The times. [volume] (Richmond, Va.) 1890-1903, 1898-05-25
STOCK MARKET
PROFESSIONAL.
Evidences Of Manipulation Were Pal
pabIe Yesterday,
AN UPWARD RUSH OF PRICES.
II Was Due to the Covering Of Shorts
Who Had Become Alarmed at the
Easy Advance-Iron Stocks Con-
tinucd to Show Strength.

NEW YORK. May 2L-The stock mar
ket continued more or less professional
to-day. and there was palpablc evidence
or manipulation. The success OF the
campaign for the rise. assisted by one
OF two factors OF strength, invited an eN-
tending interest, ana induced "a Droaoth-
ing tendency in the speculation. The
advance was primarily due 20 the rumors,
subsequently discrcditcd. that the United
States feet had won a victory over the
Spaniards In West Indian waters. The
final strength OF the market cannot be at
tributed TO these rumors. The final up
ward rush OF prices WAS largely due 10
covering of shorts. who had become
alarmed az tho easy advance OF prices ana
the persistent resistance % decline, espe-
oiauy after the contradiction of the re-
ports OF "a successful naval battle. This
covering OF shorts made final prices the
best OF the day. Net gains were wei over
q point ia the International and granger
groups Of the railway list and ranged
up % nearly six points for Metropolitan
street railway I'm the spccialues. Inc
stocks Of iron companies continued 10
show strength. and The southwestern rail-
ways as "a group showed some strength
and activity.
THE money market continued I'm con-
ditlon OF extreme ease. and sterling eX-
change reacted "a fraction under the IN
fuonce Of buying OF securities for London
account. and q further decline in the Don-
don discount rate. winch rs HOW wei N'-
low the New York rate. With the con-
tinucd tendency toward ease I'm the lop-
don discount rate the demand for slefl-
ing for collateral is likely 10 cease. it is
evident that this country can command
further supplies Of gold IL they prove
Tho bond market developed increasing
activity as the day advanced. and showed
net gains throughout Total sales S3.@2l.-
600 United States bonds were steady
without change.
The total sales of stocks to-day were
1890 shares including Atchison pid..
Il 600. burlington. 1SO13. Louisville and
Nashville. 1880: Manhattan, 1850.
Nefropolitan Traction. 1851, missouri
Pqcldc 27 900. New York Central. 546O'
Nortberu P9cifc. z. 100: Northern Pacific
Md. 1G5oS Rock Island. 15l 2O; ST. Paul
81 7qi. Wabash pfd.. 6.5Sf. American To-
bacco. 1G 425. Peoples Gas, 12,jG0, Sugar,
~ no: Sugar pfd.' $3.50
The Evening Posts London financial
cablegram says: The stock markets here
were quiet but firm to-day The settle
ment shows a small account. ana was
favored by easy money Cantagos on
Americans were usually 20 per cent,
INIT "a few weak bulls were charged 44
por cent Milwaukee and 81. Paul was
Scarce. and commanded * per cent back
wardatl ton. Americans closed az the pest
with a revival Of speculative interests
MONEY. AND EXCHANGE.-Money on
caU steady az 1i4Q1& per cent. last loan
az a.. prime mercantile paper, 42d1,a
per cent Sterling exchange easier. with
acfual business In bankers bills at 4Sl4W
4esi6 for demand and ar 4Naisi4 for
sixty days. posted rates 4sii5N isIi2'
commercial bills. 4S304N3i2. Silver GER
tihcates. 57i .a5S; bar silver. 5Pa' Next
cgn dollars asa. Government bonds
firm: state bonds dull; railroad bonds
strong.