The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-06-05
THE MARKETS.
Wall Street Review.

By Associated Press.
New York, June 3.-Yesterday's sharp
upturn in prices had the effect of en-
Couraging the formation of a bull party
In the stock market and they made IT
sufficiently obvious at the opening or
the trading and even before that they
had fixed upon the stocks of new steel
combinations and few other industrials
and spccialties as the most promising
field for operations. Tips were dissem-
mated through inspired sources and by
publication of coming dividend declara-
tions in several of these properties and
their prices were bid UP in an ostenta-
tious way al the opening. There was
not the expected enthusiasm, however, in
supporting prices, either by the outside
demand or by the professional traders
The higher level of prices invited profit
taking by some of the buyers of yester-
day and tho advance came to a standstill.
There was hardening of prices on COW
ering by shorts In expectation of IA
vorable bank statement But the state
ment was on the, contrary unfavorable
and the gains which had been estab-
lished by the bull clique were quickly
marked out. There was very little liqui-
dation induced by the decline and tho
closing was quiet and somewhat irreg-
ular in tone and showed net losses in the
majority of cases. The holiday in Lon
don deprived the market of what has been
source of strength in the last few days:
Western Union Brooklyn Transit and
Sugar showed evidences of rather acute
weakness, and in the railroad list North
ern Pacific and the Coalers were Centers
of depression Fractional gains were
shown in q few stocks, early advances,
not being entirely wiped out in the iron
and steel group. The bank statement
was a surprise as it was expected that
the liquidation in the stock market would
have resulted in a contraction of loans
and a decrease in deposit liabilities. In
stead of this there was a small decrease
In loans. The decrease in cash was ex-
pected and was due to the engagement
of gold for export and to losses by the
| banks to the sub-treasury by reason OF
| the small daily excess of revenue returns
over government expenditures which is
| now the rule. There was very little
| business transacted in the bond market
| and price changes were small Total
| sales of stock, 290,1Oo shares.
| BY Darlington & Cusack.
New York, June 3.-The market opened
| very strong at fractional advance with
| quite heavy covering in burlington and
| haitian and the Steel issues and during
| the first hour continued to show strength.
| AT the high prices, however, the market
met quite heavy selling orders, and de-
| of bank statement, which was construed
| as being rather unfavorable. Yester-
| days market especially towards the close
| was so clearly the result of the covec-
! ing of belated shorts that it was but nat
| ural 1t should have a setback today, and
| 1t is just possible that the rally has cul-
| minated Tor the time being. While there
| is a good deal OF talk of new bull COM
| binations and public buying, yet the fact
| remains that the aggressive interests OF
| the street are committed TO tho bear side
| for the long pull.
The conditions. with the exception oi
| the boom in iron and steel trade are be
| ginning to show n preponderance in theil
| favor and we think ourselves that the
| great upward movement of the market
has been reached and passed, and tha
| the outcome will be in the end much
| lower prices, at the same time, there are
| two distinct sides to the matter and shaII
rallies extending into quite free upward
| movements, are sure to be encountered
during the summer months The mar
ket is purchase on all very weak spots
and some of the better class of indus
trials are sure to reach much highe
prices within the next sixty or nlnet!
days Mr.. Keene is outspokeny bearisl
on the conditions and as marked leade
is by far the most aggressive of any o
the larger operators in the street. ant
probably will In the end get the cream
from the market. At the moment tn
market is apt to be a good trading on
and should be handled accordingly, buy
ing when very weak and selling on al
strong bulges.
Quotations furnished by CARRINGTOr
& CUSACK, stock and bond brokers
rooms 4l0 and AL Connell building, Scran
ton, Pa.