The times. [volume] (Washington [D.C.]) 1897-1901, 1899-02-01

prices down TO let them in again. Ii is a
difficult matter to predict what the out
come Will be, and opinions are sharply di-
vided. The bears contend that they will be
successful and that a decline of three or
four points more will be accomplished. On
the other hand. many of the most Conserva-
tive people are advising the purchase of the
entire list at last nights closing prices.
The general argument is all with the bulls,
but il is possible, of course, that the tech
nical conditions will prevail for the bears.
Nothing of this should be considered as in
the least Indicating doubt that the ultimate
level of the market will be much higher.
This seems matter about which there
can be no question. The sales of stock
yesterday were less than 500, 900 shares. or
a falling off of over quarter of million
from any recent days transactions. This
shows that the declines were on small
transactions, and it also indicates very
clearly that either the public or the bull
leaders could at any time give prices a
good rally and force the shorts to cover
by little good buying.
The bright spots on the list yesterday
were Southern Railway preferred Central
Pacific, Southern Pacific, Big Four Atchi-
son preferred, and Federal Steel preferred
all of which either advanced for the day
or showed little reaction. The balance of
the list, with few exceptions. declined from
half a point to three points net
Southern Railway was taken up early in
the day by eager buyers and pushed 10
81 "a, a new high level. Later there was
realizing in the stock as the remainder of
the market went off but the close was at
so rs, good advance from Mondays
close. The advance in Southern up TO this
time has not nearly kept pace with the
remainder of the market. and as the pres
ent price is unquestionably not a fair one
for per cent stock many of the conserv-
alive people believe that il is likely TO ad-
vance even should the general market re-
main sluggish for several days longer.
One of the reasons for the advance of
Southern preferred and of Mobile and Ohio
was undoubtedly the talk on the street of
a closer alliance between these roads. Ii
cannot be learned how much of truth there
is in the story but probably the manage
ments are at least considering the matter.
Brunswick City was strong yesterday
perhaps partly because of the coed showing
of Southern. 1t has been the talk Of the
! street within the last two days that the
1 Southern intends TO make extensive i'm
/ provements in the city, which would I'M
| questionably send the price of its stock,
now around il, much higher.
! Atchison preferred was sold heavily all
! day, but it was found impossible 10 force
/ the price down as there were buyers for
/ the immense amount of stock offered at
! 81. The closing price was 81 Is a frac-
! ton up. Such stubborn resistance Of a
selling movement usually indicates that Il
| rally of some moment is to follow, and
] conservative people in the street were
! bullish of Atchison preferred at the close.
/ The intrinsic merit of the stock at this
level is not to be questioned.
The grangers were little dealt in and
! slight declines were recorded in all OF
! them for this season. 1t is to be noticed,
| however. that Rock Island and st. Paul,
especially, are very little OF from the top
prices, and it is probably safe To say that
| they will 90 little if any lower. no mat
| ter what the remainder of the market does.
| St Paul will receive per cent dividends
this year, according to semi official an
/ nouncoment and Rock Island seems certain
ITO have an increase as well. II will be re-
membered that the advice was given in
this column several weeks ago TO buy the
Egrangcrs rather than almost anything else
on the list on the theory that they were
intrinsically worth much higher prices. and
at the same time would probably react
the least on any break. Already this has
proven true to a certain extent, and if the
break extends any further an even better
comparative showing will probably b,
made At these prices the grangers al
look most attractive to conservative buy
| crS