The times., 1899-02-17
STOCKS DEVELOP
A STRONGER TONE
Grangcrs Lead in the General
Upward Movement.
Burlington and Quincy Shares
Score Another Sharp Advance.
New York and Metropolitan street
Hallway Makes Record Price
General Market Firm.

New York. Feb 16.-The granger shares
led the stock market in a further rise to-
day. Burlington and Quincy was the
leader of the market in all respects and
Notwithstanding the disappointment felt
al the absence Of an official declaration in
regard to the debt refunding intentions of
the management. the stock scored Z note
worthy advance. St Paul and Rock Island
followed the lead of Burlington and Quincy
with lesser advances. but all things con-
sidered the revival of favorable interest
in the granger group Of stocks was a note
worthy speculative phenomenon. One re
Election of the severe February weather
appeared in the traffic returns of the
Northern Pacific Company for the first
week Of the month. a small decrease being
shown The sharp rise in Burlington and
Quincy was attended by renewed reports
that the refunding project had reached
more matured stage than was generally
suspected, and it had, indeed, no other di
rect explanation. The stock was, how
ever, in such urgent request as to suggest
that there must be some impending deyel-
opment of great significance in the COM
pany's affairs though il was impossible TO
learn anything as to its nature ENclud-
ing the sympathetic influence eXerted by
the advance in the granger group. il would
strength of the market unless recourse
should be had to the considerations which
engaged attention last month, and which
were then accounted sufficient eNplana-
ton of the rise in prices during that
month There were no material
changes in any quarters Of the out
side situation. The Treasurys foreign
trade statement for January showed an
excess of merchandise exports over i'm
Dorts of 81 04G SEQ which together with
the excess of exports for the seven months
OF the fiscal year of S3S2. $3.50 explains
the country's ability 10 absorb the enor-
nous European liquidation of American
securities There was no change today in
money market conditions but sterling ey-
change was again very firm by reason Of
the increasing scarcity of commercial bills.
a state of things that may be aggravated
by the storm in the South and West.
Aside from the granger stocks, the most
pronounced strength appeared in the Union
Pacific shares New York Central. and Met
ropolitan Street Railway. The last named
made a record price. Manhattan Railway
was depressed in the early dealings. but
rallied sharply before the close. The North
ern Pacific shares were very active and the
common stock declined sharply in the fore
noon, a reflection of the decrease in earn
ings and of the pronounced weakness OF
the stock in the London market for Amer
leans. which was otherwise strong. The
stock suffered also from the lack OF con-
frmation of the more positive assertions
that attended its rise yesterday, just as
Burlington and Quincy then did. There
were large dealings in the industrial group
with the Federal Steel shares the con-
spicuous feature. The general market
closed strong and very active and al about
the highest level of the day.