The times., 1899-04-22


fore the clique is finished. A few days ago
the stock was selling at As. At this time
the advice was given in this column to buy
it. On every day since that time there
has been good advance in the price until
yesterday, when it touched 55. A ten point
gain in such q week as this has been is
quite remarkable. The facts regarding the
company have been recited heretofore sew
eral times. Its earnings are very large.
quite as good as those of Tennessee Coal
and Iron. Its prospects are fine, even If
it is not to be bought out by the Federal
Steel concern, which deal is denied by peo
pie who ought to know what they are talk
ing about In the opinion Of excellent au-
thorities the Colorado company's stock
should command as high price as that of
Tennessee Coal and Iron. and that within
a few weeks at the latest.
Southern Railway and Louisville and
Nashville have been the features of the
points in the past week. and both were
strong yesterday. Louisville having squirt
in the last hour to above 6S. and Southern
getting above 81 to the high price of Thurs
day. The general revival in the South
since the Spanish American war, the i'm
mense increase in earnings on both these
roads. the fact that both have been man
aged economically in the past and are now
in a good position to reap the fruits OF
prosperity, are all excellent matters in a
general way and excellent reasons why
higher levels should be attained by the
stocks. But in addition to the purchase by
the roads of the railway properties of the
Tennessee Coal and Iron Company, is an
immediate bull item of news which has
been used as a lever by the friends of the
roads. The predictions are all that both
stocks will go higher next week and proba-
bly, today. The move in Louisville at the
close yesterday was a well-executed one.
with its elimination as the gong sounded,
and there would be no surprise if higher
prices were recorded Immediately at the
opening today.
The friends of Pacific Mail are accumu-
lating the stock all the time There is
now a very limited amount in the street.
The best information obtainable is that
a movement will be inaugurated in few
days. The advance this week has been
a point or more and at all times the stock
has been firm.
The break in the price of wheat yester-
day is looked upon by some optimists as
only the beginning of considerable de-
cline. 1t is not to be doubted that if the
price should go off a cent or two more to-
day the grangers would benefit and rally
sharply from their recent lethargy. The
granger roads will have plenty of business
If the winter wheat crop is damaged, and
will have big earnings. but at the same
time the advance in wheat during the past
two weeks has been very bearish influ-
ence on this group of stocks in a senti-
mental way.
An unofficial statement was made yester-
day afternoon that the Continental Tobac-
CO Company has completed its deal for the
purchase of the Light & Myers concern.
The confederation of this story would have
a fine effect on the stock, which has been
weak during the last two days with the
remainder of the market People who
bought the common stock at higher figures
in the expectation of a quick advance have
been much disappointed at the failure of
another sure thing. but they may succeed
in making a profit next week.
The New York fractions and the indus
trials which were such hot favorites two
weeks ago. were without feature yesterday,
except that the low prices established a
day or two ago were not passed. Brook
lyn Rapid Transit opened at 132, and i'm
commenced to decline. The low
point reached was 100 IA, and from this
l3l 1-2. Manhattan opened at 124 3-4 de-
clined to l2S Ia. and went up at the close
to l24 1-2 The Federal Steels were sup
ported, when they were weakest, and de-
clined only slightly The common stock
closed the day with a fractional net gain.
Chicago Gas was the weakest of this group,
and declined TO 125, closing fractiona:ly be-
low the opening. The Federal Steels and
Brooklyn are considered by the talent"
the y ST stocks of this list for an immedi-
ate advance.
The feature of the session of the local
stock exchange yesterday was the rapid
advance in price OF Mergenthaler Linotype
stock. Several blocks of the stock changed
hands and the price ranged from a low of
l9l i-2 TO a high of 1872 Ia, an advance
OF more than a dollar a share over the
price paid on Thursday. 1t is supposed
that the organization Thursday of the
Linotype Association, COM
posed of the many holders of the stock in
this city. may have created a sentimental
demand for the stock yesterday. The re-
ports regarding the affairs of the company
made at the organization meeting Thurs
day were extremely gratifying.
More than 400 shares of Capital Trac-
tion stock changed hands at 81 12 and
81 SIS A large block of Washington Gas
sold for 50. Metropolitan sold for 22S.
New York. April 21.-Bradstreets tomor-
row will say: The general business situa-
ton is one of quiet strength. The we'll
nigh universal testimony to damage of
the winter wheat crop has had surprisingly
little effect on prices as yet, owing partly
10 improved weather conditions strength
ening the hopes OF a larger area in spring
wheat. and also TO good crop reports
abroad and increased visible supplies as
with a year ago encouraging
foreign buyers in their neglect OF Ameri-
IAN offerings. An enlarged demand for
his country's manufactured products in
some degree counterbalances the falling off
in the value of agricultural exports, not
ably cereals and cotton, shown as COM
pared with year ago. For the month
Of March a drop OF $4,000. 900 in exports
Of bread stuffs, cotton. provisions, live
cattle and mineral oils has been partly
made up by gain of nearly $4,000, 900
In other products, leaving the net de-
as compared with year ago.
per cent. Imports reflect the increased
purchasing power OF the country, the total
for March, in fact, being the largest since
May. 1897. For the nine months period
exports. as a whole, are a little less than
double the imports. In iron and steel new
business is of even small proportions.
notable exception. however being in the
line of wire goods and nails. on which
prices have been very generally advanced
Quotations OF pig iron. steel bil!ets, and
nearly all the cruder forms are firmly
held, while for many finished products,
such as plates and bars even higher quo
tations are asked. The cotton goods sit
uation is still a strong one. though cur
rent demand from agents is light. Heavy