The times., 1899-05-19
THE STOCK MARKET
ACTIVE and STRONG
Prices Unchecked in the Up-
ward Movement.
An Apparent elimination of Heavy
General Liquidation.
Spirited Huying for Speculative Ac-
contradiction and the Pacifics
Railway List Features.

New York, May 1S.-The stock market
continued very strong in the main today,
though its tone was again the result of
wholly technical circumstances rather than
of any developments in the ouside situa-
tion. There was, in other words. active
buying of stocks for both speculative ac-
counts while the dealings at large fur
nished additional evidence of the culmina-
tion CT general liquidation. In the search
for causes to be fitted to the course of
prices the settlement of the Buffalo strike
and the reported willingness of the Filipino
insurgents to accept the American condi-
tions of peace were referred to but both
matters were apparently excuses for the
exercise of the newly Ceyeloped bull:sh SEN
timent rather than actual causes for the
buying of stocks. The market showed the
same wholesome diversifcation of interest
that has been a conspicuous feature of the
dealings throughout the week 1t was gen.
orally considered remarkable that there
should be such a radical change in the
markets course after its sagging tendency
for so long time and in view of the blow
1t received through the sudden death of the
operator who was the very personfication
OF the bull movement, but while. as noted,
1t was not easy to assign definite explana-
tions to the course of prices, the market
spoke for itself.
Today's outside situation comprised con-
| tinued ease in the money market and ap-
preciably firmer tone for sterling exchange
and sharp advance in wheat. The latter
circumstance engaged attention in the last
hour and was held accountable for the
| sharp reaction in prices that developed
| then. This reaction was furthered. OF
course, by the extent to which the short
account has been reduced in the weeks
dealings. The strongest features of the
| railway list were the Atchison shares,
| the Union Pacifics and the Chicago Ter
| minal issues. The advance in the latter
was attended By reports that arrangements
had been concluded with the interests con-
| trolling the Chicago and Alton by which
| the facilities of their Chicago Terminal
| Company would be utilized by the lines
| entering Chicago over the Alton tracks.
These reports are premature although
there are negotiations in progress to this
| effect. There was very sharp rise in Min
| neapolis. st. Paul. and Sault Ste. Marie
| shares and rapid break in the United
f, Rubber shares, both movements being
| equally without definite explanation.
| London was not an important factor in
the local market although the higher range
of prices for American stocks shown in
the early cabled advices was to some ex-
| tent effective in the markets buoyant
opening. The rapid advances then made
| naturally induced profit realizing sales
under which the still narrow limits of the
| speculation were disclosed in common re-
cessions. After the first hour the market
| developed renewed strength, which was
uninterrupted until the sharp advance in
| wheat Notwithstanding these rather ir
regular movements the markets undertone
was generally described as very firm. The
movements in the industrial quarter and
in the local transportation shares were
| very extensive. but apart from the dealings
there large volume OF business was con-
Quoted in the standard issues. During the
| last half hour the market was active and
| on heavy trading Sugar and the local trans
portation shares led sharp decline The
close was heavy.