii soon be good
improvement. Gold has been imported
from Canada this week. Heavy liquidation
has occurred Some money has come East
from Chicago and other cities. These mat
ters viii probably Offset the losses oil
funds TO the sub-treasury and thus result
in a fair bank statement at least. 1t seems
probable that the market viii open strong
this morning. Later declines would not
surprise the street.
The advance in Sugar attracted particular
attention yesterday The stock opened at
$50 Ia, declined 10 129, and then spurted
in the afternoon to 135. The close was at
l34 1-2. In a general way the movements
in Sugar are always likely TO be an I'M
portant indication of the tone Of the mar
ket The clique that operates in the stock
most extensively has much better sources
OF information. as general thing, than
the public. For this reason the stock fire.
quently discounts the good and the bad
news. At present its tendency seemed TO
be upward.
A revival of the story that the Eastern
trunk lines have entered a close traffic al
lance and its practical confirmation by
officers of the railways in question had an
excellent effect on New York Central and
Pennsylvania yesterday. Both advanced
well Central from 13O TO 131 II. and Penn
sylvania from 132 to 133 1-2 There was
heavy covering Of shorts, and good buying
Of long stock in both.
A sensational advance in Pan Handle that
occurred at the same time as the boom in
PENNSYLVANIA caused much comment. The
stock sold early in the day at 69 and
shortly before the close at SO, an advance
/ OF IA points The close was above so.
/ The well known interest of F. D. Carley
7 in Pan Handle caused many to connect his
name with the movement in the stock. Mr.
/ Bongshaw, the local manager of Carley.
! Rosengarten & Co., said last night: The
movement in Pan Handle was from stock
covering on what seems to be a certainty
/ OF settlement with the Pennsylvania. II
this should be had, Pan Handle viii
/ promptly cross par" Mr.. LOngsbaw said
/ further: The best foreign houses say the
/ shipment Of gold is a great bull argument
/ If England needs gold, is willing 20 pay
for it. and can get it nowhere else but
/ from America, we can be assured our finan-
cial standing is paramount. An official con-
nected with the Colorado Fuel and Iron
Company has called our attention TO the
I wonderful earnings of the company. He
is a conservative man, and predicts a muct
higher price for the stock. We are bullist
( on Brunswick also. 1t has been quiet, bui
an upward movement is overdue, and i
will certainly do much better next week
The rumor that Hartman Vanderbilt in
4 terests have secured a controlling inter
est in the stock of the Brooklyn RAPID
Transit during the recent decline in the
market is generally credited, though ther'
have been some semi-ofiicial denials. Il
has not yet become apparent whether thii
change OF ownership will be reflected il
any movement of the stock or not Th'
dealings in it yesterday resulted in no I'M
portant fluctuations. the close being slight
ly higher than the opening.
Manhattan sold "ex" dividend l per cen
Yesterday. 1t regained the dividend an,
advanced a point In addition, the buying
apparently being Of excellent character.
The Federal Steel securities were agail
=.
ly put out being the feature in the stocks
There was some investment buying also
It is. perhaps occurring to people that hay
I been selling the common stock recentl
that the early declaration of per cen
dividend on the stock may cause then
trouble il they continue on the short side
The grangers were all strong yesterday
closing at or near the top quotations 10
the day at net gains of a point or more
Atchison preferred was particularly buoy
ant. The Pacific securities held their owl
well. but made only small gains. Thel
great steadiness during the recent breal
may prevent any immediate quick recover
OF these securities, even if there Is TO b
a bull market, but friends Of Northern Pa
cific common especially are confident i
their predictions Of much higher prices i
the near future.
There is a tip in the street that Mis-
/. souri, Pacific is soon to have quick ad
vance IN price.