The evening times., 1899-06-19

The market had a quick and decisive
| tumble this morning under pressure OF the
bears who made final effort with good
success. The particular object of their at
tack were the steel stocks which declined
rapidly during the first hour, despite some
| support from the insiders. who. however,
| for the moment did not seem inclined to
do more than take an limited amount OF
| stock at each lower quotation. There was
| a rally which seemed to be Of good char
acter a little after IL O'Clock and predic-
tions were heard all over the Street that
| the market was then buy for turn
| and perhaps for a good advance. The gen.
erai analysis of the situation was that
there was little, if any, selling of long
| stocks which would seem to indicate that
| heavy short interest was created to add
| to that already present in the market. This
| short interest il was known might be fore
ed to cover at any time in a most disas-
trous manner to itself. which would be a
| signal for a great rally in prices. 1t is
quite conceivable that the bull leaders
may have been willing to allow this slump
| for the purpose of acquiring good lines of
| stocks at the lower quotations from the
bears. Certain it is that the general feel
| ing in the Street at the end OF the raid
| was much more hopeful of Immediately
| better prices than 1t has been for several
! days.
| The most disastrous declines in prices
were in American Stel and Wire, and in
sympathy with it, In Federal Steel, as has
| been said before. The general dubiousness
as to the dividend in Steel and Wire COM
mon gave the bears a chance to employ
| their usual raiding tactics, with immediate
| results. Federal Steel common, and to a
| certain extent the preferred stock also.
fell in sympathy with the companion stock,
| although. as is well known. there has been
nothing of an unpleasant nature in the af-
| fairs Of the latter company. Steel and Wire
| common declined from 5S to 55, and Fed
| eral Steel from 63 to 81 and a fraction
The Street receives no assurance from the
| directors of the Steel and Wire Company
that there will be a dividend on the COM
mon stock declared this week, but 1t is
inclined to believe that this reticence on
| the part Of the company is stock-jobbing
affair for the purpose Of getting stock al
the lowest possible figue before declaring
a substantial dividend. The Street, how
ever is just enough at sea in the matter
and just enough incensed at the managers
of the deal to let the stock alone, and IA
seems certain that the public will be very
chary of taking on any stock Of the COM
pany for a long time to come. In this way
the company will probably do itself much
more harm than the requirement of cheap
stock will do it good.
Sugar was strong. and although there
was decline at the opening the subse-
quent tendency of the stock seemed likely
to be upward. as there was undoubtedly
good support Of it. No news was heard Of
the sugar war.
The railroad list acted excellently under
the strain of the attack of the bears.
There were small concessions at the open
ing, but good buying appeared Immediate
ly, and 1t seemed certain that the end of
the day would see little il any declines.
The grangers especially were well held up,
and rewarded those who have put their
faith in the soundness of these stocks dur
ing all the stories of wheat crop disaster.
St. Paul declined one-quarter. and imme-
diately regained that amount
New York Central was one of the strong
stocks. 1t had very little decline. The
Street has been circulating stories for the
past few days of larger dividends for this
stock and of buying by the Vanderbilts.
The other Vanderbilt issues also held up
we'll under the raid.
Brooklyn Rapid Transit went of point
or two but seemed inclined to regain its
loss as soon as the worst Of the pressure