The herald., 1897-05-30
ON GRANGE
What Was Done Yesterday on Wall
Street

NEW YORK, May 29.-Those traders
who availed themselves of an opportunity
late yesterday to cover short contracts for
fear of q crush of those bent on a similar
mission today were wise In their genera
ton. The rise In prices In the general list
this week has been sufficient to have in
vited more extensive profit taking at
weeks end than any week for months
past. But sales to take profits were at .
minimum today and exercised no marked
effect on prices. which held steady near
the close. The shorts, on the contrary,
showed the feeling of unrest over the In
dications of strength In the market and
circumstances. to carry over short con-
tracts until next Tuesday, at which time
trading Is to be resumed on the stock ex-
change. Several special factors served to
encourage the buying Of stocks besides the
Increased confidence felt in the outlook for
business Some of those who bought
stocks gave as their motive the tone of the
speech delivered by the secretary of the
treasury yesterday, especially his express
sion of confidence that the tariff bill would
he disposed of at an early day, and his
broad intimation that SOME measure Of
currency reform would then be put for
ward by the administration. Some buying
for London account, which was q feature
Of the earlier days of the week, also added
strength to the market. The dealings were
remarkably we'll distributed, the number
of stocks whose shares were sold being
much larger than for some time. The
market for stocks and bonds has been
notably firm and strong all week. though
the dealings were good deal depressed a.
times. The dullness came at times of
heaviness in the market indicating the
disposition OF holders to wait for better
prices. This rise in the majority Of stocks
nn1v vUfa 81 y,sr h. -
special depressing causes from time to
time. such as the unexpected volume Of the
gold shipments early in the week, the
break In, the Rubber shares on account of
the retirement of President Evans and the
feeling Of distrust disseminated by the
announcement of the Baltimore and Ohio
default on the interest payments due June
LIST on some Of the company's bonds. These
reactfonary influences proved Inadequate
to overcome the encouraging factors at
work. and the result has been bull mar
ket Tor the week. The event to which Wall
street attributes the greater part of the
improved condition Of trade Is the taking
up of the tariff bill in the senate, the
demonstrated intention of all parties to In
terpose no factious opposition to it's pass
age ana the result foreshadowed by the
votes on committee amendments that no
time fs to be lost in settling the whole
matter. More or less attention is attracted
by various statistical estimates of the
present activity in general business ac-
companied by the argument that the vol
ume OF business II at present equal to
that In some Of the most prosperous years
IN the country's business, but at such ex-
tremely low prices as not to be evident in
estimates Of transactions by valuations.
The broadening Of business activity is felt.
nevertheless. to indicate an improving ten
dency IN business conditions. The excep.
tion to the stocks which show a net gain
on the weeks trading are very few. ana
those which have gained point or over
make long list. The bond market dis
played fair degrees OF animation during
higher plane apparent, 0overnments,
ruled firm throughout on moderate IDEAL