The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-05-26

CONSIDERABLE STRENGTH I
The Market Was Still I'm Control OF
Professional Trnders and Their
Tactics Ofaer che Elements or
Strength Was Strong and
tho Dealings Lnrger.a

animation shown in the dealings on the
Stock Exchange to-day than for many
weeks past and some buying by commits
sion house agents gave evidence Of q
slight awakening Of outside Interest in
the markets. Sales for the day reached
an aggregate Of over 200, 900 shares. and
were much better distributed through
the list than has been the case in the
recent trading. There was a display
or considerable strength which carried
most stocks at one time or another above
last nights close. but sales for profit
taking were quite heavy and carried
PRICES down ait the close.
The msrket is still in control Of the
professional traders and their tactics
off set the elements Of strength. New
Jersey Central gave evidence Of having
reached point Of resistance to further
depreciation and the shorts were driven
70 rather strenuous exertions to cover.
The loan rate Of the stock was bid up
~ manipulation in order to embarrass
the shorts. The removal Of the severe
pressure on this stock for the time being
was quite relief to the market, though
there was late reaction In the price
sugar was strong on the belief that the
explanation offered for the sugar sched-
5ule Of the tariff bill would help its
chance OF passage. The dealings in the
stock were larger than for some time
and were second only to those in Chi
cago Gas. The dealers in the latter
stock were inclined to take an exceed
ingly conservative View of the benefits
assured by the action Of the Illinois SEN
ate In passing the gas frontage and con-
solidation bills on reconsideration, The
stock did advance sharply on the news
OF the passage but was carried down by
heavy realizing sales. The tone Of spec
ulation generally showed considerable
nj I'D n,,s,
tributing to this feeling Yesterdays
decision OF the Supreme Court denied
The right Of the Interstate Commerce
Commission to fix railroad rates still ex-
efclsed favorable influence on railroad
issues. The weakening OF the exchange
market during the day was also re-
garded as an encouraging factor in the
general outlook, and account was also
taken OF the weeks statement of nler-
chandise exports from New York, show
ing total OF $40, 127, 166, an increase OF
sfoo,49O over last week and of $2OS1, 7S2
over iast year. This large expansion in
anticipation Of the new tariff and to
help adjust the exchange balance. State
ments OF railway earnings were also
good, especially that OF the Southern
railway. showing an increase Of net
earnings for April OF $70.S1G, and of gross
earnings OF SIS GA. The effect was to
raise the price Of the stock The third
weeks statements of gross earnings of
81. Fam and Missouri Pacific caused 4
cheerful feeling among owners OF rail-
road stocks, the former showing an in
crease Of S34,346 and the latter of $40. 900
New Jersey Central ranged 3ls points,
the net gain being a point
The total sales Of stock for the dav
amounted to 202, 05O shares, Including
Sugar 30700. Burlington and Quincy is.
700, Chicago Gas $4,000, Manhatt G, GOO
Rock Island $500 ST. Paul 1920, Wes.h
ern Union. 11.300
me bond market displayed some ac-
tipitv IN the late trading and sympathiz-
ed in the decided rally which occurrnd
IN the stock spec,ention Business was
largely restricted to the prominent is
sues IN which the changes were not es
Eent:al The appragata saTa
sa50, 900. WY