The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-05-25
FINANCIAL AND COMMERCIAL.
"WEDNESDAY, May "a.

Prices on the Stock Exchange have now In
the main declined steadily for six consecutive
days. and at the same time the volume oil
trading has constantly diminished. This last
circumstance can hardly be regarded as evil
depce that the public is participating on an ex-
tensive scale In the selling movement. III II
we're doing so the market would be more
active and the decline In prices more
pronounced. The strength and moderate
activity OF the bond market. together
with tho we'll maintained prices for stand
ard investment shares. indicates that investors
are very well satisfied with their position and
with the general business outlook. The abb
sence OF selling by the public. even OF purely
specnlative stocks. indicates that It holds much
the same opinion. There Is. OF course. a mod
crate amount OF liquidation every day by
weakly margined and timid holders. but
IT ia small in comparison with the trad
ing by professional operators who have
ranged themselves upon the short side
OF the market. The big liquidation fol-
lowing the midwinter rise apparently Gull
minated shortly before the death OF ex-
Gov. Flower, and that event simply caused q
brief and not altogether rational continuation
OF the movement. Since then Wal. street has
been the principal seller. and it has encoun-
tered no opposition from interests that might
easily turn the course OF the present compare
lively narrow market.
Now that prices have declined 10 to 70 points
from the highest figures recorded. the senti-
ment OF the Street 10 fully rs pessimistic as It
was sanguine when the speculative tide was
Mt it's food. Except that the crop year Is FUR
Their advanced than 1t was two or three months
ago and that the great mass OF new securities
thrown upon the market has been partly d.
Rested, the conditions affecting values have
not changed materially. The country Is still
transacting an volume OF business
on q rising market for the principal
commodities. and hence it is fair to as
sume that profits are generally salts
factory. The money market is easy and
will probably continue so during the summer.
The foreign exchange market. 1t is true. rules
at full figures, owing chiefly to remittances
caused by the usual summer exodus to Eu-
rome. Damage to the winter wheat crop ap-
pears to be the principal ammunition OF the
advocates Of W prices in their present
campaign. but before long the development OF
the spring wheat crop and the prospects, OF the
corn crop may change the views OF those who
now profess to believe that the prosperity
OF the transportation industry. particularly
at the West. depends entirely upon the
winter wheat crop. A further advance In the
price of wheat to-day was attributed by some
oil the DpSI lHIoTUltu luhste VI '"O SViNo'
markets to the unfavorable prospects In sew
eral important wheat producing sections OF
Europe. The latest news from Albany con-
firms the statement made in this column sew
eral days ago that the Franchise Tax measure
would be disposed Of by the end OF the week.
and thereafter it will doubtless be found that
its operations have been both exaggerated and
discounted in the stock market.
Some of the effective selling to-day. %particu-
larly OF the securities of the recently organized
iron and steel companies. appeared to come
from Chicago. A number Of the shares re-
ferred to. notably American Tin Plate. Ameri-
can Steel Hoop. American Steel and Wire and
Federal Steel common. sustained noteworthy
net losses. After an early advance Sugar Re-
fning declined sharply on a reiteratlon OF au-
thoritative denials Of current reports that
an agreement has been reached between
the American Refining Company and its
competitors. There was a decided fall
ing of in the trading in Sugar Refining
and in Brooklyn Rapid Transit and a
marked increase in the dealings in Atchison
preferred and in st. Paul. London was a mod
crate buyer OF both Of these stocks and in the
last hour brokers frequently employed by a
prominent operator purchased considerable
amounts Of each. The market for Atchison
preferred was doubtless Influenced by more
encouraging advices from Kansas relative to
the winter wheat crop. while the demand for
st. Paul was evidently stimulated by the con-
tinuous excellent traffic returns OF the COM
pany. Outside Of the iron and steel stocks and
a number OF specialties the net declines did
not exceed fractions.