The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-05-22
THE MARKETS.
Wall Street Review.

By Associated Press.
New York, May 20.-Transactions in
today's short session were apparently
confined to dealings by local room traders
who seek days turn in prices, either up
or down. Prices In the majority of cases
are consequently little changed from last
night. The course of their fluctuations
during the two hours trading reflected
considerable hesitation and uncertainty
in the minds of the trading element.
Many stocks opened unchanged In quota-
ton or moved only Is either way. Stocks
of corporations which enjoy franchise
privileges in this state were weak on the
prospect that the franchise tax bill be-
comes law, the prospect of material
notifications lot being considered light
ly. Sugar made an aggressive response
TO the pressure against 1t and kept above
yesterdays level after the opening de-
cline. There was a dull resistance to the
occasional attacks on the market, also by
the railroad stocks, especially those in
the south and west. The bears were dis
posed to caution in anticipation of the
favorable bank statement, but when the
market failed to respond to this, an at
tack was made on statues. So little
stock was brought out on the decline
mat the bears covered. making the close
llrm at small exchanges except in Spe-
cialties. Total sales, Isl, 400 shares.
The bank statement showed a larger
Increase In cash than was expected. The
heavy contraction in loans was. Of
course, a reflection in part of the dras-
tic liquidation, last Saturday. AS a con-
sequence the increase in cash almost all
went to swell the surplus reserve in the
banks. The stock market has been SO
much unsettled during the week by the
contending struggle of the bulls and bears
over the Flower group of stocks, that
there has been opportunity to discern
any reflection of general conditions in
its movements There was ONE slight
continuation on Monday of the eager
selling pressure on those stocks, which
had been marVelously advanced in value
under the fostering of the late Mr.. Flow
er. But the determined and extensive
buying by the decreased hnanCierS as
sociates in those properties who Joined
resources for the protection of values,
soon allayed the apprehensions of tinid
holders and induced the shorts to cover.
The movement towards recovery seemed
to meet with no opposition from the
bears Notwithstanding the pronounced
bear position assumed by one of the
largest professional operators in the
street. But the bear element was looking
forward only u short time as the case
proved for an opportunity to attack
values. They made no very vigorous OPP
position TO the process of recession of
valuation while 1t was pursued with sell
fish purpose. The rise in wheat and talk
of crop damages caused the railroads to
waiver and affected the specialties, no.
tably Sugar, Brooklyn Transit and the
New York Traction shares with great
violence and determination, causing no
table receSsions. The uncertainties thus
BY Darlington & Cusack.
New York May 20.-The market during
the week has shown two very decided
movements, the early part with sharp
and well maintained recovery from the
low price caused by Ex-Governor Flow
er's death and the latter part by a re-
newed attack on values with some loss
In prices. There has been no special
change in the existing conditions eXcept
that the reports from the winter wheat
belt are more unfavorable, caused by
drought In some sections and damage by
insects in others. Kansas, for example,
Will probably not raise more than 20
100000 bushels. In the spring wheat belt
weather has been cold and rainy retard-
ing growth. As to the general market
we are inclined to think that it will have
Two decided changes because many of
the underlying conditions have changed
for the worst and the digestion of the
enormous issue of irdustrials stocks has
not yet begun. We think that the top of
the bull movement, except in Specialties
has been reached and we shall have a
gradual decrease in prices from now on.
While the general sentiment is still very
bullish and will undoubtedly bring about
iairly sustained upward movements, vet
the maj outcome of prices will be toward
lower level.
Today's market has been somewhat err
ratio with slight movements both Ways
traders sold the Traction stocks in the
carry morning which subsequently ral-
lied, followed by another decline. The
Whole market was SO professional that
1t Is impossible to forecast its move
ments, but for the time being we con-
slider it a sale on bulges. The bank
statement while particularly good, was
not received enthusiastically. and the
market closed unsettled and inclined TO
weakness. ~
Quotations furnished by CARRINGTON
d CUSACK, stock and bond brokers.
rooms 4lO and Al Connell building, Scran.