The evening times., 1899-07-10

The stock market opened this morning
with sharp reeessions, as had been expect
ed from the close on Saturday and the
tenor of the bank statement which was
much more discouraging than had been
looked for, even by the bears. There was
selling for the short account and some re-
alizing by small holders. There was little,
ii any, selling Of long stock by others than
the people with small margins in the early
trading Up to II o'clock there had been
no rally and IL was believed that the de-
cline might extend further before the close.
The grangers were among the heaviest
stocks on the list, but nearly all classes
of securities shared in the weakness.
loss of one-half to a full point was made
on the average and in some cases the de-
clines were even sharper than this. The
outlook is uncertain but perhaps rather
favors tagging market and somewhat
lower prices before the end Of the week.
The bank statement shows the reserve in
the New York banks to be less than at any
time since the panic of 1898. This, many
are convinced, is only temporary matter
likely to be much bettered before the next
statement, but even II this is to be the
case the bears are evidently working the
statement for all that it is worth tempo
rarily, with the aid Of weak -kneed holders
of long stock and it cannot be said that the
thing is conducive to advancing prices. The
season of the year also is not the right one
in which to resuscitate hating advance.
The factor which may turn the tide up
ward again is the crop report Of the
Weather Bureau, which many believe will
be favorable document. Buying by the
leaders of the market was conspicuous by
its absence this morning. Any support by
the important financial people would bring
about rally also. At the moment the ad-
vice given by conservative brokers is to
| buy stocks on declines of one to two points
| and sell out on rallies.
| St. Paul, before II o'clock, had declined
! to 100 5-S, nearly three points off from the
high price Of last week. Rock Island Went
| down to 116 IA at the opening, and seem
| ed inclined to get lower later in the day
Burlington went off even more than this
Atchison preferred was relatively strong
but sold at 81 in the first few minutes oi
the day. The crop report will affect these
| stocks Immediately and a rumor OF {
somewhat poorer showing for spring whea
| than was expected last week seems to have
| been the cause of the weakness of th'
group this morning. If the report proves tt
| be bullish 1t seems probable that the grang
ers may lead a revival. The probabilit.
that the grangers will ultimately sell yer,
much higher than their present level Il
excellent despite the persistent bear tall
of certain of the Wall Street papers. State
ments of officers of several of these road
are most optimistic, and there is ever.
reason to believe that the earnings during
the coming year will be larger even thai
those of the past.
Sugar was inclined to sag this mornin
and the tip was out to sell the stock TO
decline of two or three points. No reas
on either for selling or for buying Suga
is given as a usual thing with the man
tips that appear, as Of course no good reas
on can be- except thatisomebody believe
the insiders are ready for a. new turn i