The Providence news. (Providence [R.I.]) 1891-1906, 1899-06-03
BULLS AND BEARS.
Opening Was Strong but Was FOL-
lowed by a Sagging Close.
Lois Of Bull Tips on Sugar, but Il Went
Down Range Of Quotations.

Wall street. June 3.-The market was
active and strong at the opening with
renewed covering Of what were appar-
entlsw weak, short contracts and small
margin holders on the short side
Brooklyn Transit acted as IL 1t might
touch 1l3 IL the frightened shorts Kept
coming and Manhattan went above lOs.
There were small indications however
for all the apparent strength OF the first
hour that the bull movement which
ended month ago, was about TO be
resumed and experienced bears regard
ed the rally with some contempt.
Sugar was quiet and steady aIi the
forenoon, but went down below 145 be-
fore the close. Rubber had another iiy
up 10 SO but then sagged. The bank
statement proved 10 be poor, although
anticipations as given 90 the public in
dicated good showing. The market
scurried up just before the statement
came out and fell off promptly on It's
announcement
Bull tips on Sugar were many. but
they were regarded with some susplc-
ion i'm the light OF recent experiences.
Near the close last evening n tip came
squirt in Sugar might be looked for but
New York grinned at the tip and as a
matter Of fact Sugar sagged from that
moment. Boston Is notoriously OF It's
reckoning when il comes TO Sugar tips
but whether this is because Boston IL
mistaken or wants other folks 10 be
mistaken, is a question for psychology
cal study. Boston was all right when
Sugar rose from l40 To 1S2, the only
known instance of it's good judgment,
When Sugar had reached that high fig
ure however,. Boston began TO go wrong
again and has been persistently going
wrong ever since. In the present In
stance, IL is "a question whether quite
noted Boston broker rs deceiving his
friends with bull tips, in order 20 get
out himself or is getting soaked him.
self At any rate Sugar seems TO be
going down jug' now contrary Ia al
the fables. although those that have
faith In the broker in question, still
hang To the belief that IL w II shortly
turn the other way and Justify the re-
puted confidence. This may be SO. You
never can tell much about this erratlc
stock The directors meet to declare
the dividend on Wednesday and which
ever direction the stock takes either
before or after that date, all preced-
ents will be shattered IL the regular
twelve per cent dividend Is not forth
coming
One of the bits OF news that came
out which puzzled the traders as 90 the
effect il ought 10 have on the stock
was TO the effect that the SCugar trust
would hereafter withdraw all conces-
sions. After mature deliberation II was
concluded that this meant that here
after the jobbers and wholesalers would
have to pay for their sugar on "A profit
paying basis or not get Il. This. IL
was argued. showed that II the much
talked about sugar war wasn't over
there was at least a big enough market
for the product to enable the trust 60
dispose of it's sugar without making
private rebates and discounts. ON the
whole the tip looked like a bull factor
for the stock. Some traders however
who are always disposed TO copper news
figured that the tip was "a bluff TO help
the insiders to unload.
Watson and Gibson sent over a tip
not on their own authority. but as COM
ing from a reliable source that Western
Union. which had "A sudden and sharp
break the other day, would go below 50.
IL is now around SO.
The whole market closed ragged but
not especially weak.
AS compared with a week ago prices
are lower for all the quite considerable
rally from Wednesdays figures.