The evening times., 1899-07-20


ket this morning very much like that of
yesterday, with an advance during the
first few minutes of the session on what
appeared TO be spirited buying by insiders.
Before the end of the first hour there was
dullness again, and il semed probable that
the opening squirt would fade away as 1t
did yesterday into extreme inactivity. The
situation possesses no new features. The
strike trouble cannot be said to be either
much better or acutely worse than here
tofore, although the affair is spreading
somewhat. Money is easier than last week,
and the situation in this regard seems like
ly to improve. There is not much proba-
bility now that the Bank of England viii
raise its discount rates above ) IL. The
predictions regarding the coming bank
statement are hopeful. II cannot be said
that there is really anything the matter
with the market or the immediate outlook,
except the summertime lack of interest,
in the market leaders and public alike.
The general railway and Industrial news
continues extremely favorable.
The two incidents Of the early market
that broke into what would otherwise have
been complete stagnation, were the SELL
ing of New York Air Brake and the
strength OF Metropolitan Traction. The
decision of the New York circuit court of
appeals in the case of the Westinghouse
Company against the New York Air Brake
Company, which is considered final, was
entirely in favor of the latter company
and gives il the certain right to manufac-
ture under their patents. There has been
much expectancy over this suit owing TO
the phenomenal business of the company
and the startling advance in the price of
its stock. The action of the
stock on the announcement of the decis-
ion is typical market movement. Yester-
day morning it opened up several points
to 230 and then went off steadily TO 212
This morning the decline continued to 100
or 40 points below the high price of yester-
day. Profit taking is supposed TO account
for the decline entirely as the profits in
the recent immense advance of the stock
have been enormous for the fortunate
holders. Not very long ago 1t was selling
at 19 so that the advance was considerably
over 200 points. At the same time there
is no investment outside the New York
stock market in which the news of COM
plete victory and assured immense profits
in the future would cause an immense
slump in value. The present earnings of
the company are said to be more than 20
per cent and the supposition is that a
stock dividend of 100 per cent viii be is
sued
Metropolitan Traction sold this morning
lex rights" which include the privilege to
stockholders to take at par stock to the ex-
tent of one-eighth of their present holdings.
The company will issue, as has been stated
heretofore, $5,000,000 of treasury stock.
The rights are worth on the market value
of the stock yesterday-220 or thereabouts
something like Is. The first sales of
Metropolitan this morning were consid-
erably above yesterdays quotations, on this
basis and the sellers of the stock, around
209, made handsome profit.
The grangers advanced at the opening
fractionally, but later in the session drift
ed back to yesterdays level, ST. Paul
around 131, Atchison preferred at 81, and
the others relatively not quite so high.
regarding st. Paul and Atchison preferred
especially.
A. L. Mohler, who has been President of
the Oregon and Navigation Company, has
been chosen to succeed President Ingalls,,
of the Big Four. The appointment is con-
sidered an excellent one, and it is believed
that Mr.. Mohler will have much success in
an economical management of the system.
which is peculiarly well suited for low-cost
transportation. The talk of Big Four stock
is most bullish, for this and other reasons
that have been analyzed in this column.
There is still talk in the Street of ac-
emulation of the Tobacco securities by
the insiders. 1t may and may not have any
foundation.
The advice to buy Northern Pacific COM
mon is heard again. The system is making
immense earnings and it is thought will
show per cent or better on the common
stock New York Central, with about the
same showing is selling for i40.
The Washington stock Exchange.
Sales-Arlington Fire Insurance, 100
153; Capital Traction, 1895 IA; Wash
ington Gas, 325@53 1-2; Mergenthaler