The morning times., 1897-02-25

even any likely foundation or not, this
threatening atmosphere over the Cuban
situation should certainly be taken ad-
vantage of by them.
Yesterdays market held well. 1t was
reasonably strong all day, aud prices Were
above the opening at O'clock There
was a slight break in the last half hour
on news from here, but it was not suf-
ficient to lose the ground gained earlier
in the day. The history Of the session
yesterday was mostly one OF covering by
the shorts, who have been selling all
over the board, but principally in the in
dustrials, for some time past During
the morning hours this moveemnt was
most pronounced, and resulted in a fine
gain in nearly all the active stocks on the
list Ii may, perhaps, he pointed out, with
out unseemly selflaudation, that for over
a week now in this column this large adj
vance and this steady aud strong market
has been predicted, despite the fact that
all this selling for shorts accounts was
going on. The reasons why the market
should advance We're so many and so good
and the news which might prevent IL was
so entirely absent that it seemed almost
a sure thing, this chance to make money
on the bull side prior to inauguration.
Still, as usual, great many went the
wrong way, a great many here in Wash
ington as well as in Wall street. This
strong covering movement OF yesterday
indicates that probably too late the crowd
is coming around TO the correct view OF
things. IT, for no other reason than that
the small traders are now joining the bull
ranks, it might almost he safe to venture
the prediction that the upward movement
is very nearly at an end. However. one
or two days more of good trading on the
long side may he expected, if the Cuban
situation does not become more de-
cisively and imminently ominous.
1t has been i'll the industrials that the
larger amount of short selling has occurred.
FROM the beginning OF the LeNow investiga-
tions large crowd has been selling Sugar
and Tobacco, and the rest OF the lot likely
to be tackled by Mr.. LeXow. There has been
nothing in the developments OF the in
vestigation, to be sure, to point this way,
but just the fact that the trusts were being
attacked, even though ineffectively and per
hans Intentionally so, has frightened timid
traders and given the bears what looked like
a good cue. This column has been most
persistent in pointing out that the news OF
the investigation was most reassuring as
to the trusts being money-making institu-
tions. 1t has insisted all along that the re-
suit of the Investigations would he to
boom the trusts rather than t he other thing.
The outlook for the industrials in the i'm
mediate future, along with the rest of the
| market, is good. The chances seem TO be
that prices will have an upward tendency.
There S nothing new in the Sugar sttua-
ton. We have it. apparently on the best
of authority. that the Sugar schedule has
not even been formally discussed, and
| has certainly not been fixed upon in any
of It's particulars by the tariff people
This is despite the many rumors TO an op-
posite effect that have been afloat, and
that have had their influence on the mar
ket before this time. The large shorts in
| Sugar have been pretty well covered. a
good many of the large houses, like Moore
| & Schley. are buying. The same view OF
| the situation should certainly credit the
| Mckinley administration with no probable
| harsh move against the sugar company
| The company has always had a pleasant
| time of it. It's fights have never been
! serious, and it's way has been a smooth
| one under sunny sky. Why should for
| tune withhold her smiles when fortune is
represented in the bland face of Mr.. Nc
| Kinley. protectionist and advance agent
! of prosperity to the business of this country
| any more than when Mr.. Cleveland. the
| foe of trusts. is our providence.
| The latest advice from Chairman Lexow
| is that he has discovered the most in
| iouitous of all trusts to be the coal trust
| Chairman Lexow is quoted as having an
| nounced to his friends yesterday that The
| coal trust was the worst of all the trade
| combinations, and had been formed ex
| pressly to raise the price Of coal. If Mr.
| Lexow could only be persuaded to come
| over to washington Immediately after In
| auguration and institute an Investigation
Of the Mckinley boom 1t would be worth
money to Col. Mckinley and Adjt. Hanns
| and the rest of the country.
The Leather statement was out yesterday
as was expected. 1t is unsatisfactory, il
| that it could not be understood by the un
| initiated public. However, 1t appears
| that the company has 81 900 900 NOR,
cash and has paid off $4,000 900 in debts
| but has very large decrease in stocks
| on hand. Good authorities agree thai
the present condition es the business II
| good. There is somS conspicuous buying
going on in Leather, and the larger opinion
is that 1t will see a slight advance today.