The evening times., 1900-08-01

There was more strength in the Stock
Market this morning. though the recent
dullness continued. Prices in a number
OF securities. notably the grangers. Balti-
more and Ohio. common, and Union Pa
cifc. common, were advanced rather smart
ly and held their own well at the higher
level. No surprise was occasiCned by this
advance in the railway securities The
news Of yesterday and this morning both
domestic and foreign, was generally Of a
character TO induce covering OF shorts at
least, II IL dii LJt cause long buying
The dividend declaration Of the Union
Iacldc Company caused much satisfaction
as did the earnings statements of the
granger lines and other railways. The
Eews from China was generally considered
more hopeful and promising. and talk of
the probable aversion Of war with China
was heard In the Street. There is much
difference Of opinion, however, as to the
next movement OF the market Many as
sert that the strength this morning should
only be considered temporary, and that
there viii be q reaction in the near future
and prices a point o. two lower at least
The bulls say that the news IS all so good
that big advance in prices would not be
surprising. Many Of both parties believe
that The Level Of prices will ultimately be
advanced. no matter what the immediate
course Of speculation may Be. These peo-
Qle argue that the general conditions Of
the country are good. and that prices Of
good securities ere Gar below the level
Warranted by earnings and prospects.
Unicn Pacific. common. and Baltimore
and ONO common. were the features Of the
list during the morning hours. The first
stock advanced to 80 because of the dec
IaTaticn Of the dividend rate Of per cent
On the stock. Ii IS generally the opinion
rfr &c -ofr-
good per cent security such as Union Pa
cinc. common. undoubtedly is. The COM
pany earned not only the ( per cent last
year, but something like per cent in ad-
uiuon, Il is asserted by those who have
snalyzed the statement given cut yester-
day There was some selling Of the stock
1t 80 and It seemed probable that the ad-
vance might halt al this price temporal
rily. The other Pacific securities were
strong, but not active
Baltimore and Ohio. common. was strong
n sympathy with Union Pacific Friends
u the stock argued that the action Of the
Union Pacihc directors practically assures
The same action by the Baltimore and
Ohlo ofnceTs. As matter Of fact there is
nttle reason now to doubt that the divi-
aend rate Of per cent will be established
on Baltimore and Ohio. common. In this
case, too. the earnings cf the company are
immense. but many conservative peoDie
haN- contenfed that no dividend should ba
paid on the stock at present owing to the
immense sums that must me expended ror
bettermeEt in the immediate future. Bal
timore and Ohio. common. advanced 70
above 16, 2-Doint gain. practically.
Sugar declined fractionaIly this morning
10 below 120. but soon recovered and held
aokgediy around 12O during the early
hours The friends of Sugar are still con-
Utfnf that h-y-
vance from this level in the near future
ana the failure of the bears to get the
price any lower gave them much hone
thls morning. IL is said bv The bear or
Sans that the Arbuckles are giving re-
bate from the prices on refined sugars
that have ruled for the past two weeks
or more. but on the other hand il is said
that this rebate is no new thing. bur Is
sprung now by the bears TO frighten those
that do not know this.
Tobacco acted in most erraffe fasbio,
this morning. 1t opened off badly. ad
Nanced three points or more to % and
then tumbled in two transartions IN no.
low %, about the Closing price Of last
night. Apparently there is a sharp strug-
gle between the bulls and the bears and
apparently the small people of both par
ties are being hurt by it
The earnings statements for June are
nearly all OF the most encouraging char
acter, and nearly all much better than had
been expected. The Pennsylvania lines
directly operated show net earnings in
creased $7l4 zoe. For the six months end
Ing June 30 the increase in net earnings
was $3.50. QUO. The lines west of Pitts
burg show an increase in net earnings for
the month of $104 500, and for six months
OF $76l .OO0 The figures are superb. Penn
syiyania was strong this morning. though
II had no particular buoyancy.
The net earnings of the Norfolk and
Western for the month of June were S546.-
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