The times., 1899-05-02

|
quate, apparently, but the fact that it oc-
! Cured is answer enough to, this. The
bears made a supreme effort on the
strength OF the Ford Franchise bill, passed
! by the New York Legislature last Friday.
/ There was talk of the expectation of gold
] in the near future Money was tight yes
/ terday afternoon. When prices in the
| specialties had gone off three or four
points it was disclosed again that there
had been pyramiding in these stocks. The
wiping out of margins caused further
heavy liquidation. The fact that the
break was not expected to go as far as it
did by even the cleverest market people is
shown by the heavy support given TO
Brooklyn around 130 by Governor Flower.
| 1t is stated on excellent authority that he
bought 10000 shares of the stock at that
figure, besides large purchases of his
other stocks. This big order had almost no
effect. The condition of the country is
just as satisfactory as it was yesterday
| morning or last week. The earnings
statements continue to come in showing
large increases. The best authorities in
Wall Street persist in the belief that de-
spite the many setbacks in the market
and the many returns to the low prices Of
the break last February. there is to be a
HEe DOOW before the emu OF the summer,
with a higher level than any yet reached.
The stocks that suffered most because
they were the ones that furnished the rea-
son for the attack OF the bears were the
New York city franchise stocks. The tum
bic in these securities was sensational, not
so much because II was Ave and ten points
| in each case, but because 1t followed large
declines last week. which many had be-
lieved sufficient. Metropolitan Traction
few days ago was selling at $50. 1t opened
yesterday at 240 and dropped to 230 within
half an hour There was rally from this
level Immediately, but during the after
noon another break carried 1t down to
232 l-2 the closing price. Brooklyn opened
at l30. advanced to 131 ga, and then de-
clined steadily to 125. Manhattan declined
to l13 Is. There was no sign of strength
in any of these securities during the after
noon. Consolidated Gas which sold few
days ago at 200, was sold down to III. clos
ing at the bottom. The rally in Brooklyn
Rapid Transit, when it begins, will be
rapid. Mr.. Flower is long of the stock at
prices considerably above its present level,
and will be the more anxious to punish
the shorts who for a time outplayed him
yesterday. He took on a great block OF
the stock at 1870, and evidently did not ex-
pect to see 1t go lower. And the others OF
this group also should be bought on any
further recession by people with good mar
gins.
The grangers, the Vanderbilts. and many
others OF the railroad stocks had little if
any break in the morning hours. The same
is true of the steel stocks, which were very
strong. The tendency in all these issues
during the morning was to combat the de-
clines in the specialties and many believed
tlnN y TIL
period of declines, however, when the
liquidation set in was too cyclonSc for
them. and day begun most auspcously
ended in a catastrophe. The greater part
OF the declines in these stocks occurred in
the last half hour of the day. Burlington
was as high as 143 SIS and closed at 14l SIS,
the bottom price for the day St Paul
went off from 12S IA to 1876 Ia. Rock ISL
and declined to lis 1-2, or within half a
point of the low of the break last February
Atchison got as low as SO SIS and closed
on the bottom.
The Federal Steel stocks were very
strong in the early trading and seemed
destined to make new high records imme-
diately. The same is true of the Steel and
Wire stocks and Tennessee Coal and Iron
Federal Steel common opened at 6s "a and
climbed to 20 1-2 Ii was sold off in the
afternoon to Ga 1-2. The preferred stock
advanced point and a half in the early
trading to 81 Sd. and was then sold off at
the close to 81 rs. The Steel and Wire
stocks did not decline as rapidly as the
Federal Steels in the afternoon and showed
only one and two points net loss for the
day. Tennessee Coal and Iron went up two
points in the morning and lost all its ad-
vance, but no more in the afternoon The
buying of these stocks yesterday was of a
determined character. and there can be no
question that they are to be advanced rap-
idly as soon as the market reaches the bot
tom.
Northern Pacific was one of the strong
est stocks on the list The buying of
this stock noted in this column recently
was aggressive in the morning hours and
when the break came in the afternoon
it lest only a point of the gain made in
the past week, closing at so IA 1t is
said that the preferred Northern Pacific
may be retired, leaving the common stock
| only.
Other stocks that were most stubborn
| in the face of the bear attacks were Louis
| vile, which closed at &C 1-2, Southern
| Railway preferred which declined only to
| 50 3-S, and the Union Pacific which de-
clined only fractonally.
| interest of the gossipers being devoted
entirely to the break apparently. Penn
| sylvania Railway is to have the regular
semi-annual dividend of 2 12 per cent
| The stock has been strong recently Gnd
| 1t held its own very well yesterday despite
the fact that some people have been ex-
| pected an extra dividend. The closing
| price was 132 "a.
1t is said that the price of rubber goods
| IS to be advanced by the trust which is
a bull argument for Rubber common. The
stock was strong during the break, get
| ting no lower than So Is.
The decline of Big Four was the heav-
lest made by any railroad stock, and IL
is believed that there was heavy inside
| selling of the stock. 1t is said that the
| Big Four deal is off, II ii was ever on.
Cotton Oil common was one of the best
stocks on the list. Another dividend of
3 per cent rate is to be declared on the
stock. 1t is said that statement is to
be issued by the company showing per
cent earned. The earnings of the com
pany have broken all records.