Evening star., 1898-05-16
FINANCE AND TRADE
Stocks Opened Decidedly Weak, but
Subsequently Rallied.
DUE TO CHAkBERLAIN'S SPEECH
Outside War Situation All Condi-
tons Are Favorable.
GENERAL MARKET REPORTS

Special Dispatch to The Evening star
NEW YORK, May l6.-The foreign So.
cUrity markets opened at concessions from
last weeks closing level as Inc result of
the conditions hinied at in Mr. Chamber
lalns recent speech. On all sides the Do
iitical situation relative to eastern qucs-
lions rad depressing influence for a time,
but toward noon London cables showed
that market to have resumed its normal
tcne. Prices were advanced to the New
York PARITY and foreign selling I'm this mar
ket was discontinued.
The local trading was moderately eympa-
uetic With the tendency noted abroad aud
the Hfst hours business resulted i'm A sub
stahtial lowering of prices The selling
was almost wholly professional. although
ccmmission houses were disposed to ad-
wise profit taking.
The impending naval conflict is the only
deterrent TO activity and improved prices
confidence in an American victory j. fol-
lowed by cautious buying OF the better
class of stocks, but there is considerable
timidity to be overcome before an extraor-
dinary investment of capital becomes pos
sible.
Money in abundance is awaiting an op-
pertunity for investment, some OF II at
Trices slightly under the market hut the
tuik OF 1t undecided to price but wait
ing for an indication Of the end of the war
Conditions which ordinarily make a market
"A
one exception of what may be transuiring
OF the high seas.
Eliminate this element of doubt and n
transformation OF the surface of the mar
ket Will take place Immediately
There Is no disposition TO sell stocks for
either account, the money OF the country
is pledged TO Improvement and the date
Ter united action is alone doubtful
When the time does come earnings the
prospect for new dividends, Increases in
present rates the high prices for commodi-
ties and the low rate for money will COM
bine to assist the movement The tension
que TO protracted expectancy suggests
proht taking as heretofore, but these oc-
casions are likely to be regarded by the
far sighted in the light of opportunities.
The revenue bill has been a secondary
consideration for the last fortnight and
every attempt to make lemonstratiO.
against prices with that measur. for a
Background has failed.
The provisions of tn, bill nav vet cause
some hesitarcy in the stock Il arket. but il.
probable character is not regarded as a
menace to values
Rumors Of new pool in American Sugar
were freely circulated during the day with
the result that liberal volume Of stop
loss ORDERS were uncovered during the ef-
fort to cover shor. stock. The price of the
stock moved up easily urder persistent
buying for gain of 3 per cent from the
lew level of the -orninG.
The movement of American tobacco WAS
towards a lower level in spite Of urgent
negotiations for peaceful settlement of
the plug tobacco difficulty
Rock Island was the feature Of the
Granger group. holding We'll during the
weak periods and advancing easily under
good buying late in the day. The neighbor-
ing members of this group rallied sub
stantiaily during the afternoon, but be-
came duh at the advance Frequent
changes in direction are to be expected un-
til definite naval intelligence comes to
hand.