The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-05-26
Etnaneial.
The Stock Market.

New York, May 25-Transactions in
and trading showed more animation
than for several days past. There were
evidences of considerable outside in
terest in the market, especially in rail-
road stocks. But operations still con-
| tinued on q very large part in profess
sional hands. 1t was a conflict between
the bulls and bears for supremacy, and
the bulls easily had the best Of 1t.
| There were several conditions that
aroused apprehension on the part of the
! bears, and they showed disposition to
cover short contract from the outset.
Apparently there had been a quiet pick,
| Ing up of stocks for the long account
in the recent depression and the holders
were as willing to take profits, If they
could get them, as the shorts. They
proceeded, therefore to bid up the mar
ket and induced quite an active cover
ing movement for both accounts. The
decision of the stock exchange to keep
closed over a double holiday from the
coming Saturday until Wednesday was
a motive for closing up accounts, both
long and short.
The market hesitated only momenta-
rily at the opening, at which time low
prices for the day were made in nearly
all cases, and then moved quite strong
ly and confidently upwards. There
were occasional pauses and setbacks
and some irregularity, and realizing
movement in the late dealings brought
prices generally below the high level,
but very substantial net gains remain
ed in nearly all cases.
1t has been obvious for several days
that the short interests were becoming
rather unwieldy, and premeditated at
tempt was arranged to take the market
away from the shorts previous to the
coming holiday. Some of the factors
which assisted the bulls were the ex-
cellent reports of railway earnings for
the third week in May, which continued
to be received this morning. This was
especially true of the southwestern
roads, of which the shorts were rather
free sellers yesterday. The rather buoy
ant tendency of the wheat market, on
continued crop scare, was therefore ig-
nored and the grangers and southwest
erns were quite freely brought. Reports
were circulated with the appearance Of
authenticity that the dividend disburse-
ments for the current period on the
Atchison preferred stock had been prac-
tically decided upon The shorts who
had sold on doubts of this were there-
fore driven to cover.
The passage of the modified Ford
franchise bill. ameliorating the condi-
lions imposed upon New York munich
pal corporations, lifted that group of
stocks quite markedly. London was
buyer of stocks to a moderate extent,
and that was an influence in the easier
tone of sterling exchange, which reliev-
ed some slight apprehension of possible |
gold exports.
Sugar and the coalers were easily |
manipulated for a rise by the bulls and |
there We're evidences of strength in
Southern Pacific and Central Pacific. |
These conditions were too much for the
eouanimity of the bears and they join
ed in the buying movement. Pressed |
Steel Car was the most conspicuous ex- |
ception to the prevailing strength,
There was a continued large demand |
for all available classes Of bonds, gov
ernments included, and prices are high
err all around Total sales par value
$4 GAS, 900.
United States threes coupon and the
new tours advanced " and the f1ves "a
in the bid prices.
NEU rom STOCK MtENLT