The evening times., 1899-07-26

There have been bad bank statements
and there is still hanging over the stock
market the possibility of trouble with tight
money. II IS the midsummer, and the i'm
portant people CT Wall Street are in Eu
rope and at the resorts. Such an array of
depressing technical factors would usually
be good for considerable declines in the
stock market The facts are that prices
are either holding their own or advancing,
though business is inordinately Gull. II
cannot be disputed that this is an excellent
record II foretells activity and higher
prices when the market leaders return. 1t
means that the public is not large holder
of securities, and that the people who do
hold them are abundantly able to keep
them, and are not afraid of the market
Speculation this morning was in no way
different from that of recent sessions, with
small changes in prices and only insignfi-
cant ventures on either side by the profess
sionals 1t is out of the question to fore
see what the immediate fluctuations of
such market are TO be. if there are TO be
any. The theory on which conservative
people are working is that before autumn
some time there will be good advance in
the entire list, and that it is we'll to buy
secrities now on all recessions to be
ready for this movement. The traders buy
on declines. but sell out with small profits.
convinced that no pronounced upward
movement will be seen this month.
Rock Island is the feature OF the gran
ger group in its advances recently The
Flowers are buying the stock steadily. and
there is a not Insignificant amount of COM
mission-house buying as we'll The year
ly showing of the company, while not so
fine as that of others of the group, espe
pa, II irIx le,t
over s per cent being earned for the stock
Since the year was completed the earnings
have been growing steadily, and now, with
the prospect of tremendous corn crop, 1t
is believed that the present year will show
large increase over that percentage. With
these facts as basis, there is talk of an
increased dividend for the stock. but as to
this it would be well perhaps not to be too
hopeful Without any larger dividend the
present price of the stock is much lower
comparatively than that of ST. Paul and
Burlington and entitled to an advance
Rock Island led the advance in the market
at this season last year. and it does not
seem in the least unlikely that it may do
the same now.
The Flowers are also buying St Louis
Southwestern securities, which has led to
the revival of the story that Rock Island
is to acquire that property.
The grangers were strong. but not buoy
ant this morning, the entire group hanging
around the prices that ruled yesterday, and
trif1e lower. There was still scattered
buying Of st. Paul on the showing of the
weekly gross earnings statement. This
company has already this month increased
its gross earnings 100000 or more.
Chicago Gas was one of the strong fea-
lures of the market this morning, showing
activity for the first time in several days.
1t is thought that the Flower following
may be getting ready for a campaign in
the stock on the showing of increased earn
ings made by the company recently.
Consolidated Gas was also strong for a