The times., 1899-05-25
THE MARKET DEVOID
OF SPECULATIVE LIFE
Trading in Stocks at a Prac.
tical Standstill.
Uncertainty About Pending Fran
chise Tax Legislation.
The Dubious Agricultural Outlook
Hurts the Grnngers-The Pncifcs
the Weakest Features.

New York, May 24.-Scarcely at any
time within the past two years has specu-
lative interest in the stock market been
so limited as it was today, and 1T is ques-
tionable whether within that period has
speculative sentiment been SO confused.
In explanation of this state of things the
dubious agricultural outlook and the un-
certainty as to the outcome of pending
franchise legislation at Albany are gen.
orally cited. In addition to these influ-
ences there might be named the rather
unfavorable foreign exchange situation, as
well as the several other signs sof change
in the minor features of the situation that
have been previously set forth in this col
umn. AT all events in the stock market
speculation has come to a practical stand
still, and current quotations reflect little
more than the attempts Of the room trad
ers to scalp fractional profits out of the
dealings. AS the two most conspicuous
features of the situation, namely, the fran
chise legislation and the crop prospects,
are susceptible OF unfavorable interpreta
ton, the rank and file OF the professional
element of the street are ranged up on the
short side of the account. Thus far the
operations for fall seem to have induced
very little actual outside liquidation. and
in consequence the market shows a gradual
increase of the volume of commitments for
the short account.
Liquidation was not however wholly
absent from the days dealings and in
deed, 1t was very apparent in the indus
trial quarter and to smaller extent else
where. This was plain in the various
stocks based upon the steel and iron in
dustries. American Steel and Wire and
the Federal Steel shares tin plate and
steel hoop all reflected substantial pres
sure. The selling in this quarter was
again ascribed to the liquidation of the
Western pool that was active In bringing
these securities before the public and there
was no definite news in connection with
their weakness. One encouraging develop
ment in the industrial quarter was the
declaration of the first dividend on Inter-
national Paper common. Equally sub
stantial evidences of prosperity in the
cases OF the other new industrial shares
would do a great deal toward creating n
confidence in these stocks that they do not
at present enjoy. The new industrials did
not have monopoly of the liquidation.
Sugar Refining, after an opening rise, also
broke with particular rapidity, an occur
renee not remarkable in view of the fimsy
character of the recent bull manipulation
The weakest features Of the railway list
were the common stocks of the Union and
Northern Pacific companies and Missouri
Pacific also reflected pressure. The on'y
explanation of the selling in this quarter
was the apprehension that the crop dam
age might deter the dividend payments
that had been reasonably expected on
these stocks this summer The granger
shares, on the other hand, were compare
lively steady, as was Atchison preferred
The fairly large dealings in the local
traction stocks were based wholly upon
the views regarding the effects OF the
misunderstanding measure. London fur
nished higher range of prices for Amer
lean stocks, and on balance bought a few
thousand shares in this market, but
neither circumstance was more than tran
silently effective in the local deslings The
afternoon advance in wheat made the
bear traders more aggressive in their at
tacks on prices, and the market became
more active on the decline, but, on the
other hand, buying of a substantial char
acter appeared in the final dealings and
the close was fairly steady, with sharp
recoveries appearing in the local traction
shares.