The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-05-29

FRIDAY, May 2s.
There was o further slight falling of in the
volume Of trading In stocks to-day. which was
due almost entirely to the continuation during
the forenoon Of efforts by professional traders to
bring about q reaction. They were encouraged
by the fact that the London market was unable
to absorb the stocks that foreign arbitrage
houses bought hero at tho close yesterday, and
thai it declined under efforts to dispose OF them.
Tho reactionist party made such slight
impression upon prices that it was evil
dent before midday that it had mistaken
the temper Of the market. During the after.
noon practically tho entire list developed
positive strength. and at the close the early
losses, as well as the net declines sustained
yesterday, were recovered, and in many cases
substantial advances were added thereto. The
prominently strong features of the late trading
were Chicago Gas and Jersey Central. Each of
those stocks scored a net advance Of IL . cent.
1t is now plain that when Jersey Central broke
below 20. substantial interests began to buy tho
stock. which has now recovered 81 points from
the lowest prices last Monday. The buying of
Chicago Gas, which was continuous from the
opening to the close. was apparently based upon
prospects that the consolidation and the SO.
called Frontage bills. which were passed
by tho Illinois Senate early in the
week, will be acted upon favorably by tho
House within the next day or two. The passage
by the House of the Allen street railway meas
ure this afternoon was regarded as strong cir.
cumstantial evidence that the same body would
take similar action upon the gas bills. After the
close Of business the news came to hand that the
House Judiciary had reported the
gas bills favorably; hence it would not DO sur
prising If they were passed before the lower
branch Of the Legislature adjourned for the day.
II so. the long fight Of the Chicago gas companies
to effect an actual, legal consolidation will DO
virtually at an end.
Although Sugar Refining was virtually
neglected, 1t closed nearly a point higher than
yesterday. Other stocks that made noteworthy
progress toward q higher level were Delaware
and Hudson and Chicago and Northwestern.
All Of the Granger stocks were exceptionally
strong. There was n revival Of activity in
National Lead at advancing prices. the market
for 1t being influenced apparently by the favor
able outlook for tho pending Tariff bill. While
the final movement of prices was due largely to
the covering Of shorts put out yesterday and this
morning. there was also a noticeable improve
ment In the volume Of commission business,
resulting from Washington advices regarding
the outlook for the passage of the Tariff bill,
the temporary cessation of exports of gold, and
the tenor Of several recent judicial decisions
favorable to vested and property rights. The
improvement in the status of the Pooling bill at
Washington was also an encouraging factor.
Owing to tho decline In tho foreign exchange
market there will be no shipments Of gold to
Europe tomorrow. The closing was strong, at
about tho best prices.
Final sales compare with those of yesterday
as follows: