The evening times., 1899-08-04
The stock market showed more strength

The stock market showed more strength
this morning than at any time heretofore
this week, and many operators We're con-
vinced that the declines in prices are over
for the present at least There was a
downward tendency during the iirst busi-
ness of the day, the grangers and other
standard issues losing a quarter of a point
and some OF the industrial securities more
than this. Later, however. good buying
was noticeable and the early declines were
all regained. There is unquestionably
much strength in the undertone CT the
market, and little or no selling by the i'm
portant people. The shorts have increased
their lines this week, apd if they are not
to be successful in Gazing q more extend
ed liquidation they will be very likely to
suffer later. For the moment many are
disposed 10 believe there Will be a quiet
market unless the bank statement tomor-
row shows decided change in either di-
rection. Opinion is much divided regard
ing the statement, but perhaps it is moe
generally hopeful than it was a week ago
on account of the fact that the Govern
ment has deposited a considerable sum
with the banks this week.
There is much talk of the probability OF
higher money rates as the year advances to-
ward its busy season, but Wall Street paopi;.
are beginning TO look at this prospect with
much more calmness. AT the same tima.
bankers generally are quoted as being of
the opinion that and 6 per cent NAV be
the prevailing rates for call money during
the autumn. A month ago such predic-
tion from an authoritative source would
have caused slump of five or ten points
in the market in couple of days.
American tobacco was again the feature
OF the early business this morning with
an advance from yesterdays high level to
lis 1-2, and much show of strength at the
top prices that promised well for the re-
mainder of the day. The gossip regarding
the company is of earnings much in excess
of the dividend requirement. and of new
acquisitions Of outside plants. 1t is said
also that the cheroot business of the con-
Germ has grown immensely in the past year
under skillful booming. The Conti-
mental Tobacco securities were also strong
in sympathy with American Tobacco. the
common stock getting TO 46 early in the
day and the preferred above SO.
w. P. Willett. of Willett & Gray, the
sugar brokers, says thar there is no long
er any sugar war. that the immense in
crease in the consumption of sugar with
the return of prosperity, and the pre-
serving season. has developed so much
business that neither the Trust nor its
rivals is inclined to cut rates. AS mat
ter of fact. the tendency Is entirely in the
direction of higher prices. Mr.. Willett
states that the Trust is earning at the
rate of Is per cent on the common stock.
Sugar was q trife weak at the opening this
morning, but later advanced to above last
nights close, with good show of actiy-
ity.
There is much bullish talk regarding the
securities of the Northern Pacific and the
Union Pacific, which are considered by
many among the best of the low priced
stocks. A tip has been circulated with
some persistence recently that Union Pa
cific common is to have a good advance in
the near future, if the market is in the
least favorable. President Mellen, of the
Northern Pacific; S. H. Hartman, of the
Union Pacific directorate. and President
Mohler, of the Oregon Navigation, have
been in consultation this week over the
rate question and other matters that have
caused talk of differences among these
lines recently. 1t is highly probable that
a better understanding will be the result,
although there has been at no time any
thing very serious in the situation, despite
the gossip of the bears.
The securities of the Chicago Great West
ern were, again today active and strong.
The preferred "B" stock is selling at So
and SO. a good advance, but manifestly
very low price IL, as Is believed by many,
there will be a large surplus Of earnings
this year for the stock The business Of the
road is growing constantly and the outlook
for large corn crop gives promise OF
continuance of this good showing
Mr. Flower Ia said I'm no n, favar NJ ROC.
ular statements by the industrial corpora
tions. The figures given out by the Inter-
national Paper Company this week are,
perhaps. due to his influence. There could
be nothing that would help the speculative