The times., 1899-03-05

AS for the future of the market there
is little reason TO change the view, e&-
pressed in this column heretofore sew
eral times recently, that the market is to
be a traders market for the time being.
For three DAYS there was heavy selling of
stocks by long holders and by the shorts.
After that movement 1t was natural that
an advance should come on Friday. At
the bottom figures there was good buying
by Flower and other bull leaders and
heavy covering by the shorts and a rally OF
q point or more in the entire list oc-
CURED. Yesterday the predictions regard
ing the condition of the banks was most
hopeful, and the buying continued on a
limited scale, though only small advances
were made. When the bank statement
came the weakness of the market was
shown in the little attempt that was made
TO stem the realizing. The market tomor-
row may show some further gains, and,
on the other hand, a decline is not in the
least unlikely. In either case II is not
believed that the movement will extend
far. Mr.. Flower himself, while buying
stocks at times for a turn, does not eX-
press any large hope that there will be
g bull market during the month Of March.
In view of the slump that occurred In
all parts of the list at the close of the
session, there is perhaps little significance
In the movements before that time. Some
stocks were stronger than others, how
ever. and it is interesting to note which
they were. Reading first preferred was
one OF the features of the day in this re-
spect. In fact, it was almost the only
stock which closed the day with a net
gain in price. The opening was at 63 Ia,
and the close at "a Ia, showing a gain of
full point net The top price reached
was 81 rs. Ontario and Western was
also strong, and the other coal stocks held
their own. The disposition of these
stocks to recover with the least encour-
agement from the general market is sig
niicant Of good backing for the group
and in all probability means that they
will be taken up vigorously as soon as
seems prudent.
Atch!son preferred is one OF the most
Interesting stocks on the list at this time
II was the stock worst treated by the bears
In the selling of the week and on Thursday
had reached 81, six points below the high
price OF the movement Mr. Keene led
great bear campaign and Mr.. Flower is
believed 10 have sold some long stock AS
soon as the temper OF the market changed.
however, there was a total change OF front
as 10 Atchison- Mr.. Keene covered his
shorts and Mr.. Flower bought stock The
public followed him, believing that a good
advance was TO be made. The reasons for
these facts are easy TO see. The statement
OF the Atchison road was on its face not a
favorable one. 1t was just such state
ment as the bears grasp eagerly when the
general temper OF the street is bearish.
In reality, however, as careful people have
now discovered. nothing is the matter
with the Atchison earnings. The road
during the first six months OF the fiscal
year earned over the per cent for the
adjustment bonds something like per cent
for the preferred stock. II is beyond ques-
ton that the remaining six months will
make the full year show over 4 per cent
for the preferred.
The Subsidy bill was not passed despite
the fine tips from the Washington sources
OF information" in various New York
houses The Pacific Mail Steamship Com
pany must depend on its own earnings 10
pay its expenses and for the distribution
Of dividends for at least nearly another