The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-05-18
STOCK MARKET
GREW MUCH FIRMER
Flower Group Apparently Felt
Much Encouraged.
MONEY WAS NOTABLY EASY
Some Very Large Transactions in Bonds
Especially in Recent or Contem-
plated Issues of Railroads
Also in Evidence.

New York, May 17.-when it was an
nounced on Monday that some of the pow
erful financial interests in the country had
banded themselves together for the sup
port of the prices in the stock market it
dissipated largely the timidity of the hold
ers of that group of securities which had
been so marvelously increased in price
under the favoring activities of the late
Ex-Governor Flower. It also caused pro-
fessional operators, who always stand
ready to attack securities at any vulnerable
point, to pause in their purpose and to
cover short contracts left outstanding since
Sunday.
The capitalists behind the Flower group
apparently felt so much encouraged with
the firmness displayed by the market since
the crisis that they made up their minds
today to complete it's rehabilitation and to
put prices back to where they were
Friday last. 1t was not until the latter
part of the day that this purpose seemed
to be seriously in hand. In fact the
Flower stocks as a group, we're not con-
spicuous during the early part of the day.
Their position seemed to be left to the
natural course of events, and the general
trend of the market. 1t was events of the
day in the general market that seemed to
confirm the purpose of the financial
leaders.
These events were a very marked disin-
clination on the part of personal holders of
securities to proceed with any liquidation
and a quiet and persistent demand for
wide range of stocks. Some very large
transactions in bonds, especially. in recent
or contemplated issues of railroads of the
31s@4 per cent. grades were also in evil
dence of pressing demand for investment
with large reserve of capital. The money
market was notably easy and advices from
different points in the interior were of
large funds on hand The statements of st.
Paul's earnings for the second week in
May showing an increase of over $4,000
compared with the corresponding week last
year. when the extraordinary grain move
ment incident to the Letter deal was in
progress, was taken to indicate a JcontiQ-
ued prosperous condition of railroad trait
fic. London also showed a favorable dis
position towards American railroads and
advanced prices before the opening hour.
And although part of the purchases were
resold here later, having some effect in
Strengthening the rate of exchange Lon
don, the sales were not in sufficient vol
ume to threaten the money market here.
More mature consideration of the trade
statistics for April disclosed the contin-
ued strong position Of our international
commerce, Notwithstanding unfavorable
comparisons at some points with the un
preeedented period of last year. The mar
ket gradually but persistently proceeded
under the various influences early in the
day, Central and Southern Pacific, Chicago
Terminal, the iron and steel shares sugar
and tobacco and New York municipal cor
poration stocks advancing sharply. In the
afternoon the market leaders undertook to
push up the Brooklyn Rapid Transit This
they did through a flood of offerings and
held it there to tho close, even points
above yesterdays close. Peoples Gas, the
Federal Steel stocks, Internationals Rock
Island and Atchison, are from 1 to points
higher The railroads shared very gener-
ally in the latter strength of the market,
the close being buoyant and active at the
very top.
There was large demand for bonds and
investors sought persistently for pretty
much all issues not already at prohibitiYe
prices; sales, $l,S90,000.
United States new Is and old As regis
tered advanced Sc in bid price.
Total sales of stocks were Gas 800 Shares
including American Steel and Wire, Il 100;
American Sugar, 63s200; American Tobacco,
$500; Atchison, pfd,, 80 600; Brooklyn Rapid
Transit, $500; Burlington, Fights, II, 100;
Chicago, Cons. Traction, 1880; Chicago
Terminal, 5000; Chicago Terminal L. r.,
pfd., 12,300 Continental Tobacco 10, 100;
Federal Steel, pfd., 2O2OO; International
Paper 1920; louisville and Nashville, 1000;
Manhattan, 1000; Metropolitan, 4,40O; Mis-
souri, Pacific, 1900; National Steel, 400;
Ontario and Western, $500; Reading, first
pfd.. $500; Rock Island, S,40O; st. Paul, 3D.
200; Peoples Gas, 1920; Southern Railway,
old, 1920; Tennessee Coal and Iron, 6,4O0;
Union Pacific. 11,1OO.
Money OH call steady at 2k@31k per cent;
last loan, 2A per cent. Prime mercantile
paper, 3la@4A per cent; sterling exchange
strong, with actual business in bankers
bills at 4.S7I4q4,S71 for demand, and at H.
S514ff4. $50 for sixty days Posted rates. A.
Sc and 4.SS. Commercials bills, 4S41s; silver
certificates, 61G62c; bar silver, Gle; Mexican
dollars, 4S%c
Government bonds strong.
State bonds inactive.
Railroad bonds strong