The times., 1899-05-09
THE MARKET ACTIVE
| But Tone FEVERlSH
Effect Of Saturdays Bank
Statement Apparent.
Heavy Liquidation Followed by
Some RecOveries.
The Standard Issues Suffer From Dis
cOuraGing Agricultural Views
The General Situation.

New York, May S-The stock market to-
day was more active than for long time,
and its tone was weak and feverish, with
actual Generalization appearing in some
quarters. 1t was not easy to assign delhi
ite explanations to the course of the mar
ket though real and general liquidation
was apparent throughout the list, and 1t is
barely necessary to add throughout the un-
listed quarter also. Along with this liqui-
dation there was aggressive selling for the
short account and the so-styled Inside
interests in particular stocks showed 10
evidences OF coming to the support of their
specialties. To some extent the palpable
public trepidation was doubtless referable
to the discouraging bank statement of Sat
urday, though the days money market
gave no cause for uneasiness in any re-
spect. Certain aspects of the subscription
for the stock of the Amalsamated Copper
Company also engaged attention with un-
favorable effect. Notwithstanding the
enormous over subscriptions announced
upon the closing of the books the stock
was dealt in when issued in the curb
market this morning at par, clear revela-
tion of the speculative character of most
of the subscriptions. 1t was said today
that notices of allotment would be sent
out Friday and that final payment for the
stock will be called for on the 22d inst
The actual extent of the public interest in
the offering of the stock will be fully dis
closed by that time.
The market continued thoroughly unset
tied until the middle of the afternoon,
when it appeared that the most urgent
liquidation had been concluded, and there
were number of sharp recoveries scored.
The days dealings showed a very wide
distribution of business and while the in
dustrial stocks ond Brooklyn Rapid Tran
sit were the conspicuous features in re-
spect of range of movement there were
| also very little dealings in the standard
issues Atchison preferred, the Union Pa
cifics, and Rock Island reflected the most
severe pressure of any stocks in the rail-
way list, presumably because of the cis-
couraging agricultural situation in the
Central Western States. There was, how
ever, little actual news bearing upon par
ticular stocks or the general market
Speculative sentiment in the main was
wholly dominated by the circumstances
cited above.
London furnished higher range of
prices ior American stocks and was a
buyer in the local market of upward of
10000 shares. These purchases were quite
ineffective against the heavy local liquida-
tion. and, indeed, the stocks bought by
the foreign houses were the weakest fea-
lures of the railway list. AS will be seen
! in the appended tables of the dealings, the
fluctuations in the industrial shares were
exceedingly wide, though Brooklyn Rapid
Transit was easily the feature of the mar
ket in that respect, the stock showing at
one time decline of nearly nine uoints
from Saturdays final prices. In the final
dealings the market developed renewed
weakness and the tone at the close was
feverish. The late decline seemed, how
ever, to be wholly due to professional
operations for the short account, proba-
| bly, designed to affect public sentiment
toward the market tomorrow.