The evening times., 1899-05-01

| The stock market opened this morning
| in most discouraging manner, with heavy
| declines in the New York city franchise
! stocks and sympathetic weakness in other
| directions throughout the list. The bears,
with the New York tax law as pretext,
| accomplished bad break in the market.
Prices went off from a point TO 10 points
all over the list. In the afternoon there
was support The outlook is
favorable. The furry over the New York
tax law is over for the moment apparent
ly the first of May is here with its prom
ise of easier money, and the earnings
statements continue to come in showing,
good increases over last year. The Philip
pine situation seems to be growing better
daily. These matter. taken in connection
with the technical condition of the market,
very much oversold and at lower prices
than for some days past. give the best OF
promise that a recovery is near that may
develop into a boom.
Brooklyn Rapid Transit. Manhattan and
METROPOLITAN Traction were very weak on
the opening this morning and Metropoli-
tan especially SO. Brooklyn went of to
12S Manhattan to 115 and fraction, and
Metropolitan dropped point at time to
23l The New York papers were full OF
bear articles about the effect OF the law
Yesterday and all the bulls were ready at
the sounding of the gong this morning to
sell the New York stocks. The supporters
waited until afternoon and then began
to take everything that was offered at the
lower prices. Brooklyn especially was
supported at 12S.
II seems probable that these stocks Will
all go higher this week and perhaps have
good spurts This is especially likely to
occur in Brooklyn II the earnings state
ment given out for yesterday is rosy one.
as it can hardly help being. The predic-
ton this morning was for $4,000 increase
at least.
Next to the furry In the New York stocks
the strength Of the steel stocks was the
most noticeable feature Of the morning
market There was very large buying OF
the Federal Steel shares, especially the
common and it reached 70 1-2 in the first
hour. The preferred advanced half point
in sympathy. American Steel and Wire
common seemed to be almost as well
bought 1t hung around the same price as
Federal Steel, common, above 20, and
looked very much as if 1t might go higher.
The tips circulated on the steel stocks were
especially enthusiastic this morning. 1t Is
said that the heavy buying by the insiders
noted in this column last week is to be
followed by a fine advance In all these
stocks. In the break these stocks acted
especially well.
Tennessee Coal and Iron advanced 2
points in the first hour in sympathy with
the steel stocks and seems likely to par
take Of their strength this week. The
same may be said Of Colorado Fuel and
Iron.
The grangers were strong, despite the
strength of wheat. They all had small
advances on what seemed to be good buy
ing A squeeze Of the shorts in these
stocks is likely to occur at any time. and
people we'll informed regarding them ad
wise being on the long side this week.
This is especially true Of st. Paul and
Atchison, preferred. The stocks were not
sold on badly in the break.
Northern Pacific common, the strength
Of which was noted in this column last
week. continued its good record this morn
ing. The high price Ct this movement,
53 3-4, was reached in the first hour.
New York Central is one Of the stocks
which was affected BY the selling Of the
W.&nh d. . - r-- n-.-lA n ~