The evening times., 1899-06-01

The stock market this morning was
somewhat tame affair with no particular
significance except that there seemed TO De
a trifie better buying than for some days
past Prices took quick dip at the open
ing and later advanced point or more on
the average. Practically the entire public
is now selling stock short and the profess
sionals have been helping this movement
continuously. The tumble in prices yes;er-
day took the starch out Of the Jew remain
ing bulls among the outsiders and many
of them went short to recoup their losses.
Despite the general bearishness OF opinion
il is realized tha, the long expected turn
OF the market cannot be far away. AS a
matter OF fact of course the general par
ticipation Of the public in the hammering
of stocks is one Of the signs of coming
reversal of tone. The bear side of the
market is becoming entirely too crowded.
This is the technical situation; the intrin-
sic conditions improve every day.
Wheat was not SO buoyant as yesterday,
and partially as a result OF this the gram
gers were somewhat stronger this morn
ing They made no new low records and
seemed disposed to advance whenever the
general market was in the least propitious.
The Atchison road on the basis Oh the
past years gross earnings and operating
expenses, and neither the one nor the 9TH
er is likely to be less favorable in the COM
ing year. clears good per cent on the
preferred stock. II the operating expenses
can be cut down 3 or per cent further
as 1t is Gained, there is in sight a sur
plus after paying the full s. per cent on
the stock The St. Paul road is earning
10 per cent on the common stock. The
Burlington occupies position almost II
not quite as good, with the prospect Of
further refunding Of bonds in addition.
Rock Islands earnings are far In excess
OF the dividend paid. In view Of these
facts and considering the tumble In prices
in all CT these stocks Is points or more
from the high Of the spring it is not to
be wondered that there is constant absorp-
tion of the stocks by investors at the pres
ent level. This absorption will in the end
work havoc with the short interest beyond
a doubt.
The speculation in Sugar continued to be
very two-sided this morning and the pre-
dictions we're as confident on the one side
as the other, The decliee in the price OF
Sugar. stock has been between thirty and
forty points, and there is every reason to
believe that the dividend Of per cent
quarterly is to be paid this quarter as u.s.
ual. This being the case, the entire ques-
tion as to- the intrinsic value of the stock
manifestly depends on whether the sugar
war is to be ended shortly or not. The
answer to this question nobody seems to
know. One theory tenaciously held to by
the bulls is that this tumble in price is a
preparatory move to an announcement Of
the end of the war and great advance in
the price. On the other hand it is said to
be much; more probable that the sugar
stock manipulators put out this story in
order to sell the stock to the best advan
tage.t The weakness Of the stock was one
of the chief contributing causes to the
slump. in the entire market yesterday.
1t is said that there was excellent buy
ing of the Federal Steel securities this
morning and their tenacity in withstand
ing the attacks OF the bears, and the be-
lated liquidation, lends color to this asser-
tion. The Federal Steel Company is un-
derst6od to be earning at the rate Of per
cent on the preferred stock and II per
cent on the common, and despite the new
ly found pessimism. OF the speculative pub
lie regarding the preferred stock at 70 and
the common at 81, these prices seem to
many to be very attractive.
The strength of Tennessee Coal and
Iron in the face of the general bearishness
of the nutJlic REGARDING the stock is of