The evening times., 1899-06-21

The course Of the stock market during
the past two weeks cannot be looked upon
as anything except satisfactory by those
who desire healthy and legitimate ad-
vance in prices as result OF the great
prosperity of the country. There has been
no wild scramble for stocks by the foolish
public on small margins that always holds
a menace over any advance conducted un-
der these conditions. Instead of this the
thing that has happened has been the grad
ual, but none the less sure. absorption Of
securities by the leaders of the market, at
prices that have remained stationary or
even in some instances have declined frac-
tionally. The bull leaders have bought
and the professional bears have sold. That
this is the foundation for strong ad,
vance later no one who has watched the at
titudc of the bulls can doubt. II is not
healthy for the bears. but for every eie-
ment in the Street that makes for better
things il is excellent.
At the present time rumors can be heard
asserting themselves in guarded tones that
ii is impossible to borrow St. Paul, that
there will be run in OF the shorts in
Brooklyn Rapid Transit, that the insiders
have been accumulating Steel and Wire
common stock. All these hints point in
the same direction and mean but one
tQlQK, d StoSh doout
very simply by the buying of the people
who have confidence in higher prices. The
outcome is not in doubt, speaking broadly
the day Is not far distant when the lead
ers will wish to build on their foundation.
Then the bears will cover at prices con-
siderably above where they went short
and the public will begin to buy when the
advance is half over. The crop report is
one of the most satisfactory that has been
rAnNy
loaning as low as l ga. The leaders are
borrowing large amounts at these low rates
for a purpose that can be surmised. The
end of the fiscal year, with its dividend
and interest disbursements, the largest in
the history of the country is less than two
weeks off. This morning was much like
others recently prices advancing a triie
in the first trading, and then declining .
trifie on absence of public business.
The position of the grangers is the SUBJ
ject of much comment in influential quar-
ters 1t is the fact that there is less
supply of these securities in the market at
the present time than ever before. AT the
same time there is considerable short
interest remaining in them despite the
covering that occurred yesterday. The
favorable crop report shows that the pre-
dictions of the bears have been largely
overdrawn. CareIul people WOuiu HOT O6
surprised at rapid advance in these
stocks at any time. They were all strong
this morning at prices tride above those
of yesterdays high close.
The talk of combination between the
Metropolitan and the Brooklyn systems :s
attaining to more definiteness every day.
1t seems probable that a quick advance in
both these stocks will come before the end
of the week Manhattan also Is looked on
with favor by the same crowd that is buy
ing the other two traction stocks.
Federal Steel, common, advanced point
quickly this morning. but was sold quite
heavily to realize profits when it reached
81. 1t seems possible that there may be
some hesitation on the part of buyers gen.
orally regarding this stock for a few days.
| but on the other hand a movement is like
| ly at any time. The one sure fact is that
the stock will have a large advance before
the dividend is declared.
| AS to the suit of the holder OF twenty
| five shares Of Federal Steel, preferred, for