The times., 1899-05-21

ket their wheat early if there is
| short crop. because of the high prices
! that will prevail. Thee are not
wanting people of excellent Judgment who
! believe that every one of the granger
! roads will show a fine increase of business
! this year over that of last despite the dam
/ age to the winter wheat crop. II this is
, to be the case. the prices of the granger
stocks at the present time are low. Rock
| Island. ST. Paul. and Burlington are earn
| ing from Z to 10 per cent on their stocks,
which are selling from 10 to 1S0 Money
| is loaning at per cent, and good rail-
| road bonds are very scarce that pay per
cent on the investment.
The financial and trade reviews tell of
the prosperity of the industrial corpora
| tions. There has not been such a story
| of immense demand for goods, OF mills
and factories working all the time at full
capacity, and of advancing prices in
many years. Certainly the condition of
the majority of industries has not been
J as hourishing in twenty years as ii is at
/ the present time. And ahead the outlook is
even brighter. The dream of Mulberry
| Sellers. of the needs of China. of the mag
| nitude of the market that the Orient af
fords, is in fair way to be realized. as
all dreams are If one waits long enough.
! i Is an axiom tilat lle Steei ana iron
| trade is an index of the condition of the
country. The steel and iron manufacturers
| are always first to get the benefits of re-
| turning prosperity. Also they always get
large share. II was the opinion of Gov
| ernor Flower that the steel and iron stocks
would be among the first to advance in
| price this yeGr. He predictes that Federal
| Steel preferred would soon go TO par and
that the common stock of this company
| would iC
| based upon the earnings of the company,
which he knew, and upon its prospects for
| the immediate future which he thoroughly
! comprehended. The friends OF Governor
| Flower who know as much as he did are
as full OF faith in this company. They
believe that these stocks will have a rapid
advance during the coming three months.
The American Steel and Wire securities,
| Tennessee Coal and Iron, Colorado Fuel
and Iron, ''Smelters," and all the others of
these stocks seem destined to be worth very
much more in the next few months. There
are many people who prefer the Federal
Steel securities to any others on the en-
tire list of the stock exchange
The Southern Railway stocks have been
among the best during the past week, as
they were in the break a week ago. South
ern Railway preferred and Louisville and
Nashville have both been bought every
day by good people. The South is sharing
in the prosperity of the country, and even
leading it in some lines. The railroads
show excellent earnings. The Southern is
rounding out its system in many directions
/ by purchasing auxiliary lines and building
others. Its entire road bed and equipment
has been overhauled recently. Until nov
1t is the surprise of railroad experts who
| travel over the road 1t is predicted by
financial people that these roads will ben-
1 eft largely by the new business of the
country. with its West Indian possessions
The roads of the Southwest are likely 10
make a surprising showing during the
coming year. The deepening of the har-
Dor at Galveston has proved to be one of
the most important events in the railroad
history of this section. The roads are
crowded with business. The securities OF
st. Louis and Southwestern. Missouri.
Kansas and Texas. Texas Pacific, and
other roads are looked upon with great
favor by people who understand the sig
nificance of this movement.
The buying of the Vanderbilt stocks dur
ing the past week has been of an excel ent
character. II is unquestionably the fact
that the Vanderbilt interests themselves
have bought heavily of the Union Pacific
securities and New York Central.
Southern and Central Pacific have both
been bought heavily during the past week,
and it is understood that there is Il Clique
forming to put the prices Of both stocks
higher in the near future. Important
Eastern financial people are mentioned as
being interested in the future of the prop
critics with Mr.. Huntington.
The local security market has been less
exciting during the past week than for
some time past. The Stevens Crosby Lieb
syndicate has either succeeded or failed in
all its deals. and the mysteries are all
solved. 1t is not learned that it has the
intention of trying to purchase anything
else in the near future, at least Dealings
in local securities without this spur of
possible fat syndicate prices have declined
for the moment from the great totals OF
two and three weeks ago. Transactions
have been fairly large however, and very
much greater than they have been in for
mer years al this time, and prices in al
most all classes have either held their own
or advanced, which is an excellent indi-
cation of the actual large demand for Dis
trict securities and an exceedingly good
promise for the future. The speculative
element in much of the big business of
March and April has given way to inves-
ment buying largely. but brokers general
ly state that orders from Washington and
outside customers are plentnul. Inc Opln-
ion is expressed by good authorities that
the payments of the syndicate of the sew
eral million dollars yet due on the Metro
politan and the Columbia Railways will be
| followed by heavy investment in other
stocks. This will undoubtedly have the
effect of advancing prices in the entire list.
The chief interest in the local market
has centred around the failure of the gas
deal and the subsequent drop In the price
of Gas stock. There were more Washing
ton stockholders against the sale of the
company than for it by several thousand
shares, it is understood. The price of the
| stock has fallen from SOL a share the
| highest point reached during the heat of
the campaign. to $52 a share. The opinion
expressed in f Street yesterday was that
IL may go lower yet Various theories are
advanced to account for the deal and its
failure and for the recent heavy selling .of
stock said by some to be for inside in
terests. A gentleman well informed in
the affairs of the company said last night:
In my opinion, the most important