The evening times., 1899-06-17

The stock market this morning preserv-
ed all the characteristics thai have teen
shown during the entire week. The pro-
fessionals ruled the game entirely during
nearly the entire session, the public taking
almost no part in the trading and the mar
ket leaders very little. The same small
fluctuations were made and at the close
the variations were fractional in almost all
stocks. few showed gains and a few
losses, ranging from an eighth TO one point.
The day was most disappointing one TO
both the bulls and the bears. The bank
statement was considered very poor by
most people, but it had no effect on the
market except to cause small fractional
rally in the last few minutes of the day.
The only encouraging feature of the days
business was the fact beyond question that
the market leaders did buy stocks in small
lots on every recession, showing that they
believe in ultimately higher prices and in
tend TO have all the stock they desire when
the advance begins. This means also that
the short interest is growing larger every
day. as prices do not go off to anything like
the extent that would make short sa;cS
profitable The bulls expect a rally a
Monday and if the bull leaders desire to
start one they will be able to do so, of
course The return of Messrs. Morgan and
Flower is likely to be followed by exactly
such a move at any time.
The bank statement figures show a large
increase in loans which shows that peo-
pie are borrowing money to buy stocks.
1t is said that the firm of Flower & Co.
is one of the chief borrowers. The large
increase in deposits was entirely Offset by
the decrease in reserves which is accounted
for by the shipments to Europe. The fig
ures are as follows: Reserves, decreased
9,319, 900; loans. increased SIS. 800, 800; spe-
Gle, decreased $7,005, 500; legals, increased
s17OO 600; deposits increased So, ,93S, 400; cir
culation, decreased So, 700.
The Street followed its usual tactics by
selling Federal Steel common on the dec
laration of the s per cent dividend rate en-
the common stock. The price, which tum-
bled a point yesterday afternoon, declined
still another point today on heavy short
selling. Flower & Co. bought the stock
on every eighth down, which shows what
this company believes of the prospects of
the stock, and also indicates what IS in
store for the bears if they do not cover
within a very short time. When the COM
mon stock reached 63 the buying was SO
much superior to the selling that the de.
cline went no further during the entire
session. The close was at 63 1-8. The pre-
ferred stock also went of rapidly at the
opening and recovered trife later. The
statement of Flower & Co. is to the effect
that the company has now earned the en-
tire dividend on the preferred stock and is
assured of a per cent dividend on the
common for the year, with good surplus
in addition. This prospect should be suffi-
ciently alluring to induce buying of the
stocks at So and SO. respectively, but peo-
pie near to the management Of the COM
pany state that even more than this might
have been said with truth Of the pros
perity OF its affairs.
Wheat opened up a cent a bushel and
the first tendency was downward, although