The times., 1899-05-03


Monday and Tuesday. and sold out at the
bottom. After the first fifteen minutes
yesterday there began again a heavy ssll-
ing of the entire list by the bears, which
sent prices off to below the lowest level of
Monday in most cases. There was not any
heavy liquidation, however, and the bears
finally gave up selling stocks short and be-
gan to cover. The turn in the market oc-
Cured at little after II, and from that
time the course was generally upward,
though there were periods of dullness and
apparent weakness. The close was strong
at the best prices of the day.
The level of prices at the lowest point
yesterday was curiously similar in many
instances TO those in the breaks OF April
and the first week of February 1t will
thus be seen that large part of the stand
ard stocks could have been bought as
low, or nearly as low, yesterday as on
April Z, or in February; which indicates
that the bull movementuhas really made
little headway during the past three
months. The industrial shares. and the
other specialties, although they have been
The cause of the two last breaks, are the
stocks that have made most net gains
during the spring. They are nearly all
considerably higher now than they were
one month ago or three months.
! break, and it was the stock which began
the advance yesterday and made the most
headway. During the afternoon the stock
| made an excellent record under the spur
of bear covering and SOME buying by Mr.
Flower and other leaders. The low point
touched by the stock was 1875 and there
was rally from this level of seven points
to 1872, and better The close was at 1872.
The earnings of the system on Sunday
were announced yesterday and as had been
expected they were enormous. The in
crease over the previous Sunday was
$4,000, and over the year before $1,000
The total earnings for the day were
$4,000. This showing with the generally
bullish feeling in the stock and the buy
ing by Mr.. Flower caused its quick and
determined turn. The talk of the street
last night was that the stock will open
up this morning and probably advance
further. II there is to be real boom
Brooklyn will almost surely lead the list.
Metropolitan Traction, Manhattan, and
Consolidated Gas all had quick and good
recoveries from the low prices reached
during the day. Manhattan went as low
as 113 3-S and closed at 116 rs, the high
point for the day. Metropolitan touched
2S0 1-2, and then advanced to 23S 3-4. The
high point for the day. Consolidated Gas
had recovery of six points. 1t is not
of these stocks has yet ended. Manhattan
especially is regarded with favor.
Atchison preferred dropped to the low
point of April and of the early part OF
February, SO 1-2. From this level it re-
covered more than a point, closing at
60 ga. Rock Island also declined to the
previous low point. exactly lis, and then
met heavy supporting orders and
lnln cn1 Inv with a
1l6 3-S. The other grangers were among
the weak stocks also, although they did
not get so low on the previous breaks.
The low point reached by Burlington was
140 ga, and the recovery was nearly three
points to above 49, st. Paul went down
to 125 1-2 and then advanced at the close
to 127 3-S. The grangers have been among
the weakest stocks on the list for the past
month owing to the adverse wheat crop
reports and they suffered as much as any
other stocks, with the exception of the
New York fractions. The advices regard
ing these shares are conflicting, but it is
certain that they can be bought at the
present low level on all declines with safe
ty, and it is reasonably certain that they
will gradually tend toward materially
higher prices now with the coming OF sum-
mer. The dividend on Burlington declared
yesterday was at the usual per cent rate.
There were rains in Kansas and Oklahoma
yesterday and Monday and the price of
wheat went off nearly cent bushel.
The Standard Oil people bought heavily of
these stocks among other large purchases
yesterday and Monday.
The Steel stocks We're among the best
on the list. They were sod off with the re-
mainder of the list, but recovered quickly,
and all closed the day with good net gains.
Steel and Wire common was especially
strong The stock advanced from 6S 1-2 to
10 in the opening quotations, and after de-
clining only to &c l-2 closed at 50 3-4. Fed
eral Steel common went as low as 90 l-2
and closed at 81 rs, and the preferred de-
clined to "a 1-2 and then advanced to So SIS
at the close. The public has great faith,
and justly SO, in these stocks. and it is
backed by the cliques which will soon be-
gin operations in earnest to put them to
, much higher prices. The reports of
combination of the various steel trusts are
denied in some quarters, but there is
| persistent belief in them in others.
The coalers were among the best stocks
| yesterday. Delaware and Hudson opened
| at lis ga and went no lower than that
| price. There was steady advance all day
| 10 12l 1-2 at the close Jersey Central fol-
| lowed the same course. opening at the low
est price for the day and closing at the
| highest III Ia, with net gain of three
| points and a fraction. Reading first pre-
ferred declined point from the opening
and then advanced two points and a frac-
ton and closed at the highest figure for
| the day, 63 "a. Ontario and Western
| gained point.
Pennsylvania was strong and regained
| large part of its 2 1-2 per cent dividend,
selling at the close at l31 IA, equivalent
to 1873 "a with the dividend. Philadelphia
| interests were large buyers at the lowest
| prices around IL o'clock.
Sugar was one of the weak stocks dur
| ing the morning break, and one of the
| strongest in the afternoon rally. 1t went
as low as l59 IA and then advanced to 165,
| the highest, at the close. further rally
| seems certain in this stock. The talk OF
people who have been right in their in
| formation regarding the stock heretofore
is that it will have a fine rally under the
manipulation of a powerful pool.
| Northern Pacific common has been one
| of the few stocks that have had very little
! break. Its lowest point yesterday was
81 5-S which was only two points below
the extreme high for the bull movement
The recovery yesterday afternoon was to
So 5-S The talk of insiders is that 4
per cent rate is to be declared the
stock, and these interests were large buy
1t is also whispered that the preferred
stock is to have a good advance.
| The Southern stocks were extremely at
tractive, compared with Others that had
bad breaks. Southern preferred went