The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-05-13
THE MARKETS.
Wall Street Review.

BY Associated Press.
New York, May l2.-The bulls had the
better of the speculative contest today
but the edge was taken off the rise In the
last few minutes of trading by a vigor-
Gus bear raid The continued purchases
for London account and the lack of strain
in either the money or sterling exchange
markets was features of confidence.
Moreover IL was announced that the hnal
S5,O0O,O0O warrant in connection with tho
Spanish indemnity would be deposited on
Monday in local bank which announced
that all the needed exchange had been
secured and this was favorably interpre-
tated as to its probable effect on sterl-
ing exchange. At times the stock market
was very erratic; there was first recess
sion from the opening level and then
gradual recovery until near the close
Sugar moved over radius of nearly D
points and closed with rise of 6; Brook
lyn Transit lost nearly a point net but
closed nearly points above the figure
reached in the raid. American Tobacco
lost nearly 3 points after dip of twice
as much. Metropolitan dropped to 2lSA,
jumped over 6h points and left off with
u gain of over 2 points. The iron and
steel shares were rather weak as were
the Coalers, but the Paciflcs and Grang-
ers were strong with fractional ad-
vances appearing pretty generally in the
street list. Total sales, 629, 800 shares. I'm
mense blocks of high grade mortgages
were taken today at improved prices and
the strength of these issues exercised a
stimulating effect on the speculative liens.
Considerable activity was noted. The
market genrally improved. Total sales,
Si,532, 900 United States new 4s and the
old As coupon advanced a, and do. reg
istered and the 3s Il in the bid price.
BY Darlington G. Cusack.
New York, May 12.-The market opened
higher on another advance in London
and some bullish feeling created over
night by the fact that Governor Roose-
welt took no immediate action in the Ford
bill and Mr.. Carnegie's published inter-
view on the future of the steel trade.
however, and or the advance the market
met free selling from the trading shorts.
Brooklyn Rapid Transit opened up 3
per cent. but failed to hold it's advance.
selling down below the closing prices of
last night, subsequently advancing again.
London was quite fair buyer, although
not on such large scale as the last two
or three days. On the decline there was
quite heavy selling by what was sup
posed to be Mr.. Keenes interests and the
mdrkct developed Il weak undertone.
| Traders as rule are working for lower
prices and there is large falling off in
the commission business. The publish
ing OF the Illinois state board Of aSri-
cultures bulletin stating that of over
two million acres of winter wheat 81 per
cent. had teen damaged and will have
to be plowed up, caused a renewed bear
| ish feeling in the Grangers. About mid
| day Sugar, after a sharp decline ad-
| Vanced points from its low price
| strengthening the whole market and
causing a recovery in values fully up to
! opening prices. The truth of the matter
! is that the late unpleasantness, while II
| may be agood thing for the market from
| a point of view of insiders who bought
| i'll at low prices, yet from the outlook
| of those who have lost their money and
| their securities, upon the advices of the
| bull leaders, the market is one to be left
alone, and in consequence, the outside
| demand has fallen to almost nothing
| The story of bargain hunters and anX.
| ious buyers, while it reads well enough
| to print, does not show up in materia
| way, and we are inclined to think that
| until there has been a lower level OF
! values reached that no great outside pub
| lie buying need be expected. The market
| makes a short interest easily, however
! and sharp rallies are sure to be an or
| der consequently, we advise purchase:
| only on pronounced dips. The market
| broke sharply just before and the lis
with the exception of Sugar, closed below
the opening prices.
Quotations furnished by LABAR q
| FULLER. stock. grain and cotton prok
Frs, rooms 209 and 2l0 Board OF Trad,
| building Scranton Pa