The times., 1899-06-04

neNers IN tnelr country are HTlniy con-
WINGED that the coming ten years will be
the greatest in every way that it has ever
seen.
The leaders of the security market, who
are at this time the most important peo-
pie, financially, in the country, the Rookie
fellers, the Vanderbilts, the insurance
companies, the great promoters of the
trusts, now hold a very large amount of
stock, probably more than any ordinary
market observer realizes. A large part
of this is held for investment, and the re-
mainder has been taken recently from the
floating supply. By just SO much stock
as these interests have absorbed since the
death OF Mr. Flower, they have gotten
seuerer control Of the market. By just
so much as the bears have sold stocks
short during the past two weeks they have
risked the grave danger of not being able
to buy them back from the insiders. The
abundance of money is shown every day
by the constantly lowering loaning rate.
Yesterday it was 1-2 per cent. The July
disbursements of interest and dividends
which will be the largest in the history of
the country, will soon make more idle
money. The price of bonds has been ad-
vancing all the time until il is now well
nigh prohibitive in first class issues. These
are some of the conditions intrinsic and
technical that are now surrounding the
stock market The matters of the coun-
try's prosperity have not been particular
lied, but they are realized by all, only by
some more than others. The leaders of the
market have already shown what they be-
lieye will be its future course. They may
be wrong. The bears may be right but
facts are against them, at least, and only
gauzy fictions on their side. The great
public of which the lambs come, may be
right, too, but this also is not a usual con-
dition of things. This week will be one
of those which will decide whether the
public is right or the people who rule the
nations finances and a large part of the
nations industries
Yesterdays market was an unimportant
one. The opening prices were very high,
in some cases more than a point above
the high close of Friday night. There
was some realizing soon after the opening
by the smaller people, and later, when the
bank statement came out, some short SELL
ing for a turn. The close was off from
the opening prices in most cases, but gen.
orally higher than the close of Friday. The
bank statement was insignificant, but not
considered fayorable as far as it had any
influence in any way. The figures are as
follows:
Reserves, decreased. 81, ,223, l25
Loans, increased. Observation-Disclosures. 61S,O00
Specie, decreased. d.................. 1,1Sl,300
Legals, increased. ................ 1890
Deposits increased. ............... 356, 500
Circulation, Observation-Disclosures. f25,S00
The immediate future OF the market is,
of course, uncertain. Some further realiz-
ing seems probable, as one of the features
of the opening Monday. Declines may con-
tinue during the entire day, possibly,
though careful observers of the situation
are inclined TO the belief that before the
close the upward movement will begin
again.
One Of the chief matters of news yester-
day was the gross earnings statement of
the st. Paul road for the fourth week of
May. The statement is OF particular inter-
est not only because its Tremendous figures
indicate the fine condition of the road and
the prospects for much higher price for
the stock, but chiefly perhaps because it
| comes at time when the grangers as a
group are the most abused stocks in the
entire list 1t shows in a very clear way
how great the general business of the ST.
Paul is, entirely independent of the carry
ing OF grain. AS matter of fact, the earn
| ings OF last week show an increase over
| those OF 1897 which is much larger than
the entire gross earnings in the hauling OF
| grain. Or in other words, the road did
| more business, leaving out its grain haul
| entirely, than 1t did two years ago includ-
| ing the grain. The fallacy of considering
| the winter wheat crop the entire bushes:
of the grangers is ludicrous one, but il
has been hammered into the public as 6
fact during this entire spring. Whatever
| the facts as to the winter wheat crop MAY
be, the granger roads viii all make excel
lent showings this year, if the indication.
I rfsr r1tr h,r .h.
| officers of the roads themselves The
gross earnings of st. Paul for the weeI
were s1,00O,S32. which is gain of sl35 80.
over the same week last year, and of 1923,
$50 over the corresponding week of 1897
| The gross earnings for the month of May
show an increase of more than a quarter
OF a million dollars. They show an in
crease of nearly million dollars owe,
those OF the month of May, 1885. The roat
never earned a million dollars before il
its history in any one week in May.
One of the chief factors in the recen
| weakness of the market has been the grea
break in Sugar since II advanced to abov
l60 on the statement of Mr. Lawson. O
Boston, that the sugar war is settled
There have been denials that the war 4
over and there have been statements tha
the dividend is not to be declared thi
quarter. In view of these facts il is rar
ticularly interesting to see the stan,
taken by Mr.. Lawson himself state
ment was made by him to one of the Ney
York papers yesterday, in which he allege
again that the sugar war is over, that tn
dividend will be declared as usual, and tina
Sugar stock is certain to advance to mucl
higher prices than 1t has ever attained be
fore. He asserts that when he and hi
friends had pushed the price of Suga
above 160 one of the chief professiona
operators in Wall Street called on hin
and told him that he was interrupting
great Wall Street game, and asked hin
to sell out, and deny all that he had sal
OF Sugar. and thus let the confidenc
scheme go on again as usual. Mr.. Lawson
states that as he had made large profit \
his operations he sold out in self-defence
but refused to lend any other than thi
necessary aid to the manipuiators He ca !
the decline in Sugar that followed "one q
the most brutal of street games / hav
| witnessed In thirty years experience
Which all illustrates that whatever may b
| the truth regarding the Sugar Trust an
its opposition, the ordinary speculator ha
little chance of guessing the movements G
Sugar stock for long On the whole, how
ever. the street is beginning again 10 be
lieve that the sugar war is very nearly
il not quite. over, and the price OF tn
| stock likely to advance In the near future
The coalers are looked upon with pecu
} liar favor by many Wall Street people.