The evening times., 1899-05-09

The New York stock market had a de-
cidedIv more cheerful tone this morning.
as many careful critics OF the SITUATION
had predicted. Prices went up from
fraction in the inactive stocks OF three
and four points in Sugar and others. Inc
buying was good, although not large, ana
the feeling was general that prices We're
low enough to purchase stocks with safety
for turn at least. AT IL O'Clock there
was some hesitancy, and It seemed prob
able that a recession Of part Of the gain
at least would be made The tone was
still strong. however and it seemed prob
able that the close of the day would be at
better figures. Unquestionably there are
still two sides to the market, and the pub
lie is perhaps tri1e more bearish than
at any time heretofore. At the same time
the indications are excellent for better
prices. 1t is an interesting, IL somewhat
painful, truth, that the public becomes
bearish at the end Of the downward turn
of the market when it should begin to buy.
The entire list is now five to twenty
points, and even more, of from the highest
prices of the year. and yet, as one OF the
New York critics says, there are hun
dred bears now to one when prices were
at the top.
The industrial stocks and the specialties
| will undoubtedly be the first stocks to re-
cover from the break. AID people who have
| watched the market Carefully are buying
these stocks now heavily. The steel and
| iron securities and Brooklyn Rapid Tran
sit are the favorites. One of the interest
| ing pieces of news this morning was q dis
patch to The Times quoting an interview
with Mr. Andrew Carnegie in London to
| the effect that the steel business is in the
best condition it has ever seen and that
the American companies will not be able
| to supply the demand for their products.
| 1t is such facts as these that make care
| full people builish on the Federal Steel Is
sues and the Steel and Wire stocks. All Of
| these stocks were strong this morning The
| Federal Steel issues each advanced two
points. In the morning hours and seemed
| likely to close the day at an even greater
advance. Tennessee Coal and Iron also al
| though its advance was not SO rapid as
| that Of the steel stocks was well taken by
confident buyers and seemed destined to
| advance well. This company's earnings
are magnificent.
The earnings of Brooklyn Rapid Transit
for last Sunday were $2S, 900 in excess of
last year. This is the kind Of news that
makes people buy Brooklyn with more con-
| fdence than almost any other stock on the
list, despite the fact that the company has
never yet declared dividend. The open
| ing prices on Brooklyn this morning were
near the bottom. aroundd 120. There was
soon a good rally. however. and before II
o'clock the advance had been made to l23.
| The coalers, which have been among the
weakest stocks on the list during the de-
cline. were particularly strong this morn
ing. with advances ranging from l to 3
points in the first hour. There was no
news regarding the roads, and the general
| opinion was that the buying was simply in
duced by the big declines that have been
made In the stocks.
The grangers also were In large demand
and made good advances in the early trad
| ing. Atchison preferred went off at the
opening, but later advanced more than q
point and seemed very strong at the high
price of the morning. IS. Burlington went
up two points and was well bought. The
talk of rally in Burlington is most con-
| ident.
| New York Central, Pennsylvania and
Baltimore and Ohio were among the strong