Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-05-18
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds, Grain,
Cotton, Provisions, Etc.

New York, May 17.-When it was an
nounced on Monday morning that some
of the most powerful financial inter-
ests in the country had banded them
selves together for the support of prices
in the stock market, it dissipated very
largely the timidity of holders OF the
group of securities which had been so
marvelousy increased in price under
the favoring activities of the late ex-
Governor Flower. 1t also caused the
professional operators who always
stand ready to attack values OF secu-
rites at any vulnerable point, to pause
in their purpose and cover short con-
tracts left outstanding since Saturday.
The capitalists behind the Flower group
apparently felt so much encouraged
With the firmness and confidence dis
played by the market since the crisis
that they made up their minds to COM
plete It's rehabilitation and to put prices
back to where they were on Friday
last. 1t was not until the latter part of
the day that this purpose seemed to be
taken seriously in hand. In fact the
Flower stocks as a group were conspic-
uously quiet during the early part OF
the day. Their position seemed to be
left to the natural course of events and
the general trend of the market. 1t
was the events of the day in the gem
eral market that seemed to confirm the
purpose of the financial leaders. These
events were a very marked disinclina-
ton on the part of the present holders
of securities to proceed with any llqui-
dalton and a quiet and persistent out
side demand for n wide range OF stocks.
Some very large transactions in bonds.
especially in recent or contemplated is
sues of railroads of the 31a and per
cent. grades were also in evidence of
the pressing demand for investment
from a large reserve of capital.
The money market was notably easy,
and advices from different points in the
interior were of large funds on hand.
The statements of ST. Paul's gross
earnings for the second week in May
showing an increase of over $4,000
compared with the corresponding week
last year, when the extraordinary grain
movement incident to the Letter deal
was in progress. was taken to Indicate
a continued prosperous condition OF
railroad traffic. London also showed
favorable disposition toward American
railroads, and advanced prices before
the opening here. And although part
of the purchases were again sold here
lat ter, having some possible effect In
strengthening the rate of exchange on
London, the sales We're not In sufficient
volume to threaten the money market
here. More mature consideration of the
tldde SAdliSllCS lOI -ADIll uloClOScu tic
continued strong position OF our inter-
national commerce. notwithstanding
unfavorablc comparisons at some points
with the unprecedented period of last
year. The market gradually but per-
sistently hardened under these various
influences early in the day. Central and
Southern Pacific. Chicago Terminal.
the Iron and Steel shares, Sugar and
Tobacco. and New York Municipal cor
poration stocks advancing sharply. In
the late afternoon the market leaders
undertook to push up Brooklyn Transit
10 where 1t was last Friday This they
did through food of offerings and
held 1t there to the close, over Z points
above yesterdays close. Peoples Gas,
the Federal Steel stocks, International
Paper. Rock Island and Atchison pre-
ferred are from l to 1 points higher.
The railroads shared very generally in
the later strength of the market. the
close being buoyant and active at the
very top.
The large demand for bonds sought
persistently for pretty much all issues
not already at prohibitive prices. To-
tai sales. $4S9OO00
U. S. new As and the old As regis
tered advanced &c. in the bid price.
The total sales of stocks to-day were
650400 shares.