The times., 1899-05-25


operators. The buying by the leaders was
not large although the Flower stocks were
taken by their friends on the recesSions.
The outlook for the immediate future is
neither particularly alluring or acutely
unpleasant. 1t is realized by the bulls that
| movement of this kind once begun may
extend further than at first expected on
account of the technical conditions. Mar
gins are exhausted and people turn sellers
of stocks who were before buyers. The con-
ditions that underlie the market are all
favorable to higher prices, however, and
1t is not doubted by the people best in
formed on the situation that stocks Will
sell much higher during the coming
months. This is especially true of many OF
the industrial securities which are row
quoted at prices far below what is war
ranted by their earnings and prospects.
This year is an Industrial year and already
the earnings of these companies, old and
new, is larger than ever before with every
indication that the future will be even
more prosperous. There was rally of
half a point or more yesterday Mt the
close. which makes it likely that there
may be an advance this morning, though
1t is not generally believed that 1t will
be a movement of much Importance.
Sugar continued to hold its conspicuous
position in the list with periods OF strength
in the morning, but gradual downward
tendency accentuated by a break at the
close to below 49, The information re-
garding the stock is conflicting as usual,
with more assertions by Mr.. Lawson, of
Boston, that the sugar war is over, and
more denials by people more or less con-
nected with the trust. Mr.. Lawson is
understood to be more buliish than ever
with offers to bet $500, 900 that the war will
be over inside of thirty days and other
large sums that the price of the stock Will
go to 200 The bears were the successful
people in Sugar yesterday, however.
The New York traction stocks followed
the lead of Sugar, although they were, on
the whole, fairly strong with the exception
of Brooklyn, even in the break in the last
hour The uncertainty regarding the fate
of the Ford bill was not cleared up, al
though rumors were plentiful and traders
generally seemed unwilling TO embark on
either side in these stocks pending de-
veopments. 1t is believed by many that
the news when it arrives regarding this
bill will have a bullish effect on the mar
ket, no matter what its nature may be-
1t is argued that if the law is passed In its
unamended form it will be easily attacked
in the courts and not productive OF any
revenue for many months at least. And
on the other hand If the amendments are
incorporated before the law becomes opera
tive the corporations will not object to it.
On this theory there is buying of these
stocks on every break
Brooklyn Rapid Transit. which is at the
moment the weakest of these stocks, is the
favorlte of the entire list with the Flower
crowd and with some others OF the most
powerful people in New York. The bears
make their arguments against the stock
because it has not yet paid dividend and
they are succeeding in breaking the price
in the bear market, but it is not prob
able that the people behind Brooklyn have
made the greatest mistake OF their lives
in believing that the road will be a success
full one and an Garner OF big profits. The
gross earnings for the month of May TO
date have increased over $1l5,O00, or over
$1,000 day. This ratio of increase will
make the total gross increase for the month
about $4,000. The earnings for the month
will be very nearly, if not quite, million
dollars. And yet the best business of the
year has not yet been reached, and several
important summer roads now belonging TO
the system have not yet begun to make a
showing. A careful estimate based on
the somewhat insufficient data obtainable
is that the road for the first six months of
the year has earned per cent on the
stock. The first dividend will be declared
In short time
Wheat yac weak in the forenoon yes
terday under heavy selling by big opera
tors. For n time under the influence of
this weakness the grangers were strong.
advancing half a point or more. Later,
however. the underlying bearishness of
Wall Street professionals on the grangers
had its effect and new low prices were
made. The grangers are likely not TO he
as buoyant in the coming bull movement
as the industrials it is now thought by
the bulls, but it is firmly believed that
they will sell much higher than the pres
ent prices before they sell much lower.
The weekly report of increase in gross
earnings made by st. Paul is one of the
facts against which it is difficult TO argue.
The year 1898 was one of the most prosper
Gus ever enjoyed by the grangers and yet
compared with 1t all the roads continue to
make an excellent showing this year. st.
Paul's increase every week is in the nature
of marvel to many. The gross earnings
for the third week of May aggregate S66T,
G96 which is an increase OF $36, 100 over
last year and of from sl44,oO to $4,000
over other recent years.
Among the stocks which have been weak
at all times in the past three weeks, soft
on drives. and impossible to rally when
the general market was buoyant, Missouri
Pacific is conspicuous. Yesterday after
noon the stock for a moment dropped be-
low 40, to SO rs in fact. few weeks
ago it was selling at SO. The Missouri
Pacific road is showing good earnings
every month, but the bears look back over
several years when there have been no
dividends for the stock, and in view of the
chance of poor winter wheat crop are
afraid that there will be none this year.
The bulls are losing some of their enthu-
siasm regarding it also apparently on the
theory that stocks sure of small divi-
dends are better than those in which the
dividend question is at the best unsettled
Brunswick. the stock of the Georgia
Town and Dock Rights Company of that
name, is attracting renewed attention. 1t
sold at one time yesterday above 10, and
was fairly strong at all times. 1t is stated
that new people of ability and influence
have interested themselves in the com
pany. Mr. f. d. Carley is the gentleman
who first called the attention of the gem
eral public to this stock. 1t has achieved
many friends through him, who are very
well pleased with its movements.
The anthracite coal road stocks were the
strongest on the list yesterday showing
at the close small losses, and in some
cases actual advances in price. The earn
ings of these roads have been excellent
and the street is beginning to believe that
their affairs have been arranged on a bet
ter basis, despite the general pessimism
regarding the deal a few weeks ago
The gross earnings of Jersey Central for
the month of April We're sl1423S317 as
against $Ji3,Sl4.5l for last year, an in
crease of S22S 16S G6 The net showing Il