The times., 1899-05-13

of the day there was dip in prices up
to three minutes to 8, but after that good
buying caused a recovery. Many stocks
showed good net advance for the day,
and few large gains
Sugar was the feature Of the day. The
stock was weak at the opening, getting
down 10 LAG and a fraction at one time.
Later there was tremendous buying, and
during the afternoon a rapid advance in
price to 156 and better, gain of ten points
and more. AT the close there was dip to
l5i H. but it is not doubted by the people
who have been buying the stock recently
that 1t will go higher today. A high open
ing is looked for. The advance in the
stock is variously accounted for but it is
easily explainable simply as a manipu "a
tive move without supposing that the
Sugar fight has been concluded, or any
thing else of Importance done. The fact
seems TO be that the shrewd trader, Law
ton, bought a very large block of the stock
on Thursday, and continued to buy it yes
terday, with the direct and simple inten-
tion of putting the price up. He has
bought and sold Sugar before with great
success, and this venture will probably BE-
as successful as others. One of the stories
about Lawton few weeks ago was that
he had made million dollars in a Sugar
and would never trade in the stock again.
He seems TO have given in TO the tempta-
tion again. A few people received the tip
that the movement would be made in the
stock yesterday, and profted by it nicely.
One of the rumors which may and may not
have any fGunlation, is to the effect that
the Sugar Trust will soon buy out the
rival refineries, issuing s25, 10000 in stock
for that purpose.
The steel stocks were not especially ac-
tive yesterday, but all were fairly strong
until the last ten minutes of the day, dur
ing which they had quick declines. The
| talk regarding all these stocks is that they
Will be the most buoyant in the entire list
during the coming three months, owing to
| the immense iron and steel business. Car
negie's letter on the steel industry for
| 1899 seems certain to have a bullish effect
/ on the stocks.
The grangers were steady all day, though
no large advances were made. The street
is bullish regarding this group. and espe-
cially st. Paul. 1t is said that the con-
! tinued large earnings of the company have
| induced such an immense demand for the
! stock for investment that there is practi-
| cally none in the street.
The Flower stocks were on the whole
weak yesterday for some reason not easily
! explained. Mr.. Flower is known to be
buying them, and he continues to state
! that they will go much higher in the near
future Brooklyn opened at 12l, went of
/ a point or two, rallied to l21. and hung
around that figure all day until within a
/ few minutes OF the close. when there was
! a sudden decline with the remainder OF the
market to III. Four points were clipped
off the price in as many minutes. \ rally
/ 2:59 carried the price back TO l1S ga The
/ Federal Steel stocks were a trihe stronger
than Brooklyn. but did not do much as
I stated heretofore. Chicago Gas was strong
/ all day until the close, recovering its dvi-
/ dend of 1-2 per cent but tumble in the
/ last few minutes of the day carried the
| price down to 119.
The Pacific Mail directors declared only
] the regular dividend of / IL per cent semi
/ annually yesterday, somewhat to the sur
! prise of the street which had expected 2
! per cent. The stock was buoyant during
| the entire day nevertheless, reaching as
/ high as u "a at one time. The investing
! public has bought very large amount of
| this stock on the theory that a company
( situated as this is, earning per cent and
/ likely TO earn S or 10, is sure to pay per
cent dividend at least, and will probably
pay six. Fifty dollars a share is small
price for such a stock
The return of confidence is seen every
where, and IL is not to be doubted that a
week of advancing prices would get the
public we'll "enthused" again. One of the
| good signs is the enquiry regarding low
priced nom n-dividend paying stocks, which
| are avoided when lower level of prices is