The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-05-20
STOCKS ABANDONED
TO PROFESSIONALS
No Outside Demand Was APP
parent.
FLOWER STOCKS STRONG
Decline Came on Refusal Of Bear Inter-
ests to Keep Prices Up, and the
Market Drifted On Aimlessi
~ Throughout the Day
FLOWER STOCKS STRONG

New York. May 19.LThe stock market
was abandoned almost wholly to profess
1onal traders on the floor of the exchange.
No outside demand of any Importance was
apparent at any point In the list. Prices
were marked up sharply at the opening on
a demand from the shorts, who sold the
specialties yesterday.
Sugar, Brooklyn Transit and the Flower
group showed the largest gains, the de-
mand being obviously from the short inter-
ests. Anaconda Mining showed strength
both in London and here, which was well
maintained throughout the day, and the
tone of Manhattan was also firm without
any published news to account for 1t. Tine
opening demand from the shorts was soon
satisfied and prices slipped away, but
without any pressure to sell. The dullness
at the decline seemed to impress the pro-
fessionals with the idea that the reaction
was over, and they turned buyers, again
marking prices up, especially in Sugar and
Brooklyn Transit. But it seemed quite evil
dent that the large bull interests, which
were active early in the week, were not
prepared to resume operations, and the adj
vance did not hold. The absence of any
demand for stocks caused traders to turn
bears again, and the market sagged and
drfted quite aimlessly for the balance of
the day. The short sales by the traders
were covered before the close, bringing
prices in many cases to about last nights
level. There was rather sharp decline in
Tobacco the last hour with which the pro-
fessionals associated rumors regarding the
health of a member of the company. The
large demand for railroad stocks which
was manifest in yesterdays trading was
lacking today and that department of the
market was very dull comparatively, but
quite firm at some points. The grangers
showed weakness, which is attributed to
the continued rumors of crop damages
London bought few stocks in this mar
ket, but took no active part owing to the
pending holidays there In spite Of small
buying by London, sterling exchange hard
ened an additional fraction, the demand
rate showing an advance of &c ON the
pound since last week. Money continued
easy and estimates for tomorrow's bank
statement are of large increase in cash re-
serves, as the market has gained heavily
from the sub-treasury ON account of the
final payment to the order of the Spanish
government on Monday of $5,0O0,000 also
by receipts from the interior. Reports
from interior points are of large cash re-
serves on hand and a steady demand for
safe investments.
The railroad bond market continued TO
show large investment demand, especially
for recent organization issues. Very heavy
individual blocks of the new Baltimore and
Ohio bonds and of Wisconsin Central firsts
were taken off the market. There were
some declines in prices later in the day,
but the firmness at other points made the
market irregular. Total sales, $4310,o0O.
United States As advanced Is in the bid
price.
Total sales stocks today, 4S0 shares,
including: American Sugar $500; Ana
conda Il, 9O0 Atchison, preferred, 3O,SOO;
Brooklyn Transit, 1920; Burlington, lt2C0;
Federal Steel, 26,5O0; Manhattan, 23,i0O;
Peoples Gas, $4,000; st. Paul, 1900; South
ern Pacific, 17,700.
Money on call steady at 21aI31s per cent;
last loan, 3ts per cent
Prime mercantile paper, 31a(l414 per cent.
Sterling exchange firm, with actual
business in bankers bills at $4S7551l4814a
for demand and at $4.S5h@4S52t for sixty
days.
Posted rates, 81. S6l16D4. ssh.
Commercial bills, $4.S4ll4.S5.
Silver certificates, 61cG61%
Bar silver, 6034.
Mexican dollars, 4S1s.
Government bonds irmer.
State bonds firm.
Railroad bonds irregular.