The times., 1899-06-03

roads. The action of these stocks yester-
day was excellent, the covering of shorts
being large, and the buying for the long
account OF good quality. Burlington, which
hung around 126 on Thursday advanced
TO 129 "a yesterday, and closed at that
figure. St. Paul advanced in the two days
from near 121 to 123 rs. Rock Island
went up more than two points to 1l0 SIS.
Atchison preferred advanced from below 81
to S. and closed at the top price for the
day Missouri Pacific. which has been one
of the worst attacked stocks on the list
during the past month, wss advanced
quickly more than two points, largely on
the covering of shorts.
The stock that has been the most de-
eeptive and tie cause of the heaviest loss
to the talent during the entire market
of the past three months has been Ten
nessee Coal and Iron. The public has
learned in many lesson of heavy losses
to be bearish on T. c. l. stocks. For years
the stock was the weakest thing on the
list. and only a short time ago it was SELL
ing in the 20s and apparently not likely
ever to go above 40 again. All this bear
ishness was abundantly reasonable in past
years. The earnings of the company were
small, and dividends on the common stock
only among the extremely remote possi-
bilities. No dividend has been paid since
1897. when 1 per cent was given to the
stockholders. Ahead of the common stock
there is the preferred, on which cumu-
lativS dividend has not been paid since
1898 With all this unpleasant situation.
however, the stock began to advance rap
idly last November. and has continued to
forge ahead ever since that time with
regularity that has been a total surprise
to the public and to a large part of the
best informed commission houses The
price in November was 2S. and the high
price of the movement so far, 6S. was
reached before the break in April, showing
gain of $40 a share. Since that time,
although many have supposed T. c. l.
would be one of the first stocks to break
and one of the weakest the contrary las
been the case 1t has held up stubbornly,
despite tremendously heavy short selling.
The result of this was n very large short
interest in a very nervous condition when
the market turned on Thursday. The
price was then around SO. There was
premium on T. c. /. in the loan crowd,
circumstance full of meaning to the
shorts. The advance to the close yester-
day was six points, the top figure reached
near 3 o'clock, being 62 is. One of The
houses of the street is currently
supposed to own large part OF the stock,
and this house is credited with its manip-
ulation and strength. The actual facts
regarding the company are hard TO dis
cover 1t is known that the sale of its
railroads recently was most advantageous
and that its earnings at present are very
large The iron mines are in an even
better position than the manufacturers.
The friends OF the company point out also
that the preferred stock is only sl.OO0.ooO
and the entire accrued dividend on the
stock. less than s5OO,OOO.
Colorado Fuel and Iron is another stock
that has acted very well during the past
three months. Its advance price was good
and its decline from the top not disheart-
ening Conservative people are of the opin-
ion that it will be one of the first stocks
TO advance now and one of the quickest
Its position is something like that OF T.
C. l., and its prospects for good earnings
during the coming months excellent
The steel and iron stocks are believed
to be in excellent shape for an advance.
The liquidation that has taken place in
them recently has forced the prices down
The insiders, the best inter-
ests in the street. have taken large part
of the stock offered without making any
effort, howevsr, TO hold the price up. The
bears have sold this group viciously. AT
the end OF all this selling and all the
hopeless talk regarding the rottenness OF
the stocks. the announcement is made
semi officially, but in such way that 1t
is generally credited, that the common
stocks of both the Federal Steel Company
and the Steel and Wire Company are TO
receive dividends Immediately. The re-
suit OF this announcement yesterday was
quick covering of shorts and sudden
bulges in the price of both stocks. Fed
eral Steel common advanced from 81 3-4,
the opening yesterday. to SO, and Steel
and Wire common from So Is TO 81 Ia.
The close in each case was near the top
figure for the day.
Mr. Keene is credited with having COW
cred his short contracts and switched 10
the bull side yesterday. This gentleman
is most astute in all his operations. There
is a general opinion also that he is in
touch with the bull leaders. even when he
is selling stocks short, and ready TO change
front when it is desirable that he should
The quick advance in Rubber during the
past two days was apparently made by
him as were other upward movements.
Rubber went up from 46 and fraction to
81 S4 the closing price yesterday. There
is talk OF a dividend on the stock in the
near future.
Western Union has a way of hanging
behind the remainder of the market, and
moving only at the last Of any general
OF decline. This tendency is so
marked as 10 be a general matter of COM
ment among the professional element. The
attack on this stock on Thursday was con-
sidered one OF the best evidences that
the bears had used up all their ammuni-
ton. and one of the strongest evidences
that an advance was near at hand. The
bear stories regarding the stock are little
needed by the insiders. Talk of the pos
sible competition OF wireless telegraphy
seems very far fetched.
The coal stocks are strong on the state
ment that an advance will be made in the
price of coal. The street is bullish re-
garding this group and apparently with
good reason. There has never been a time
in the past several years when there was
as good chance for the roads to make
money.
The Sugar dividend will be declared ac-
cording to the best informed people, The
meeting OF the directors Will take place
next week on Wednesday. There is a gen.
eral belief that Sugar should be bought for
a good advance before that date.
New York, June 2.-Bradstreets .omor-
row will say: ''The favorable effect of
the immense current industrial activity
and consumptive demand. offsetting the
smaller tonnage of cereals now. as COM
pared with year ago, is found in the
continued good increases in gross rail-
road earnings. Net returns are, ii is true,
not quite so relatively favorable, but 1t
is TO be recalled that comparisons now are
with specially good reports a year ago
In industrial lines the demand for and
strength of iron and steel are the most
interesting features. Cotton has been
rather dull, though firm, the strength of
mn Il. ....t.