The evening times., 1899-11-13

| The stock market this morning exhibited
| a strength tnat had been little expected
in the Street generally. London prices
| were up from One-fourth to one-half on
| Americans, and there was good buying on
| this side, the opening being at prices a
trifie higher than the close on Saturday.
| A slight recession took place few min
| utes after the opening and then there was
| another advance during the entire fore
noon. Southern Pacific was the leader Of
the railway list and advanced a point and
a half on excellent buying to IL l-2. The
| grangers and other railway issues gener-
| ally we're strong Some of the industrials
showed signs of weakness. The market
| was somewhat of a puzzle to the Street,
| but many were of the opinion that prices
| were supported early in the day to give
| the public confidence and prevent any vio-
| lent break as a result of the bank state
ment. The majority of these people ex
pected to see moderate reaction this af-
ternoon. There is nothing sinister in the
future of the market. Money was tight
again this morning at 10 to IL per cent
for call loans but this was no surprise.
The talk of probably nearby flow OF gold
from Europe and Of the certainty now that
money will be sent from Chicago and other
interior points this week in large quanti-
ties is very confident and Secretary Gage
has intimated that if neither of these
things happen to relieve the situation he
will take steps himself. Buying OF securi-
ties on any recession is advised by some
Of the most conservative people in the
Street.
Manhattan refused to tumble, despite the
vicious attacks of the bears. AS was stated
in this column this morning, the quarterly
statement of the company, although disap-
pointing in some ways, should not be con-
sidered bad. 1t seemed probable in the
early trading that the Street generally
takes this view of the matter. The stock
went up to 101 and fraction, or a trife
below the close of Saturday, and then held
firm. Many had expected to see it open
or points of, and go to 95 today. With
the present uncertainty Of speculative SEN
timent regarding the stock, 1t Is most
dangerous one either to buy or sell, but
it seems probable that the next move in 1t
will be up, if the general market is favor
able. s .tj1
Southern Pacific is becoming great ia
vorite with the public as we'll as the in
siders. It is not believedy however, that
Mr.. Huntington and his friends have done
nearly all with it that they expect to, de-
spite the Street superstition that the in
siders in 1t always sell out when the public
is thoroughly interested. The intrinsic
Value Oh tQe STOCK Is uuuOuDueOly IuItuer
away from its present market price than
that of almost any other security in the
market.
Tennessee Coal and Iron and Colorado
Fuel and Iron were both weak again this
morning, and showed evidences of being
heavily sold either by clique OF by in
siders.
Atchison. preferred, continues to be one
Of the favorites Of the Street, and the pub
lie generally on its intrinsic merits, that
are quite extraordinary compared with its
present price. The stock was strong this
morning, advancing In the first few min
utes Of the day to within one-eighth of the
highest price reached on Saturday, and
later showing excellent support around g.
london was a buyer of the stock. Other
granger securities were also strong, Rock
Island being somewhat of an exception,
though its decline was only fractional.
Pacific Mail was bought, apparently on
a betfer .upderstandinr of the statement Of |