The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-05-26

g CLOSING QUOTATIONS..


MoNDAY. May 90.
The fluctuations In stocks to-day, as for many
days past, resulted entirely from the constantly
changing views of the professional element.
The hopeful sentiment that prevailed Mt the
close OF last week, aud which was engendercd
largely by a comparatively slight Improvement
in prices. disappeared to-day. chiefly because n
natural reaction took place. IL now appears that
the level attained on Saturday was the culmina-
ton of the purely professional buying movement
that gave direction to the market last week.
The demand for stocks from that element hav-
ing been exhausted, those who bought for
long account were constrained to-day to en-
deavor to take their profits, and, as on many
previous occasions, they found that the strength
OF the market vanished with the cessation Of
purchases by themselves and by the short in
terest. In consequence prices yielded easily
wherever there was any pressure.
The liquidation of speculative ventures was
most pronounced in Sugar Refining and Man
haitian Railway, which closed 2ss and 80 n
cent. lower respectively. A number of other
stocks, notably st. Paul, c., Is. and Quincy, La
clede Gas, and Louisville and Nashville, sus-
tanned net declines OF n point or more. The
most discouraginG feature of the situation was
the almost utter absence of a market for mac
tive stocks and bonds. Some OF these last
suffered net losses OF several points. The
lfIllItI VI lDo 4 was NJ
fected by the withdrawal OF sl.55O,0OO
gold from the Sub-Treasury for shipment
to Germany tomorrow and prospects that
fully,twice that amount will be shipped later in
the week. To.day's withdrawal OF gold reduced
the Treasury's net gold balance to about Sl09.-
900. 900. Other disturbing influences were the
persistence with which the Populist measure
prohibiting the administrative branch of the
Government from issuing bonds is forced upon
the attention Of the Senate, and the fact that the
approp riations, now nearly completed by Con-
gress, are so large that II Is estimated that the
deficit of the Government for the coming fiscal
year will be many millions larger than for the
present year.
The most trustworthy advices from Washing
ton are that the so-called antl-bond issue bill
which the Populist and frce-silver elements in
the Senate are likely to put through that body
will not become h law; but this is offset by
equally trustworthy statements that the advo-
Gates In Congress OF the free coinage OF silver
are swelling the appropriations way beyond
tho income of the Government with the
hope that they can thus compel initiation
of the currency. 1t is possible that the
radical protection element is acquiescing in
this scheme, that it may hive a deficit as a
basis for future manipulation Of the tariff. 1t
is to be noted that the decision OF the supreme
Court OF the United States sustaining the con-
stitutionality of the sugar bounty act cOmpels
the Treasury to disburse about S., 900, 900
which il has heretofore declined to do.
The effect OF these untoward circumstances.
and also of increasing uncertainty as to the
outcome of tho Presidential campaign. so far rs
sound money is concerned, is shown by the
liquidation of loans and the return
OF money to this centre from the interior to an
extent that lowered the ratio on call money to.
day to Q q cent. Large amounts were offered
at that rate to-day. At the same time the de-
mand for time money and the inquiry for COM
mercial paper have died out.
Final sales compare with those of Saturday
fallnws. |