The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-05-11
THE MARKETS.
Wall Street Review.


BY Associated Press.
New York, May 10.--The stock mar
ket moved up sharply today although
at times considerable irregIilarity APP
peared. Certain large interests were
open, purchasers of their speclalties
and the absorption OF some 10000
shares by London aided the market
leaders in pushing UP their favorites.
In the afternoon the rapidity OF the
advance induced the covering OF large
short lines and commission houses
were again active purchaser. There
was no furry in the money market.
the ruling rate for call loans being 4
per cent. Sterling exchange eased Off
on the large purchases of stock for
foreign account. An element in shap-
ing sentiment was a rumor that the
government crop report to be issued
late today would show an improve"
ment of several points over last
months. St. Paul'5 favorable weekly
statement of earnings was source
OF strength to the Changers. Stocks
which were the center of weakness
yesterday, notably the Flower special
ties were among the strongest features
today, Brooklyn Transit rising ia and
Federal Steel and Peoples Gas about
4 each. Among the specialties there
were some very pronounced advances,
including American Tobacco, IL; Amer
lean Smelter, j7s; Steel Hoop and Third
Avenue each; American Steel and
Wire, 3%; Tennessee Coal and Iron and
Continental Tobacco, 31a each, and An
aconda Mining and Manhattan, each.
The railways advanced from / to 3A
points for active issues, Burlington
scoring the extreme rise. Metropoli-
tan, which lost a point, was the most
pronounced, exception to the general
strength. Practically everything Joined
in the late advance, and the market
closed buoyant at the best. Total sales
1,02I,50O. Railroad bonds participated
in the improved speculative temper,
but advances were not material, ex-
cept in a few instances. Total sales,
$2,S20,000. United States new As ad-
Vanced u, and the Sc * in the bid
price.
By Darlington & Cusack.
New York, May 1O.-The market
opened strong with sympathy with the
advance in London, but soon sold off,
and for a while looked as though the
bear would have another inning, but
the general public seemed to a last
wake up and again furnish the sup
port they ihave given it all along
this year and which has proved disas-
trous to the professional Wall street
traders. This outside support caused
the short sellers to commence cover
ing.
Flower & Company have been big
buyers OF their specialties. Commits
sion houses have done large business
on both sides OF the market with pre-
ponderating orders on the bull sides.
This proportion o stocks during the
forenoon started traders to bidding up
prices after IL o'clock. The fact that
there have been no failures asnounced
has given fresh covering to bull oper-
ations among the trading element. The
absence of bad news has also kept off
| the market a good deal of stock which
otherwise would certainly have beer
sold.
Ae we have so often said, the steel
stocks will sell very much higher and
all stocks will sell as high or higher
| than they have sold, but there arc two
sides to this market and traders must
not look for one continuous advance,
as we have had up to the present
| break.
Union aPcifc is selling as ridiculous
| lyol VIC figures. The common stock
| has a glorious future. 1t is on the
| bargain counter now and will in about
80 days be quoted fully ten points above
| its present level.
The market closed very strong AM
! at about the top prices.
Quotations furnished by LABAR q
| FULLER, stock, grain and cotton prok'
FRS, rooms 200 and 2lo Board OF TRACE