The evening times., 1900-03-27

another strong opening this morning
was followed by rather heavy realizing
and short selling for a turn. and prices
in most parts Of the list declined fraction
ally during the morning hours The ad-
vance has heen steady and rapid aad care
ful people are of the opinion that d reac-
zion OF point or TWO would not be a bad
thing for the market Whether such d
decline is to come depends largely on the
volume Of the public buying and ID is not
in the least certain Thai the professionals
VIII be able to accomplish their purpose
The market il IN an excellent position. and
important financial and market interests
are almost unanimous on the bull side,
looking for a large advance in ali parts
of the list Interest in the railway list
was partly transferred to the traction
group and the steel and iron stocks and
The coslers. This coming into favor of
these latter issues has been expected for
several days. Conditions all seem TO in
dicate important upward movements Of the
coalerS and the better steel stocks and
the outlook for the fractions is not by any
means as gloomy as the bears would have
the Street believe. London was for a time
q seller this morning, but its realizing
was not OF important volume and experts
on the other side profess % believe that
the absorption of Americans Is nos over
by any means. There is an immense
amount q capital seeking Investment in
London a. wss shcwL BY the subscription
ten tines over FOR RE Ear loan. Money
vss loaEing cn rsH rhis morning ~ per
cent and he pros poets FOR easy rates dur
ing the reu- ~ inder n rhe week we're excel
lent The hanks have gained from the
Fub-treasgrv over 2 million dollars dur
ing the past two market DAYS.
Metropolitan quickly advanced to IG7 a
few minutes after the opening. Brooklyn
advanced two points Manhattan more than
q point and Third Avenue two points or
more. 10 above los. The Street seems sud
denly to have realized that the short in
terest in this group is immense. and that
the worst decision regarding the assess
ments of the franchise tax has more than
been discounted. There was heavy short
covering this morning and some very
good buying for the long account as well.
One particularly attractive feature Of
the present market situation is the una
nmity of the leaders on the bull side Mr.
Morgan the Rockefellers Mr. Vanderbilt
the Flowers. the Whitney and RYAN people
are all buying securities in the various
group in which they are interested. The
Flowers took up the steel and iron securi-
ties this morning and it WAS said that
mere II likely 10 bt an lIuileuldlG advance
of important American Steel and Wire.
common. and Federal Steel, common. Col
oradO Fuel ana iron also is much liked by
an important group of market people.
There was heavy buying of the latter stock
this morning. and il soon sold above %.
Wire, common. sold above 5S and Federal
Steel. common. above y.
The earnings OF the Southern group of
railways for the third week Of March have
now sall been published. The statement of
the Southern Railway was given out this
morning. II shows an increase in gross
earnings OF S75, ,o00.
IL is stated semi-officially that both
Union Pacific common, and Northern Pa
cffic. common. are TO be placed on higher
dividend basis Immediately. The buying
of these securities and of Southern Pacific
during the past two or three days has been
immense. but there are indications that
the same interests have not yet completed
the lines OF stock they wish TO hold. There
is little indication of realizing by insiders
as yet in the group. Southern Pacific was
the most prominent of the group this
morning with an advance TO 43 early in the
session.