Evening star., 1897-05-17
Better Tone to the New York Stock
Market.
PRESIDENTS SACFlON ADDS CONFIDENCE
Expected Tariff Legislation Con-
tinues to Be a + actor.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. May 1.-THE scarcity OF
stocks seeking a market and a decreased
supply for borrowing purposes forced some
covering of professional sales during the
opening hour this morning. The market.
Notwithstanding its strength. was extreme
ly narrow and gave no evidence OF increas-
ing interest on the part of the public. The
continued refusal to dispose OF present
holdings is a factor foreshadowing a sharp
rally once an outside demand is
countered.
This prospect is mainly responsible for
the almost unanimous belief. in market
circles that the fluctuations detracting
from present prices will be insignificant.
excepting always special instances liable
to special conditions. In this latter group
are the industrial shares and few OF the
improperly managed coal properties The
confidence expressed in financial circles
does not extend to sources from which the
bulk of the new demand must come. Tie
reason for this lack of harmony is due
altnCst wholly to the influence of tariff leg
islation.
While Wall street seeks comfort in the
thought that the bill will soon become
law, the commercial world is of the opin-
ion that it will not he written into a stat
ute in time to encourage fall trade
Tie cal situation probably lies between
these extremes. tntil the surplus of busi-
ness investments assumes proportions sC-
perior to business needs the stock market
is not likely TO attract new buying.
The backing and filling process which
has been monotonously repeated for the
last few morths seems likely to extend
well into the summer. The adjournment
of Congress should inaugurate a new era
of speculation and investment, but without
this condition precedent the operative in
centive will be lacking.
The Presidents message on the Cuban
situation taken by the room TO indi-
cate degree of conservatism on the part
of the administration not consistent with
extensive risks in the short account. Ac-
cordiagly, higher level of prices followed
the announcement of Its purport. As Is
usual in a narrow market. those in control
overlooked the possible influence Of action
by the Senate or the resolutions now
pending. Unless. however. the sympathies
of the Senate can be brought officially to
the President during the present week, the
Cuban incident is likely to be displaced as
a factor.
The condition of the foreign exchange
market this morning Indicated a somewhat
less urgent demand. rates yielding slightly
in consequence. The leading foreign bank
ing houses were quoted as having no in
tention of shipping gold before the last of
the week The foreign markets disregarded
the prospects OF continued hostilities on the
Greek frontier, but London refuses to buy
American stocks in any considerable vol
Tine.
Chicago gas and sugar were again the
chief features of the market. The consoli-
dation bill is now regarded as being GER
tain of success in the senate, but its fate
In the lower house is doubtful. The gran
ger shares are given good support On tie
prospects Of increased earnings.