The times., 1899-06-07

will be steadily upward. The opening was
at about the closing prices Of the night
before, and for a short time there was an
advance followed by recessions in the list
generally during the morning hours. Early
in the afternoon there was covering of
shorts and some buying for the long ac-
count which resulted in an advance that
was held very well until the close, which
was in most cases at the top price for the
day. There was no particular eagerness
on either side of the trading, but there
was what appeared TO be steady aceumu
lation all the time, and exactly this has
been the character of the greater part of
the time for several days. careful
broker who has been a bear during the
past month until week ago made the as
sertion yesterday at the close that the
market looks better now than it has for
many weeks past. This is simply the
technical view of the situation. This brok.
er has been bull during the entire spring
for the long movement in prices. He sug-
gested, in making this statement, that the
bears do not succeed when they endeavor
TO break the market, but that on the other
hand the leaders have unquestionably been
buying stocks on every break for the past
two weeks, taking most from the bears
This is undoubtedly the situation. The
bears are likely TO hold stocks for a week
or two in such a quiet market as this and
not realize that prices are gradually creep
ing up But when the covering begins in
earnest something in the way of an exhi-
bition is likely to be given.
Two factors in the situation may be
dwelt on with persistence at this time be-
cause they are of greater Importance than
people generally seem to realize. The pres
ent level of bond prices is very
high. 1t has been advancing for
weeks steadily until the gilt-edged
issues are selling at almost prohi-
bitive prices. The disbursements of inter-
est and dividends early in July will be the
largest ever made in this country. Bonds
being already very high in price and stocks
now being ten to thirty points lower than
they were a few months ago this money
will be largely reinvested in stocks as a
matter of necessity. But it is not to be
supposed that the leaders of the market
will be willing TO let the public In at the
bottom. This is one of the chief reasons
why June should be a bull month.
The directors of the Sugar company take
action today as TO the dividend The best
information is that it will be at the regular
rate, as has been stated in this column
several times heretofore, but no official
statement has been made regarding it.
There were tips in plenty floating in the
street yesterday, some aggressively bear
ish and some equally sanguine. Despite
talk of big drop in the price in quar-
tiers that have been considered Inside, -
the stock had good net advance for the
day. There is talk of Keene selling
Sugar, but strangely enough another story
is to the effect that he is really buying it
heavily, having switched in his allegiance
within two days.
The price of wheat continued to tumble
yesterday, closing a point off for the day
There was no particular activity in the
staple, but the continued talk OF the big
visible supply, by the bears, had its nat
ural effect for the reason that the bulls
had no new argument to put forth A
small rally in the price seems likely for
today. The truth as TO winter wheat is not
as bad as it has been given out by the
market riggers. No one of average intel
ligence has been entirely imposed upon
by the disaster stories at their worst, but
many have sold the grangers, and their
prices have tumbled nevertheless. Now
that it is learned that the crop in many
sections will be excellent, that in only O
few will it be poor and that in none will
il be ruined, the grangers are being bought
again by the people who were frightened
out of them at the bottom. The public
in general, however, will not buy the
grangers until they are five TO ten points
higher than the present level. St. Paul
is earning ten per cent on its common
stock. Rock Island is earning eight per
cent. Burlington is earning more than
II has before In twenty-five years. Atch-
ison is increasing its gross earnings ev-
cry month, and cutting down its operat-
ing expenses about ten per cent And
moreover, the Atchison road will soon
have an entrance into San Francisco for
the Pacific business that ii is executing
The steel and iron stocks were slow
yesterday, making no advances, and at the
same time no declines for the day. At 8
certain point there always appeared good
buying of the common stocks of both
Steel and Wire and Federal Steel The
only explanation offered of this sluggish
ness in the group is that the insiders
have not yet obtained as much stock as
they desire. 1t seems certain that the
stocks viii both be considerably higher
when the first dividends are declared. A
matter that will have an excellent effec
on the stocks of these two companies il
the near future, If IL is accomplished, a!
now seems prODaDle, Will De the uStinf
OF their securities on the regular list o.
the New York Stock Exchange 1t is un.
derstood that both companies have asked
that this be done, and that they have
promised TO give the exchange the ful
reports of earnings and condition that il
requires before listing securities 1t 1.
certain that as far as good earnings gc
neither company has anything to be
ashamed Of in its record for the past 81.
months. The meeting of the Federal Stee
directors will take place on June 10, ant
1t is understood that the Steel and Wir,
people will also meet on June 10.
There is much advice from conservative,
houses TO buy the Southern stocks-Nor-
folk and Western, Southern, and Louis.
willie and Nashville-and the Southwestern
securities-Texas Pacific, ST. Louis, ant
Southwestern, and the others. 1t is be
lieved that in the coming bull market al
OF these securities will be particular!
strong. The Southern stocks were yer,
active and strong yesterday, all making
good net advances.
The dividend will be declared at tn
regular rate on Western Union, accord
| ins to the best authority. II Is under
| stood, however. that the repor. OF tn
! company will not be particularly at