The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-05-05
Financial.
The Tone of the Stock Market Yesterday
Was Generally Strong.


The Tone of the Stock Market Yesterday
Was Generally Strong.
New York, May 4.-Several factors
combined to give strong tone to the
market for stocks to-day, and the up
ward course of prices was practically
without interruption Of any reactionary
tendency all day in nearly all of the
standard shares. The day closed with
burst Of animation and buoyancy
of values which has not been equalled
on the exchange for many weeks,
The bears were fairly driven into a
panic, and rushed pell-mell to cover,
prices jumping with each scale. Large
blocks of the principal stocks also
changed hands in quick succession for
the long account. The volume of bust
ness in the last hour was very large
and especially in Sugar, although the
trading extended pretty generally all
through the active list.
The sales Of Sugar shares aggregated
for the day over one-fourth of the total
sales, which were 100000 shares-a fig
ure in excess of any days sales for sew
eral weeks There was notable activity
also in Chicago Gas, the grangers and
Western Union, and the anthracite coal
group was strong, though not quite so
conspicuous in the dealings.
The immediate cause of the buoyancy
in the market was the reporting of the
tariff bill to the senate. The properties
which are Immediately benefited by the
provisions Of the amended bill led in
the advance but the reporting Of the
bill was unexpected in Wall street, and
the forwardness of the work towards
it's enactment where delay was counted
upon in the committee, gave an impetus
in all securities in the list. Sugar near
ly derived the greatest benefit from the
published conditions of the bill.
But the strength of the market was
not all due to the reporting of the tariff
bill. The weakness of the sterling ext
shipments Of gold on Saturday were
| less probable than was thought. De-
mand sterling was weak at $4.S7, and
| transactions occurred at that price.
Bankers have not definitely concluded
not to ship The market also received
encouragement at the opening from the
| good prices for Americans in London,
| though London sold some thousands of
| stocks here.
| The Gould stocks were made the CEN
| ter of the bears efforts to work a reac-
| ton In the market and were depressed.
| Missouri Pacific dropped 1B, Manhat-
| tan IL and Western Union a. All raj
lied, however, Western Union more
| than recovering the loss and the Others
| in great part. Sugar showed the ex-
IRENE gain of 31s
| The coalers showed sharp advances
but there were evidences of manipula-
ton of the loaning rate for the stocks
| to pinch the shorts. Delaware and
| Hudson and New Jersey Central rose
over two points and Reading TX. The
grangers showed gains of IL to III
Cotton Oil rose "a, Chicago Gas 2 ano
| Canadian Pacific "a. Advances of over
a point occurred in Cotton Oil, Brook.
| Ign Union Gas, Tennessee Coal ant
Lake Shore. and Cleveland, Columbus
Cincinnati and St. Louis, and LaCledt
Gas broke a point.
top in some stocks at the close, but the
closing was strong and the days gains
were generally held and showed marked
improvement In nearly every stool
dealt, except as above excepted.
Railway bonds moved up on 1arg'
dealings. Business was fairly well dis
tributed. with the market deriving it
chief strength from the favorable fac
tors operating in the stock market. TIL,
aggregate sales were $1,172,0 900.
Transactions in governments wer'
generally noted at slight gains owe
yesterdays close.
Following are the closing prices re
ported by Prince & Whitley, banker!
and brokers, 16 Broadway, New York
and 10 Center street, New Haven:
| Bid ASKED
| American Tobacco ............ 69A SOL