The times., 1899-04-27

tne only thing accomplished by the bears
being the prevention of an advance in the
price. With such stubbornness exhibited
against these attacks il would not surprise
many careful observers of the market IL
a quick advance should occur at any time
with a fine squeeze of the BEARS On the
whole, however, Brooklyn is considered
much the safer stock.
The grangers acted all day In harmony
with the wheat market, and hence, al
though they all had good advances In the
early hours Of the day none of them closed
with net gains. Wheat, which had been
weak for two days, seemed likely yesterday
TO continue its downward course. The
bulls took advantage of strong general
market and advanced the grangers. The
entire group touched level almost as high
as the highest last week. In the after
noon, however, there was heavy selling of
the stocks on more poor wheat crop re-
ports, and slight advance in wheat Bur-
lfngton went to 144 ga, and closed a
point lower than that figure. St. Paul
touched 129 is and then declined nearly
point. Atchison went above 81, and then
fell off to the opening price The street
is bullish on the grangers, and there will
be good buying OF the group as soon as
there is the least reinsurance regarding
wheat st. Paul is looked upon with par
ticular favor by many for the very good
reason that its earnings are as good as
those of Burlington. The latter stock will
be bought in the near future to take ad
vantage OF the rights" which, according
to present indications, will be worth
something more than per cent.
There were rumors of an extra dividend
of l per cent on Pennsylvania yesterday.
and at the same time a rapid advance be-
gan in the stock which has been neglected
for some weeks almost entirely. 1t was
difficult to understand If the rumors caused
the rise or vice versa. Pennsylvania has
a great number of friends who are in the
habit of predicting It's for the stock every
time 1t shows any disposition to advance.
The earnings statements of the day were
in every case excellent. Atchison in the
month of March had an increase over last
year of 100000, which is fully up to Il
best expectations. There is nothing in
this statement to give the worst bear any
satisfaction The increase in the earnings
of the Southern Railway for the third week
of April was s41, 900. The increase since
the first of July was s2.042, 600 Louisville
and Nashville, too. had an excellent state
ment. Both of the latter roads are in
even better shape to advance than the
during the past six months, while the
grangers have been getting above the high
est prices In years. And as has been stat
ed in this column many times the prospects
of the roads are the best. Larger earnings
are certainty and larger dividends next.
The anthracite golfers were particularly
weak during the afternoon, and before the
close had reacted from a point to two
points or more. No particular reason was
alleged for the declines except that 1t was
evident that the stocks were being at
tackled by the bears. Reading first pre-
ferred went to 81 3-S, and closed more than
a point lower than the opening. Jersey
Central. Lackawanna, and Delaware and
Hudson all went off more than point.
Norfolk and Western common and pre-
ferred were particularly strong in contrast
with the hard coal stocks. The preferred
went above 10, which is the highest price
attained by it. The road is earning per
cent, and paying on the preferred, which
leaves good surplus for the common.
The business of the local Stock Exchange
was probably the largest ever transacted,
the value of the shares changing hands be-
ing about 100000. The high priced shares
were particularly active and in several
cases, notably that of Mergenthaler, the
highest price ever reached was recorded.
The board was full of brokers and outside
OF the rail were as many people as the
space would allow. When the bidding was
on in several of the active stocks there
was something very near an exciting time,
which the local exchange very seldom Sees
The price of Mergenthaler reached POI,
the highest ever attained by the stock.
There were about 200 shares sold during
the session. II Will be remembered that
the prediction was made In this column
several days ago that the 200 mark would
be passed by the stock shortly ON account