The evening times., 1899-04-17

The stock market this morning was ir
regular and of little avail as an indication
of what may follow during the remainder
of the week. The grangers during the first
hour were very strong and advanced from
a point 10 two points. Later they were
sold off as rapidly as they had been put up,
and before noon were quoted near the
opening prices. There was selling and
buying of the industriais and other spe-
cialties during the first few minutes OF
the day, and little indication OF strength
or weakness. Later Brooklyn Rapid Tran
Sit, Manhattan. and one or two others OF
this group were sold viciously and went OFF
several points. The expectation is still
that Brooklyn especially viii continue on
its upward course this week despite this
break and that the industrials will be the
leaders of the market. The news from
Manila does not seem TO have had any bad
effect on the market. and the other general
news is all good with the possible excep
rion of the wheat Indications, which do not
improve as rapidly as had been hoped for.
The movement in the Changers this
morning was especially interesting because
of the fact that wheat was fairly strong
and wheat news bearish. Burlington went
TO IA in the first hour. ST. Paul nearly TO
LIS and Rock Island above lis.
Atchison preferred went nearly to
90, the highest point for the stock for sew
eral days. There was apparently good
buying of all this group as the advance
went on but toward noon change of SEN
timent seemed to occur. perhaps because
of several unpleasant kilograms from the
west on the wheat crop that came in to-
gether. But as has been pointed out in
this column heretofore these stocks do not
depend so much on the winter wheat crop
as many seem to suppose. and there is no
valid reason for being bearish on the stocks
especially if the remainder of the market
is bullish.
The talk this morning was of the proba-
bility that Burlington will be ex the
new rights within a few weeks and per-
haps before then end of this month. These
rights are perhaps worth per cent. The
nearness of this consummation is consider
ed a bull argument. The friends OF the
stock are very confident
II is said that the price of anthracite
coal is to be advanced this week, and that
this move will be in the furtherance of the
Morgan plan for the unification OF the in
terests of the coal roads. What else nay
be done by Mr.. Morgan and his friends Tor
these stocks is not TO be discovered as
yet. but there is feeling that the week
may be an interesting one for this group
and that Reading first preferred and Jer-
sey Central are probably both good Iur-
chases.
Tobacco was one of the strong issues this
morning though there was no particular
activity in the stock. The price went up
two points in a short time, and 1t seemed
likely that there would be further ad-
vance though no news regarding the COM
pany was heard.
OF the industrials. Federal Steel was the
feature in the early trading with spurt
nearly to 20. The preferred stock went up
in sympathy with il to 81 3-4 in the first
hour Later in the morning when the SELL
ing in the grangers began, and the stump
in Brooklyn. both these stocks lost their
initial gains. Gossip in the Street, how
ever. is favorable to the Federal Steels for
a good advance this week, and 1t seems
probable that prices near the highest may
be reached unless the unforeseen happens.
For some reason unknown Brooklyn
Rapid Transit was very weak during the
entire morning trading The opening was
at 135, after an advance had been made to
I37 last Saturday. Before IL O'Clock re-
cession nearly to 100 had occurred on
heavy liquidation. There was support Of
the stock near this price and the expec-
tation was that a good recovery would be
made before the end of the day.
WashinUtOn stock EXCHANGE.