Evening star., 1897-05-29
Marked Improvduent in Prices in
Nov Yek Board.
GAINS RANGED FROM | TO 3 PERCENT
Advance Was Most Marked in OBJ
iects of Bear Attacks.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, May 29.-The week closing
today has demonstrated the fallacy of
speculating from habit. The depressing in
fiuence of the last year had practically
destroyed financial optimism, and made
activity and depression synonymous. En-
couraged by the successes In the short ac-
count and discouraged by the failures in
an opposite direction, professional Wall
street had become biased in fits Judgment
and regarded improvement merely
possit ility of the distart future.
Increased earnings. a growing grain ton
mage and confidence in legislative pros
poets were quietly accommodating force,
" hie the hes West commitment In the
market were still in the short account
State legislatures from which pessimistic
action was expected, were approaching
adjournment without any Indication of
violence to capital, and the Supreme Court
terminated its spring session with de-
cision of great importance to the railroads
This latter action had the effect of shak-
ing confidence in the short account From
the time of its announcement the market
began to improve and reached. in many in
stances, its highest point at the close of
business today.
Advances from 1 to per cent are numer-
Gus by comparison with figures rendered
one week ago. The stocks in which the
short interest was most unwieldy have
protited most.
The professional character of the market
is still retained, but sentiment has been
completely changed.
The buying of small lots has frequently
marked the cautious return of the investor
and commission house activity promises to
gain i'm significance well as in volume
Willie the loss of faith in the short account
is to be credited with the bulk of the
weeks Improvement, two events of more
enduring importsr ce come to the support
of the market late in the week.
The progress being made with the tariff
bill has exceeded expectations, and revived
hopes in its early passage.
This factor of itself cantains possibilities
for great good. A second influence was de-
reloped from the generally favorable inter-
probation of Secretary Cages speech. Cur
rency reform of comprehensive and sat
isfactGry character is now looked upon as
a reality.
Events of this character are admittedly
of great force il the present situation.
AS an offset to such influences the reduc-
tion In manufacturing forces and the cut
rate sales SO extensively advertised by
! merchants overstocked by reason of The
delayed prosperity, may be cited. If the
prospects suggested by the former develop
mcnts are not misleading the evils Of the
latter will be but temporary
The bank statement reflects gain of
nearly s1,jUo.000 in lawful money. more
| than one-half of which is in legal tenders.
An increase OF 2,JO0Ooo Is a particularly
crafty ing feature of the report. although
| the bulk of this extension is due to special
! transactions The result of these charges
| is not fully reflected in the deposits. not
| withstanding gain of $3.JD0,OOO in the lat
| ter item.
The net result of all the changes repor; I'd
| is an increase in the reserve, bringing that
| total up to S45.99S,9D.
| A sharp decline in c. &. c. and st. Louis
right at the close of today's business. at
| tributed to a probable passage of the divi
| Gend on the preferred stock, was feature
| worthy of special note.