The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-05-12
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THURBDAY. May IL.
The aharp recovery IN prices on the Stock
Exchange yesterday induced some buying OF
securities through commission houses this
morning. There was also a continuation OF
the European demand for stocks that has been
q feature OF the market since the early part Of
the week. These circumstance were evidently
taken advantage OF by those who bought stocks
at the extreme declines two orthree days agoto
realize a part OF their quickly accrued profits.
In certain sections OF the market 1t looked as II
interests that had helped to turn the course OF
prices yesterdrv morning eIerted themselves
10 maxi. Tho opt hing prices for their specialties
rs high AZ possible. presumably for the pur-
pose Of establishing an advantageous level
from which to make their sales. They
were assisted in doing so by the material
advance in the prices for American securities
in London over night. Soon after midday
the market began to feel the effects Of the SELL
ing movement referred to and the professional
element, particularly room traders. fastened
to change from the long to the short side OF the
speculation. In consequence the early i'm
proyement wns lost and the closing was rather
heavy. with the great majority OF the list
quoted at figures below those recorded at the
finish last night.
There was a very decided falling OIL In the
volume OF trading AZ compared with that OF
the three previous udyS' SILL. thc mali
must be described as fairly active. There
were no fresh developments affecting values,
and indeed none was needed to explain
the days fluctuations. for they were the
natural seluenoe Of the sharp break
on Monday and Tuesday and OF the
logical quick recovery yesterday. Now
that the somewhat congested condition OF
the Stock Exchange Market has been materi-
ally relieved by the decline that eliminated on
Tuesday. 1t would seem reasonable to expect
that the market should for a time present OPP
portunities for trading for either account.
Two important factors. influencing both
legitimate business and speculation in
securities. have assumed a moro favor
able aspect within tho last few days. The
foreign exchange market is gradually and
steadily receding from the figures that alarmed
some persons a week ago. while the money
market, owing TO the liquidation that hastaken
place and the transfer Of the Spanish Indemnity
fund from the Treasury to the banks has again
become easy. Crop conditions and prospects
are in the main more favorable than they were
q few weeks ago and there is no diminution In
the enormous volume OF business that the
country has been transacting for several
months past. 1t appears. therefore. that I'M
less there should be a resumption OF i'll advised
manipulation OF new and unseasoned securi-
% tth' ihbh ~ shhe w eese
conditions that are obvious to every one.
The greatest net fluctuations to-day were In
tho local traction stocks. and they were accom-
panied by,renewed discussion Of the probable
effects OF the Ford Franchise Tax measure
upon the net earnings OF corporations organ
ICED and operating in this State. Brooklyn
Rapid Transit. which supplied more than a
sixth OF the total transactions. declined moro
than 8 points from the highest price. and at a
recovery of 2 points closed 81 y cent. lower
than yesterday. Similar fluctuations we're
recorded for Metropolitan Street Railway. In
which the transactions were comparatively
light. Manhattan Railway suffered the least.
sustaining a net loss Of only a point. That the
decline was less severe in that stock was prob
ably due to the action Of the Mayor in vetoing
the Rapid Transit measure enacted by
the last Legislature. Throughout the re-
mainder OF the list the moro note
worthy net losses were in Sugar Re-
fining. American Steel and Wire. c.. B. and
Quincy. Tennessee Coal and Iron and a rather
long list OF specialties and usually inactive
stocks. There was heavy trading in American
Tobacco. which sold ex the stock dividend Of
100 y cent. The final movement OF prices ap-
peared to be brought about largely by q deter
mined effort to break the market. and II Is to
be. noted that the raid did not result In the dis.
Judgment OF much stock.
New York Stock Exohange-Sales Msy II.
UNITED STATES AND STATE BONDS I'm 81. O00s).
o S. Q. q 8 90. o.......ll2h