The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-21
STOCK MARKET GOSSIP
The Professionals in Wall Street
Make Hopeful Predictions.
Numerous Favorable Developments
Tint Helped Saturdays Prices-The
South African News as Factor
Return of w. X. Vnndcrbilt-Ru-
mors Regarding the Pennsylvania.

NEW YORK. May 20.-The stock market
was firm throughout last week and espec
tally buoyant yesterday. There are indi
cations that suggest strongly that it is
ready 10 break through the bear shackles,
by which it has been confined for many
weeks. Yesterdays market showed none
Of the heavy realizing that has so fire.
quently characterized Saturday transac
ticns simply because it had been the fash
ion to sell stocks SO extensively that the
professionals were all fixed for decline
instead of being in line for rally. Short
interests seldom attempt to cover on Sat
urday no matter how gloomy their outlook
may be, because the intervening Sunday
has frequently seen the occurrence of some
unexpected disaster which has played into
the hands of those who had been working
for lower prices. The strength Of the en-
tire list in the face of the latter profess
siopal reasoning is an argument in favor
of an Improvement during the coming
week.
There were some buying orders from
abroad. but they were not extensive, be-
cause it was practical holiday in Lon
DON where the entire population was re-
ported to have gone wild over the relief
of Mafeking. 1t is quite probable that
there will be material enlargement Of
business from that quarter tomorrow,
when the Mafeking relief will be supple
mented by the other favorable intellf-
gence which has been received from the
British armies. Apart from the English
influence which may be exerted in favor
Of advancing prices, there are quite an as
sortment of circumstances on this side
Of the Atlantic which are likely to COM
bine at any moment in way TO attract
the public as extensive purchasers Of spec
uiative securities. The relief Of Mafeking
suggests an early termination Of the Boer
war, easier money abroad, a cessation OF
gold exports and the release of lot OF
gold now in South Africa.
Then there is the announced ending OF
the local gas war, the return of W. X.
Vanderbilt from Europe, the revived ru-
mors of settlement of the sugar trade
war and OF Pennsylvania Burlington deal.
A favorable bank statement helps the stu
alton. And last, but not least, the strength
Of the market, Of itself, is a potent bull
argument. Is II any wonder that the mar
ket was strong or that there was general
rush Of shorts to cover yesterday? 1t took
a bear with plenty OF nerve to stay short
Of the market, and there were very few
of them with the requisite amount. From
10 o'clock until IL there was heavy short
covering that was conducted in urgent
fashion. 1t was augmented by considerable
buying for the long account, partly by out
siders, but chiefly BY the professional con-
tingent.
The bank statement was fully as favor
able as had been anticipated by the most
optimistic. showing not only an increase in
surplus, but demonstrating by implication
that the banks had stopped buying sterl-
ing exchange as an investment. There were
some who imagined that the loan made by
the Pennsylvania Railroad Company would
have entered into the loans Of the week to
cause an increase. 1t is probable that this
deal acted in creating the unexpected in
crease several weeks ago. but if there was
any basis for the superstition that 1t en-
tered into the past weeks statement t
only shows that borrowers have been pay
ing up in rather extensive way 1t is
usual for money to drain toward the East
ern States from the West from now until
the beginning Of July, and 1t looks as II
the percentage Of currency TO arrive from
the West would be quite heavy when COM
pared with other years.
The opening of the market this week
should be strong and the chance is good
one that the advance will continue Cor some
time to come. with the usual recessions
Many look for dull market until the po-
litical conventions at least