The times., 1899-06-01


many of the thousands of letters received |
from sufferers cured, bothY sent free by |
mail. Write DR.. Kilmer & Co., Bingham
ton, N. Y, and please mention that you |
read this generous offer in The Washington |
Sunday Times.
The leaders of the market apparently made |
no effort to stem the tide, and this one |
factor that might have been entirely ef- |
fective being absent the bears met with |
even greater success than they had ex-
pected.
Such a pronounced break as this leaves |
the outlook for the market more uncertain
than usual. The sudden aid to the bears |
in the bad news" was unexpected, and 1t
caused such a tumble in prices as may
dislodge much more stock than has already
appeared. The bulls are talking with less
confidence, therefore of the immediate fu-
ture of the market and the bears are pre-
dieting FIVE and ten points further decline.
Several matters should be taken into con-
sideration, however, before any general
ization of the situation is made by either
bulls or bears. One Of these is the fact
that stocks are now considerably lower
than they were yesterday morning, and to
this extent, exactly, better purchase for
any who wish to buy The level of prices
whole, lower than on the day after the
death of former Governor Flower, and
much lower than it has been at any other
time in several months. All this despite
the fact that the prosperity of the coun-
try is growing every day. and the in
trinsic value of securities advancing. An
other factor that will play an important
part in the market at some time today, or
whenever 1t comes. is the covering of the
shorts The short interest was materially
increased yesterday. despite some cover
ing and the fairly large liquidation of long
holdings. 1t is reasonable TO suppose that
the bull leaders will find it advantageous
to lend their support by buying heavily
at the moment when the bear covering
| is largest. These two items may and prob
ably will cause a great rally when the
time comes. And, on the whole, this time
should not be very far distant.
The weakness in Sugar was one of the
most depressing factors in the market yes
| terday, and yet it is unquestionably the
| fact that the decline of six points in this
stock was the work OF manipulation The
street received no news of the actual con-
dition of the affairs of the sugar COM
pany and its war with the other refineries,
| and the public, as far as it participated in
| the Sugar speculation. was buyer as
much as seller There is a disposition
on the part of some of the keenest people
in the street to regard this tumble in Sugar
as precursor of the ending of the war and
a great advance in the price of the stock.
AS far as can be learned the Sugar div
ldend VIII be declared. as usual
| The news that yellow fever has broken
out in the South three months in advance
| of its usual appearance is based onCthe
fact that one death has occurred at New
nrla hi. h
not be the fever. AS stated in this col
umn yesterday, the authorities have taken
the utmost precaution against the fever
and are most hopeful that 1t will not be-
come epidemic in this country At the
same time the street is always inclined
to magnify the first appearance of the
fever as it is the usual tales of ruined
wheat crop, and 1t seems, probable that
buying of the Southern railroad securities
will not be popular for the moment. At
any pronounced declines they will be
bought by people on the lookout for good
bargains.
The tumble In the price of the New
York traction stocks was the greatest yes
terday, apparently because these securi-
ties were affected by the greatest number
Of bear arguments. Metropolitan opened
at 220 and sold as low as 207 "a. Brook
lyn Rapid Transit opened at 112, went as
low as los "a. and closed at log IL Man
haitian declined from 109 to 104 1-2 and
closed at 105. The feeling of the public
is much less bullish regarding these stocks
than 1t was few days ago, and 1t was
freely predicted yesterday that Brooklyn
Rapid Transit will get as low as on the
day after Governor Flowers death 1t
must be remembered. however that the
public has way of getting into market
when 1t has nearly If not quite reached
its climax The earnings of the Brooklyn
road during Sunday. Monday, and Tuesday
increased over last years record about
$4,000. The increase for the month OF
May was about s165, eco. This is the kind
OF business that Governor Flower expect
ed and predicted, but there were few that
believed with him
The price of July wheat yesterday
reached 10 12 at one time The net ad.
vance in the price for the day was half :
cent This buoyancy OF wheat was mad,
the most of by the bears. and the sellin.
OF the grangers at one period of the day
was spirited. careful review of thu
wheat situation by one of the shrewdes
Chicago brokers leads him to the conclu
/ sion that the calamity howers have fal
] overestimated the damage to the winte
, wheat crop. He stated yesterday that Ii
his opinion the crop will be fair one
and that in month the talk of broker
. | will be much more hopeful than il is a
Z | present. The advance in the price abov,
, last weeks prices is undoubtedly NOR,
, largely due to the news of poor foreigl
| crops than to any additional fear re
. garding the American. All news of short
: age outside of America is good news TO
the railroads. II means higher prices an,
/. an early marketing of grain by the farm
| ers. 1t is not believed by the friends o
3 the grangers that the prices of these stock
I / will go much If any lower than they di
: yesterday. The rally in the grangers il
the last hour was the best made by an
group on the list. Burlington's Apri
! statement is a most encouraging one, show
I ing net increase OF $17, 900 over the sam
month last year.
Z The steel and iron securities had tn
fate of the remainder of the list yesterday
though it is noticeable that the differen
companies securities were very different
6 their relative strength. The Steel an
IS Wire stocks were very weak and close
10 on the bottom with losses of ga and 8 j.
'e respectively for the preferred and commo
d stocks. The Federal Steel securities o
a the other hand did not drop so far, an
IS had some recovery before the close.
lie senseless passion to get rid of these :toch
LIS has seized a part of the public at the tim
= when there is the best of all reasons. bi
m earnings, for keeping them, and 1t cannt
ID be predicted with certainty that they wi
l. not be forced lower by short selling an