The times., 1899-10-28

T. :. Leather pid-.--. - 81 81 S29s
L. 5 Rubber....-...... 40 ~ ass isl2
Wabash. pfd............ 2lB 222s 2lB 22H
The stock market yesterday witnessed
heavy realizing in many securities, and as
a result there were declines all over the
list This is the utmost that can be said
against the situation. Ii is equally true
and much more pleasant TO record that al
though there were immense sales of many
securities, only one or two went of more
than a very small fraction. The grangers,
the Pacifics. and the Southern stocks all
held their own magnifcently, the buying
being of a better character than the selling
at all times. American Steel and Wire
common and preferred, Federal Steel Com
mon TO a lesser degree, Manhattan, and
Sugar were the only important stocks that
had any serious declines. These issues
were hammered by the bears apparently
with the idea that the general market
might be broken by them. The declines
were 10 be expected after the steady ad-
yances Of the week Even although the
street were not looking for a rather poor
bank statement today, it was expected that
there would be realizing by small holders.
With the outlook for poor statement, this
vas even more TO be looked for. The in
teresUng thing in the situation is that the
declines so Var have been for so small a
part of the gains Of the week. The out
look for an advance this morning is not
particularly attractive. The declines of
yesterday are likely 10 induce small people
TO sell out for fear of a break It is be-
Iieved by the most careful people. however,
that any further fractional recessions
should be taken advantage Of for pUr-
chases, and that the entire market situa-
ton is extremely favorable for a bull
movement Of good proportions. 1t is even
possible that the market may have a good
opening today. This viii probably occur II
the London market is higher. The general
outlook is improving daily. The prospect
Of substantial advances in freight rates is
the latest and one Of the most significant
factors in the situation.
The Steel and Wire securities were the
weak feature of the market. The pre-
ferred. which has been fairly steady until
yesterday. tumbled to 80 IA and the com
mon went of TO Il Ia. The common re-
gained only IA before the close and the
preferred closed on the bottom The talk
regarding the Wire stocks yesterday was
all extremely bearish It was said in all
quarters that the insiders were selling them
and that the professionals were helping
them handsomely. No news except this
was heard and Of course there is no way
TO know why the insiders are selling One
suppCsitiCu credited in many places is that
+ the stock is being depressed preparatory
4 70 a good advance. This would be in ac-
I cord with the past tactics Of Mr. Gates
( and his friends If they believe that ex-
I celient earnings in all the steel companies
and the best Of business prospects for
many months to come are finally to cause
( a big boom in the steel securities gener-
ally ii is quite within reason to suppose
that they may wish to get a large block
OF the stocks of their own company at the
lowest possible price
The action Of the Wire securities was
almost the only unpleasant feature OF the
market yesterday. The action Of Louisville
and Nashville, Missouri Pacific, and South
ern Railway preferred may perhaps be con-
sidered an entire Offset and even more. All
+ Of these securities went up rapidly during
the greater part Of the day and they all
made good net gains. despite slight de-
clines in the late afternoon. Louisville
/ advanced 10 Sc 3-S. a new high price and
closed at So is. Southern preferred went
/ TO 81 3-S, also a new high, and it closed at
+ 56 5-S. Missouri Pacific went TO As 3-8
/ and closed at 47 IS. The weekly earnings
I Of all these companies were especially at
tractive and the insiders Of all the compa-
/ MES are buying stock instead OF selling as
they are said 10 be in Wire An additional
cause FOR buillshness in Missouri Pacific
yesterday was the statement made by Mr..
/ Sage that a dividend is to be paid on the
stock this winter. The present prices OF
/ these securities are high compared with
those Of a few weeks ago, but in every
case they are low intrinsically, and there
! is advice in excellent quarters to buy them
. on all recessiOns. Mr.. Gage says so in the
near future for Missouri Pacific and 50
! later.
The erangars wore sold Inv nannla that