The times., 1899-12-02

The stock market yesterday was very
similar TO that OF the past three weeks
with little business except among the pro
fessionaIs. with activity only in a feW
specialtes, but stiIl, with clear indications
OF q strong undertone nearly everywhere
On the whole, considering the advance Of
the Bank OF England discount rate 10 G
per cent, the highest rate in ten years. trad
ers were inclined 10 expect a decline and
were thus agreeabIy surprised al even the
negative triumph OF steady prices II has
been the comment quite generally Of late
that the level OF prices Is not advancing
that the market is standing still il fact
Taking this view OF the case, many who
have been bullishly inclined heretofore now
hesitate to purchase stock for fear that the
leaders viii be unable to accomplish any
further gains. As a matter Of fact there
has been steady and important, If slow.
advance il nearly the entire railway lis,
in the month Of November. Stocks have been
taken up one al g time, and even the best OF
them have seemed weak periodically and
this accounts for the quite general mistake
that is being made. A comparison Of the
quotations on November ! with those yes
terdsy, IN the Pacific securities, the East
ern trunk line stocks, the Southern securi-
ties, and in many other shares in which
the conditions have been favorable, VIII
show that while the public has been look
ing or and waiting, or even worse. getting
into the market al the top Of the daily
temporary spurts and selling out with
losses, there has been excellent opportunity
for profitable speculation on the bull side
Northern Pacific common and preferred
have advanced a point and a half each.
Union Pacific common has moved up four
points. Southern Pacific is FIVE points
advanced. Southern Railway preferred is
UP a point or more. Baltimore and Ohio
common and preferred have both made
handsome gains. the preferred nearly ten
points, and the common nearly FIVE. Penn
sylvania has advanced three points. Chesa-
peake and Ohio and Big Four have ad-
Vsnced The grangers, the Goulds, the
cOalers and others have held their own.
number % the better class Of industrial
securities, including the steel and iron
stocks. generally, have made substantial
gains. Pacific Mail is six points higher
The only securities that have been disap-
pointing have been Leather common and
one or two other such industrials and
Manhattan Railway. There is nothing dis
turbing In this review. There has been
no Dig boom and the reasons are good
why there should have been none. Com
pairing conditions Al the beginning OF De
cember with those at the beginning of
November there can be no question that
they are much improved. The outlook is
better now thar IL has been at any time
heretofore. Railway earnings continue to
improve and the financial situation is out
Of danger. But more than all this there
- every evidence that the leaders Of the
market are now on the bull side and be-
ginning bull campaign People whose ad-
vice has proven good heretofore this au-
tumn, advise buying stocks instead OF
waiting FOR the advance to begin"
The feature OF yesterdays market was
the Northern Pacific securities. Il has
been pointed out IN this column for several
DAYS that the movement in these stocks. 10
correspond with that In the other Pacific
issues. was to be expected. The common
yesterday reached 81 Is. an advance OF
two points this week, with practically no
reaction whatever This stock touched