Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-05-26
New York Market Opened Strong
and Dull.
FEELING OF CONFIDENCE PREVAILS
Covering Of Short interests Caused
Most of the Buying,
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, May 26-The stock narke,
opened strong and dull this morning under
volume OF business largely professional
The belief in a reaction was almost gen.
eral among the trading element, but al
operations for the decline were lacking in
confidence.
The short interest in Western Union and
New Jersey Central began an active liqui.
dating movement early in the day, which
resulted in sharp advances in those proper
ties and served to steady the entire list.
The buying power was decidedly con-
tracted at the advance and firmness rather
than activity now seems to be the sole re-
suit OF the weeks developments.
The short interest has been reduced ma
terially. and new strength must come from
new sources. Some inspiration to new bust
ness may be found in the increasing grain
tonnage and the improving prospects for
satisfactory tariff legislation.
The success thus far made with the SUI
gar schedule Is the argument used In justi-
ication of the predictions applicable to the
whole bill. The disposition to accept this
schedule as affording only minimum pro-
lection would seem to insure a ready ac-
qufescence in rates concerning which there
Is no friction. The stock of the sugar COM
pany continues to reflect the satisfaction
and future earnings.
Inc advance at this juncture Is taken to
indicate the absence of any occasion for a
diplomatic break in the price in order to
imported product. The action of this stock
Is, therefore, the prevailing and accepted
argument on the legislative outlook at
Washington.
law. extending its operations to railroads,
as an effective check to pooling. was passed
over as a matter Of small concern. Had the
chances for the passage of such an addi-
ton to existing law been more reliably In
dorsed this argument would have been the
occasion Of liberal selling
The street Is IN one Of its periodical opti-
misttc, self-satfsffed moods. and all news IL
being construed favorably. Such moods
are liable to sudden changes and the
recognition of the fact will delay a public
demand until normal conditions are re-
stored. The desired demand would, how
ever. be likely to begin at a reasonable de-
cline.
Baltimore and Ohio was sold down sharp
ly under the influence of further difficulties
In the way Of its early rehabilitation. The
stock Is totally lacking in support in the
presence of selling movement, and no
interest is inspired by the financial condi-
ton reported from time to time.
The grar ger shares attract considerable
attention owing to the belief that any real
demand will begin in this group.
The reported increase in Burlington bust
Tess. coupled with its record for speedy re-
ccvery from depressed periods, makes this
stock one Of the leaders in this group.
The interstate commerce decision is also
construed into an indication that the Ne
bIaska case will favor the railroads In the
agricultural districts
The international issues were given good
support. but the demand from London is
still meager.
Some gold is expected to go out at the
end OF the week. but the amount Is not
known.
duh and firm.