The evening times., 1899-07-06

A decided tendency toward reaction
showed itself in the standard issues this
morning. the grangers. the Vanderbilts,
and other railroad stocks shading on from
half point to point in the first hour.
The general appearance of the market suG-
gested that interest was being transferred
from these securities TO the industrials. as
many CT the latter were advanced while
the railroads were declining. This is
strictly in accordance with what has been
said in this column heretofore. IL cannot
be expected that two or three groups OF
stocks will continue to make higher
prices without halting while the remainder
of the market is practically dead. The
opening this morning was not sufficient in
itself to warrant the prediction that the
grangers will be neglected for a
few days while the industrials
are taken up, but it would
surprise very few careful observers of the
market If this should occur. The buying
of the railroads during the first hour was
largely for the public, some purchases be-
ing made for London account. 1t could not
be ascertained that the large interests
! were increasing their holdings of these
stocks. On the other hand there was heavy
| buying of Sugar. Tobacco. and the steel
| securities. which may indicate that these
| stocks are to be advanced as rapidly as the
| railroads have been in the past two weeks.
| AS yet there is no real sign of weakness
| anywhere, but the advice is still given by
| careful people to use the utmost caution
| in making further purchases for the pres
ent. The market, as a whole, on the sur
| face did not look as well yesterday or to-
| day as during last week.
| The grangers declined nearly point
! during the first hour. on the average. st.
Paul opened at 1s2 rs. and before noon
| was at 1872 IA. Rock Island went off to
| III IA. a full point or more. Buriing-
| ton declined to 137. Atchison preferred
| opened at so 1-2 and refused to go below
so. 1t was the general impression that
| these recessions would very nearly, If not
| quite mark the limit of the declines for
| the day. as it was obviously due not 70 any
lack of faith in the stocks, but entirely to
| desire to take up other securities for
| the moment.
| Louisville and Nashville was strong a,
| the opening. reaching 172 IL, but later
| showed a tendency to react a trife. The
| dividend on the stock will be 1 1-2 pei
| cent, with 1-2 per cent extra, it is said
| This makes per cent for the half year
1 and is generally considered an excellent
1 showing, although some brokers and 9TH
ers profess to consider it a disappointment
| 1t is conservative, and the policy of the
| road has been one OF conservatism always
| quality that should be commended rather
than frowned on.
| Sugar continued its rapid advance thi:
| morning, soon reaching 161 1-2, which is
gain of six points in two market days
American tobacco also was buoyant. ad-
| yancing to 96 1-2 early in the day. There
was no particular news regarding Sugar
| the buying being largely for clique, which
| may or may not intend to force the price
higher The talk of Tobacco was that there
| is a better feeling regarding Continental
Tobacco which is certain to be reflected
directly on the American Tobacco share:
| as the latter company owns very large
part of the Continental stock. A broker
| who has had inside information regarding
American Tobacco made the statement thi:
| morning that the insiders have been &C
cumulating stock recently and now intent
| to put the price to par or better.
American Steel and Wire common wa!
one Of the buoyant stocks during the morn
ing trading. with an advance of poin
during the first hour and signs Of a fur
lther advance. Federal Steel common wa
also strong. AS has been pointed out IL
this column heretofore II the bull marke
is to continue there can be no question
that these securities will be advanced t.
much higher prices eventually.