The times., 1899-04-08

/ they had tumbled. The outlook is good.
| The recovery may be attended with occa-
sional recessions before the highest prices
are reached again, but there is little doubt
in most peoples minds that the permanent
upward move has begun. The fact is un-
questionable that the ruination of foolish
people who have been trading on weak
margins will be an excellent thing for the
| market, much as the ruined will be unable
to see it in this light. 1t cannot be hoped
that the tumble will teach people lessons,
for the foolish cannot learn. But for a
time at least this crowd will be unable TO
do any more damage by their p!unging and
their pyramiding.
The slump was so general that few COM
ments as TO particular movements are
possible. Generally speaking. the indus
! trials went off more rapidly and farther,
and the railroad securities recovered more
| quickly and advanced more nearly to the
lead of the morning. AS an example OF
| the railroad shares the grangers are in
teresting. These stocks have been in
themselves the object of considerable bear
attacks during the past three days. owing
to the talk of poor wheat crops. There
has been good buying of the stocks, how
ever, at the lower prices, and it was be-
( lieved by many that much higher prices
would be recorded in all this group during
the coming two months. Whatever the
rumors of damage to wheat may be there
is certainty, as most well-informed peo-
pie know, that there will be an assured
excellent business for the grangers Their
earnings will be large and increasing
even if the wheat crop is comparatively
small. Yesterday when the panic came
! there was. of course, much selling of the
| grangers with all other stocks by people
.trNr bod IN -Inf,- -.,I- It
! is true also that there was some short SELL
ing on the certainty that the stocks would
4 go off sympathetically. Burlington de-
/ ciined to 139 IA but rallied again TO 1i3
| within an eighth of the opening price. st.
! Paul went off from 127 i-2 to 124 1-2 and
rallied to 12I. Rock Island dropped from
III to lis, and then recovered all its loss.
Atehison preferred did even better than
this, closing the day with an advance of
3-S The stock opened at 81, went down
TO 50 IA, and closed at 61 3-S.
The coalers were strong also and quick
to recover their losses. Reading closed
the day at 65, the price at which it opened,
and il went below Ga at no time. Lack
awanna opened at Ill 1-2 and closed at
172 Ii. after declining TO 16S IA. The
other stocks of this group did well, but
closed the day with slight losses. 1t is the
that the coalers will have good advances in
the near future. The announcement of the
coal roads deal already consummated,
may be made publicly at any time.
The yanderbilts acted well and hurt
their holders with good margins not at all
New York Central went off over five points.
but recovered four points. Northwest went
off four points and advanced during the
aff
two points and advanced afterward more
than this amount, SO that a net gain of
quarter for the day was made. Union Pa
cific common has been sold recently by
some heavy holders for reasons which are
not apparent in the condition of the COM
pany or its prospects, but it is certain that
the buying has been good also.
The action of the Federal Steel securities
is illustrative Of the worst phase of the
break III the industrial shares. There is un-
doubted merit in the Federal Steel stocks,
and they have been bought for investment
and speculation by some of the shrewdest
financiers in the country. The company is
earning per cent on the preferred stock
and paying it, and there is left for the
common. up TO the present time, something
like rate of u per cent annually. The
future of the company. with its illimitable
resources and worldwide markets, is
seemingly assured. Ii is said that 3 per
cent is TO be paid on the common stock i'm
medately. and higher rate within a very
short time. Under the influence of these
facts. which have been widely dissent
mated. there has been a tremendous boom
in the stocks during the past month. 1t
cannot be doubted that large part of this
advance in price was deserved, and that
the level to be attained by them during
the present year will be much higher than
that of a week ago. At the same time
the advance had been too rapid and the
banks were afraid CT these securities on ac-
count OF it. The Federal Steels were dis
eliminated against in the loans partly for
this reason and partly because the banks
did not attempt TO pick them out as meri-
torious when other industrial shares are
undoubtedly the opposite of good. In the
general fear of this class of securities the
good had to suffer with the bad Federal
Steel common was at 10 a week ago. Yes
terday morning it opened at Ga and at the
lowest point ii reached 81 1-2. The re-
covery was strong but not to the same ex-
tent as that of the railroad shares. The
close was at 63 Ii. The preferred stock
was last week at 90 1-2 and the opening
yesterday was So "a The decline went TO
as ii and the recovery was to s. Ii.
|
Brooklyn Rapid Transit had the most
violent reaction OF the day. and Manhat-
tan was close second. Brooklyn, it will
be remembered, went TO 1856 and fraction
week ago. From that figure it has been
receding gradually until at the opening
yesterday il was l1S The drop yesterday
as TO LOG l-2, making a total decline of
80 points. Mr.. Flower, during all the de-
cline, made no move 10 support the stock,
perhaps because its advance had been too
rapid to suit him He saved the situation
yesterday, however, by beginning to buy
Brooklyn at the bottom. and his presence
in the market was apparent during the re-
mainder OF the day.
Pacific Mail was one of the best stocks
on the list. The lowest point touched by it
was iS. and in the recovery it reached
40 Ia, or within point of the high There
is every day quiet buying of this stock by
people who apparently never sell any of it.
II is predicted that there will be quick
advance 10 a much higher level at some
time in the near future.
Southern Railway went off less than a
point in the break and closed at the open
ing price. Louisville and Nashville went
of point and half and regained all of
its loss before the close.
The local stock market was in all re-
spects different from the great break in
New York. A tremendous amount OF busi-
ness was done, relatively speaking, and
prices in nearly all securities went up rap
idly. Upward of 1000 shares changed
hands, of a value exceeding S125, 900 Cap
ital Traction, Mergenthaier LINOTYPE.
Graphophone common. and Pneumatic Gun
Carriage were all bought in large blocks at
advancing prices.