The times., 1899-06-10

the lead of the franchises, the gains for
the day averaging two points in the active
stocks and ranging from a fraction in
few stocks to nine points in Consolidated
Gas. The stocks that have been weak dur
ing the past week, including American
Steel and Wire common, were also taken
up and advanced with the remainder Of
the list in healthy manner that showed
good buying and bad fright on the part
OF the bears. There seems no particular
mystery about the strength Of the mar
ket, although it has been a grievous dis
appointment to the bears that ii has
| shown an upward tendency during the past
week. The buying and small advances of
| the earlier days of the week have been
| so persistent that when yesterday the
bears found that they could make no i'm
| preston on prices they began to cover
| their short contracts rapidly. The result
was advances almost sensational in a num-
| Der of stocks and entirely satisfactory in
the entire list The outlook is excellent
for higher prices today and a strong end
| ing for the week. Careful observers of
| the market are inclined TO believe that the
advance in prices will continue during the
entire session if for no other reason in
order that the public may be induced to
buy stocks next week Early next week
| II would not be unreasonable to expect a
decline on profit taking. The leading in
| terests, however. believe that the bull mar
ket is now we'll under way and that the
advance is likely to last. with few inter-
ruptions, until well after the 1st of July
one significant matter in yesterdays mar
| ket was the failure of decline to ma
terialize at the opening II had been
thought probable that there would be a
small reaction as result of the break on
thursday afternoon, but the buying at
the opening was too sustained and ag-
gressive TO allow of anything of the kind.
The street is interested in the gold shin
ments TO Europe, but it cannot be said that
! there is any disposition to attach much
weight TO them. 1t is thoroughly realized
that there is great sufficiency of gold
IN the country, more, indeed than there
is any use for at present, and the ship
ment of a few millions of the surplus TO
Europe to allay a comparative famine
there cannot be tortured into the SEM
blance of great calamity no matter how
ingenious the bears may be in their ar
guments. Any gold that goes to Europe
now must be returned in a short time as
the balance of trade is still largely in
Americas favor. The bank statement may
| be influenced by these shipments today,
and it is thought in some quarters that it
! Will not be as favorable as recent state
ments have been. 1t is an excellent pro-
vision of the temperament of the market,
| however, that relatively unpleasant news
does as little harm in a bull campaign as
good news does good in bear raid.
1t is difficult to pick out any particular
group of stocks that was most active yes
| terday as nearly all shared in the general
prosperity of good buying and advancing
prices. The ''franchisers'' had the largest
1 advances as was to be expected in any
| strong bull market. The figures for the
day are most interesting If no comment
! whatever were made on them. Console
dated Gas opened at 166 1-2; the lowest
price for the day and advanced to 175 ga,
the highest price and the closing sale.
| The gain for the day was thus over Zine
points. Brooklyn Rapid Transit advanced
from III Ia to 116 1-2, the closing and
/ highest price for the day. Manhattan
opened at Ill rs and advanced to III IS,
| a gain of exactly three points. Metropoli-
tan Traction went from 220 is to 223 SIS.
The rumor is again floating in the
street that there is soon TO be a consolida-
I tion, or, at least, some sort of combination
1 Of all the railroads in Greater New York,
| with Mr.. Whitney and Messrs. Elkins and
! Widener prominent in the deal. This
story was much under discussion yester-
/ day and apparently traders in general be-
lieved it, as it was evident that the pro-
fessional feeling was bullish regarding the
| stocks OF the different roads, as well as
that of the insiders. Late in the day the
public generally bought all the stocks
heavily Mr.. Flowers following was a
heavy buyer of Brooklyn Rapid Transit
Il is said by most conseryatie people that
this stock is likely to be the leader of the
market during the coming month and to
make new high price records for itself.
During the early part of the day yester-
day there was much weakness in Steel and
Wire common and the Federal Steel stocks
were laggards in sympathy with it. Heavy
buying of Steel and Wire began after
o'clock, and it was advanced rapidly, be-
coming one of the most buoyant stocks on
the list The explanation of the change
of sentiment probably hangs partly at leas
on statement made to prominent mark
people in the afternoon by two of the most
important directors of the company, to the
effect that they were in favor of pei
cent dividend to be declared Immediately
This statement was construed to mean tha
the dividend is certain, as it is understood
that the two gentlemen referred TO practi-
cally control the situation. The buying
was largely for the short account, but som'
public buying that has been delayed by tn,
uncertainty regarding the dividend came il
during the last hour. The price was ad
vanced from below 50 to 62, and the cos
was near the top. The street talked witt
renewed bullishness regarding all the stee
and iron stocks last night.
The covering by the shorts in tn
grangers continued yesterday, and tn
bulls, leaders and public alike, bough
stocks long Prices continued to advanc
in a most encouraging way, although ther
was some selling short at the top prices
Burlington seems to have had the larges
number of shorts remaining after IN
heavy covering of Thursday in Rock Islam
and Atchison. Burlington advanced froI
13l SIS, the opening and low price for III
day, TO l33 Is, which was within Is c
the high. The other grangers all ad
vanced we'll. Rock Island getting as hig
as ll3 rs, and closing the session a
li35-S. Wheat was again trife veal
although the decline in price was insig
. nifcant. The street has undergone com
plete reversal of sentiment regarding tn
grangers, as it has become more clear tina
the bear talk regarding the stocks is man
ufactured.
Sugar was again triumphantly pushe
up in price at a pace rapid enough
suit the most enthusiastic bull. The open
ing was at Isl, the low price OF the da!
, and the closing and highest price was 10
The anthracite coalers came in for muc
: builish talk during the day and they wei
all bought heavily for both the short an
> long accounts The June letter of III
Anthracite Coal Operators Association
which was issued yesterday was a mo:
enthusiastic document, and It's showing {