The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-05-16
FrNANCIAL AND COMMERCIAL.


MONDAY. May 10.
No trace OF Saturdays excitement was dis
oernible In to-day's stock market. and what
ever feeling OF uneasiness may have remained
over Sunday disappeared soon after the re-
sumption OF business on the Stock Exchange.
There we're no conspicuous efforts to support
prices. nor we're any necessary. for a moderate
demand for stocks from the short interest
created on Saturday and from operators who
realized that the speculative community has
been unnecessarily alarmed was sufficient to
absorb the com paratively small offerings.
There we're nc indications OF forced liquida-
tion. and so far rs could be learned
brokers had no difficulty in dlscharging
their obligations to one another and in keep
ing their loans In satisfactory condition. Be-
fore the close OF business the opinion began to
prevail that Saturdays market was the culmi-
nation Of the liquidation that has been IN prog
ress during the last two months.
The total transactions were considerably
smaller than during the two hours Of business
on Saturday. and in Brooklyn Rapid Transit
the trading was nearly 80 v cent. smaller. The
market developed q good deal OF strength dur
Ing the first half Of the day. and noteworthy
advances took place In Sugar Refining. Brook
iyn Rapid Transit. Atchison preferred and
PEOPLES Gas. Shortly nfter . O'Clock a vigor-
Gus effort to depress prices was made. and
IL was temporarily successful. particularly
in the local traction stocks. 1t was ac-
companled By misleading reports relntivs
to the disposition OF tho Ford Fran
chise Tax measure. The selling movement
encountered buying orders. particularly in
Metropolitan Street Railway. that brought
about a recovery in the price Of that stock that
was more rapid aud extensive than the de-
cline. Metropolitan closed nearly ~ points
higher than on Saturday. while Brooklyn
Rapid Transit enjoyed a net gain OF nearly 81,
points. Other noteworthy net advances we're
recorded for American Tobacco. Sugar Reiin-
ing. Atchison preferred. Anaconda. Central
Pacific. Federal steel preferred, Manhattan
Railway. New York Central, Peoples Gas and a
rather long list Of usually inactive stocks.
The anthracite coal stocks that were dealt in.
Tennessee Coal and Iron. and quite II number
Of specialties closed fractionally lower than on
Saturday. The market as a whole was very
much quieter. both as to dealings and fluctua-
lions, than might have been expected after the
Generalization at the close Of last week. This
circumstance indicates that at the momentthe
public is not as extensively Interested in the
market as 1t was three or four months ago.
The reaction from the prices recorded early in
the year has now been sufficient. together with
the relaxation in tho money market. to warrant
expectations Of a gradual temperance OF an
investment demand for securities. The devel-
opment Of such a demand. should general bust
ness conditions continue favorable. will. &C
cording to precedent. establish a basis for a
new speculative movement. A feature OF to-
days market was a continuation OF the foreign
buying. The closing was in the main steady.
at a reaction from the best prices.
New York stock E~xchanRe-Sales May Is.
UNITED STATES AND STATE BONDS I'm l .OoOs,.
3Usas r..,.losh 10 US +s,c. 1so7l1ss
CLOSING PRICES OF UNITED STATES BoNps.