The times., 1899-05-27

getting ready for a good up turn. Much
better than this, there is excellent reason
for believing that, having formed this idea,
they are ready to set about accomplishing
the fulfllment OF their belief themselves.
1t would not surprise number of people
in the best position to know of the drift Of
events in the market if before the end of
next week prices were three or four points
higher than they are at present. The move
ment may be week further off, but June
is well nigh sure to be a bull month, il is
said These matters of Importance were
recited TO the writer of this column yes
terday by a prominent broker. who is as
familiar with the situation as anyone in
Washington:
Money continues easy and is in fact
loaning at a less rate now than for several
weeks past. Yesterday all day it was at
PIP.
The talk of gold exports for the present
is manifestly absurd in view Of the fact
that foreign exchange is weakening.
The railroad earnings continue to show
large increases over the great record of
1895 which was considered superb by bulls
and bears alike. ST. Paul is an instance of
this, and Atchison preferred is another,
country making the same fine showing
have used this group as their chief bear
argument during the past two months
The coal roads are in better shape than
al any time for years past.
The iron and steel trade is wonderfully
prosperous-without precedent, in fact
Prices are far higher and the markets are
far larger. This prosperity seems certain
to grow instead Of decreasing.
These are a few of the facts that make
., ,E
Technically the market is in an ideal posi-
tion for a good advance.
The level of prices is now off from ten
TO thirty points from the high point of the
winter boom.
The bears have been hammering the
market for many weeks. and during the
past week they have produced almost no
impression. After the long continued de-
cline there has come period of stagna-
tion. The selling of stocks has been prin-
cipally by the bears and the buying prin
cipally by the leaders of the market.
This buying has undoubtedly been ac-
cumulation preparatory to the advance. A
period OF stagnation such as this is one OF
the surest indications of an upward move
ment.
1t seems evident that the present hold
ers of stocks do not intend to let them go.
They are insiders, and that part of the
public which buys for investment largely,
and always has sufficient margins or owns
its stocks outright.
Yesterdays market was a traders affair
almost entirely, with no movement of i'm
portance in either direction, but tenden-
cy downward on the whole. There was lit
tie sprightliness in the dealings at any
time. Prices opened a trifie above the close
on Thursday and receded from this level
during the greater part Of the day. During
the last half hour there was a rally in the
entire list. The outlook for today is on
the whole fairly good. There will probably
be buying this morning In anticipation OF
a good bank statement and it is thought
also that there may be many people short
of the market who will not care TO carry
their short accounts over the holidays.
This item Of the situation will perhaps be
Offset partially at least, however by the
selling Of stocks to save interest.
Talk of this weeks bank statement is
yariously optimistic and the other thing
but the best judgment seems to be thai
! il will make a fairly good showing The
/ cheapness of money indicates that the
| banks are of a contented frame OF mind
| II is said that there has been something
/ like 81 000. 600 shipped to New York durin,
/ AHe week lIOIn Atlt liIAtliOis anu Aldl
| somewhat larger amount has been deposit
| ed by the Government, which would seen
TO indicate that the reserve will show
good increase.
The two most important items OF new
yesterday. and the two which did most
probably in shaping the course of the mar
ket at different periods OF the day, wer
the announced cut in the dividend rat
! by the Consolidated Gas Company an,
the April earnings statement of the Atch
ison road. Consolidated Gas was yer
weak yesterday morning and the other Ney
York stocks went Of partially in sym
pathy with it, partially because of tn
/ traders way of acting on the signing O
the Ford bill by Governor Roosevelt Late
when the earnings statement of AtchisO
| came out there was rally in this stoc
in particular which had its influence on tn
entire market
The dividend on Consolidated Gas wa
reduced from to l I-2 per cent quarterly
The stock then tumbled quickly ten point
from around $50 to near 40. The move
seemingly made for its moral effect an
not for any particular need in the situa
ton of the company. The gas war is sti
on and the company wants the public t
made at loss. This will prepare the pub
lie for resumption of the old rate 'vhe
the gas deal has been consummated.
is also suggested that the move may b
intended to influence some recalcitraI
holder of gas stock which is wanted
the other side. There are many shrew
people who have deprecated the gas wa
from the beginning, however. and who ar
not inclined to believe that il will do th
4 New York gas companies or any other
any good in the end Whatever may com
OF the tumble in Consolidated yesterda!
as an immediate market movement,
seems certain that so cent gas rate wi
cause trouble. Whether the New Yor
companies are able 10 produce gas at tn
rate or not people will be unwilling I
pay a dollar in the future, and will
apt to make trouble for the companie
They may turn TO electricity and they ma
kick up a rumpus in the New York Lesis
iature. Chicago people are likely to g.
tired of paying high prices also when Ne
! Workers pay only so cents. as the san