The times., 1899-06-14

during the fiercest of the selling. Brook
lyn Rapid Transit, for instance, was the
weakest stock on the list. with the ex-
ception of Sugar. Manhattan broke only
point below the low price of the morn
ing, and Metropolitan and Consolidated Gas
both advanced rapidly closing the day with
large net gains. Federal Steel common
declined l SIS from the opening and the
preferred showed small net gain for the
day. Reading first preferred went off three
points from the high of the day, and the
second preferred closed the day at the
opening figure. American Cotton Oil ad-
vanced fun point.
The market news of the day was all
favorable. Manhattan is to have its regu-
lar dividend at the rate of per cent. The
Western Union executive committee has
recommended the regular dividend rate on
that stock, and 1t will be declared un-
doubtedly. There was story in the street
early in the day to the effect that the
Steel and Wire people have decided not to
pay any dividend on the common stock
until this autumn, but 1t was denied from
quarters much better than that from which
the rumor originated. The dividend will
be declared on June %, and will be paid. in
all probability, next month. The earnings
statements that were published were all
good, that of Southern Railway, the most
important, showing an increase in the
gross for the first week of June of S35, 500.
No new shipments of gold were an
nounced.
The weakest stock on the list and the
leader in the break was Sugar, which de-
clined from 156 IA "ex' dividend to $50 1-2,
the closing and lowest price for the day.
The decline was manipulated as the ad-
vance had been, and it was accelerated
by the throwing over of long stock taken
by the public within the past few days in
the belief that very much higher level
is to be reached by the stock in the next
month. This view of the Sugar matter is
still held by well-informed people despite
the weakness of the stock yesterday. At
the same time such experiences as that of
yesterday only pile up the evidence that
Sugar is manipulated treaeherously and
should be let alone by the Ordinary public
--I lo1
The grangers were sold very little dur
ing the early part of the, day, but after
the decline in Sugar. Brooklyn, and other
securities had progressed iintosthe second
stage when long stock was thrown over
the same movement was noticeable 10 a
marked degree in the grangers. St Paul
especially was sold in large blocks, one
broker, 1t is said, having marketed 1000
shares. st. Paul declined to 127 and closed
at 127 IA, with only a fractional net loss
for the day. Rock Island and Atchison
preferred each declined about point and
Burlington went off from 1873 ga to 1872 IA,
the low price for the day. 1t is probable
that all of these stocks will recover quickly
from their declines as the street is IL ost
bullish regarding them, on their superb
earnings statements.
Mention has been made heretofore of
the fact that Brooklyn Rapid Transit was
one of the weakest stocks on the list,
while Metropolitan Traction and Consoli-
dated Gas were both particularly strong.
The fluctuations of the New York stocks
yesterday are interesting. Consolidated
Gas opened at 176, decline of over
point over night. 1t was marked down to
173 in the first few minutes of the day and
then began an advance which ended only
short time before the close. The high
point reached on the bulge was 1S1 1-2,
and the close was at $50. Metropolitan
Traction opened at 22S. the low price for
the day, and advanced to 232, closing at
231. 1t is said that tremendous short in
terest in these two stocks which had been
only partially eliminated caused the ad-
vance in them. The facts regarding the
exceptional business of the Metropolitan
road recently, published heretofore in The
Times. evidently frightened the shorts,
especially when the insiders began to mark
up the price of the stock.
Brooklyn Rapid Transit opened at III 1-2,
advanced to lis 5-S, and then sagged IL
points to lis Is. A rally in the last five
minutes of the day carried the price TO
us 3-4. Manhattan, which had been at
tackled on Monday by the bears on account
of the tax decision against the company,
was at an advance yesterday for this rea-
son. 1t opened at ia Is more than two
points off from the high price OF Monday
Notwithstanding this fact it declined to
1l2 3-S at the close. There was little if
any, support of Brooklyn by the Flower
crowd, and the bears apparently took ad-
vantage of this to hammer the stock If
the leaders come to the support of the
market this morning they will have no
trouble in reversing the decline into an
enthusiastic advance, as the public is
ready to support any boom in Brooklyn
with large buying orders.
Pacific Mail spurted up nearly a point
| yesterday morning and would have ad-
vanced to above so undoubtedly if the
market had continued favorable as the
| buying of the stock was good. A full point
| was lost in the afternoon decline.
| The Federal Steel securities were espe-
cially fortunate in the opening gains The
| common STOCK was at bi during the greater
part of Monday and only made a squirt to
| So during the last five minutes of the day
| This advance was so determined that it
caused heavy buying orders at the opening
| yesterday. The first quotation was at 65 SIS
and the price was quickly advanced TO
66 3-S The preferred stock in sympathy
with this advance went from SO SIS to
! S4 rs. During the afternoon these gains
| were lost, the common stock getting back
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