The evening times., 1899-05-08


the list reached a still lower level. The
tumble was by halves and full points at a
time fer few minutes on hundred-share
lets. After the first few minutes of the
day there was perceptible Strengthening
of the general tone and very good buying
of many stocks. II is most difficult mar
ket on which TO form any opinion, but the
indications. were strong that the bottom
has been reached and that there would be
a better market from today. The bears are
becoming very nervous, and the rallies
were quick and spasmOdic. When n gen
eral covering movement sets in there will
be such rush for stocks that prices are
likely to advance in a remarkable way. 1t
could not be said with safety this morning
that such time had come, but there could
be no doubt that it is not far distant. At
the same time, the market is very much
two-sded, and it is not likely that any
quick advance will be held at first. Such
bear market as has been witnessed brings
its aftermath of sold-out accounts and
weak holders ready to get out on any small
advance. The advice should be to buy on
the reactions and TO sell for small profits
on pronounced advances and 1t cannot be
doubted that this will be the course taken
by the professional operators. The bulls
are again most hopeful, however. and the
talk in this coterie is that before the end
of the month there will be a much better
level of prices, especially In the indus
trials and the specialties.
The grangers were again the weakest
stocks at the opening. but they picked up
fairly well on the rally. Atchison pre-
fered dropped as low as Sc and Rock ISL
and went below 112. Burlington was the
strongest Of the group and seemed to be
bought en- every decline. 1t was believed
that all of this group could be brought
for an advance of one to three points, with
safety at the low prices.
Manhattan was perhaps the strongest
stock on the list. 1t had almost no break
below the level Of Saturday and immedi-
ately began to advance, and steadily when
the first furry was over. There were ad-
vices to buy the stock during the morning
from good people and 1t seems likely that
it will have good advance this week. 1t
has been noticeable that during the latter
part of the bear drive this stock has held
up better than almost any other.
Brooklyn Rapid Transit opened off three
points this morning and dropped a point
further to 125 in the first half hour of the
day. After that its movements were ex-
tremely spasmodic. but with generally ad-
vancing tendency. Flower was buyer Of
this stock and also of others of his spe-
cialtfes at the low prices, and II was be-
lieved that he would make a determined
effort for a much higher level during the
day. When the shorts begin to cover in
Brooklyn they will do even more than Mr.
Flower to advance the price.
The Federal Steel issues were very
weak at the opening and went OF two
points each In the first few minutes. Later
they were bought heavily and seemed des-
tined to close the day at much better
prices. The common stock went as low
as 81 and fraction and the preferred as
low as 50 IL.
Northern Pacific common and preferred
have been among the stocks that have
suffered least in the bear. drive, and this
morning 1t looked very much as IL the
clique in the common stock at least were
getting ready to advance 1t well.
Tennessee Coal and Iron was very strong
and early in the day was at 81. The
strength of this stock which most people
were In the habit of considering worth
less a few months ago, has been one Of
the surprises to the Street. The earnings
Of the company have been the largest in
its history, however. and the insiders pre-
dict much higher prices.