The times., 1899-08-11

Yesterdays stock market Unexpectedly
developed considerable strength and &C
tiyity during the afternoon after dull and
uninteregting morning. There was heavy
covering of shorts and buying by the
cliques TO which was added better COM
mission house buying when prices began
to advance A generally better feeling re-
garding the money situation, on account
Of the continuance Of low rates for call
loans and the predictions of a better bank
statement seemed to be the cause of the
commission buying, but the lead OF tne
advance was made by the cliQues, who TOOK
M Tennessee Coal and Iron, the Leather
securities Pan Handle, Sugar, and otner
speciaIties. and advanced sthem sharply.
No surprise would be caused by con-
ttnuance of the advance today or at least
during the morning hours. Later, perhaps
this afternoon, perhaps next week, IL
seems probable that the reaction VIII come
that has followed every small advance SO
far this summer There is no reason 10
suppose that the market is in any way
less professional or more promising OF I'M
mediate good results than II was week
ago Cali money ruled between and
41-2 growing easier as the day advanced
There was little demand The Bank OF
England discount rate remained unchanged
prices in most instances closed near the
highest for the day.
The speclaities were far the most inter-
esting stock on the list yesterday The
Leather issues were more active and more
buovant than at any time in months, the
common especially waking out OF leth-
srgv 10 advance two or three points To
the highest price in two years, l.
There has been much bullish talk Of Leath-
er preferred for several months owing 10
the fact generally well known, that the
- r4a.4.r rs7sar-f AL IL
ion with lis high prices and big business
There has been good buying Of this stock,
and after stubbornly refusing 10 advance
for months il has recently showed signs
of activity. Yesterday ii moved up TO 10,
the highest price since April, when IL went
to 7g This movement Of the preferred
stock Is not in any way surprise, and
iufrinsioaliy ii is probably worth more
than even yesterdays high price py good
many points AS far as the common stock
is concerned, however, II is doubtful II
the most sanguine VIII pretend 10 the be-
lief that il Is advancing on its merits.
Taking advantage OF the good condition
Of the trade and the activity OF the pre-
ferred, a clique is boosting IL for what
there may be IN the venture, but with no
idea that a permanently higher price can
be attained. There is $50, ,000. 600 of the pre-
ferrea stock and the same amount OF the
common. the preferred is a cumulative !
per cent stock, and during the past five
years % per cent OF its dividends have
been passed, or abon; sl5,o00.oo0 Recently
or for the past year, G per cent has been
paid on this stock. Before that a diyi-
dend varying from nothing 10 per een'
was paid. The common stock has not re-
ceiVed anything. and its chances OF eyel
receiving a dividend are extremely remote
There is talk OF some plan for rehsbilitat-
ing this stock but the suppositioD is un'
svoicable that the rumor is circulated fol
the purpose Of manipulation simply.
All the iron and steel securities wer'