The evening times., 1899-05-06

The bear market was in full swing today
and before the close of the short session
prices had tumbled from / to points all
over the list. The bear contingent was
rampant, tumbling over itself to sell
stocks. A great number OF stop orders
were reached that two weeks ago were con-
sidered entirely out OF the question. There
was not a ray Of sunshine anywhere. to be
detected with telescope. The bank state
ment was the worst of the entire winter
and spring. The predictions were that
prices would go OF 5 to 10 points further
everywhere WITHOUT rally. And SO mani
festly the time ts buy stocks. and heavily.
is evidently near at hand. Today may
have seen the bottom, but 1t is probable
that there Will be a chance to purchase on
Monday at figures as low as those OF today.
The shorts will begin to cover. perhaps at
the opening on Monday and perhaps later
in the day. 1t is here predicted. however,
that purchases Of stocks made at the low
prices on Monday viii yield excellent re-
turns within a very short time.
When the shorts begin to cover there
will be tremendous scramble, and this,
with the heavy buying OF long stock, will
have a magical effect The advances in
prices will be much more rapid than the
declines have been, for a time at least.
How much Of a rally Is due 1t is difficult
10 IOftu any OpfuiCu MANY nave gone
over 10 the belief that the high prices of
the season have been seen in the railroad
list. and that any advances now will be
only to the previous high figures or Ier-
haps not quite to that level. 1t is the
opinion Of excellent authorities in touch
with the most potent operators in the
Street that the specialties. and especially
the Steel and Iron stocks, will have excel
lent advances to much better prices than
any yet recorded.
The course Of the trading today was un
eventful. Prices opened off and rallied a
trifie before 11:30 when the bank state
ment appeared. At this time selling
movement set in again. and during the last
half hour of the day the tumble was the
most vicious that has yet been witnessed.
when it is remembered that prices were
already many points OF from the level OF
two weeks ago The bank statement was in
every way a poor one, and it caused the
new shorts to pyramid their short sales.
The figures of the statement are as fol-
lows: Reserves decreased $6.172.I25, loans
increased SIC, ,664, 400, specie decreased $729.-
700, legals decreased 81, ,435, 500. deposits
increased SIG, ,036. .100 circulation decreased
S73.5 500. The increase in deposits Is evil
IDENTIFY due to the deposit Of part OF the
Spanish payment money. This money was
all loaned out, which accounts for the
other items Of the statement.
The grangers were again the worst
sufferers today. Atchison preferred, Rock
Island, st. Paul, and Missouri Pacific
seemed to have no friends and the lowest
prices Of the year were again reached In
all Of these stocks. Atchison preferred
| went to 56 1-2, Rock Island to 13, and st.
Paul to 124 and a fraction. There was
heavy buying in the last few minutes OF
| the day in all these stocks for the reaction
which seems sure to come on Monday.
The Union Pacific stocks were both very
| weak the common getting as low as 43
and a fraction. The coalers were very
weak, declining one. to three, points. and
showing little disposition to rally. The
| Vanderbilts were weak. The Southern Sc
curities were sold heavily and yielded
quickly, until all the profits on the long
| side in the past month were wiped out.
It Is to be said again that the specialties
| were the best stocks. on the list, although
| they like the railroad stocks did not es-
| cape sharp declines, Brooklyn went off
| three points and then rallied more than
half of the decline. The stock at the close
was several points above the 125 level
| reached by 1t week ago Federal Steel
common and preferred went of two points
each, but both also had point rally at
the close, so that their net losses were
comparatively small. The same is true OF
the Steel and Wire stocks.
The two strong stockS on the list, and.