Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-05-18
Stocks Took a Boom After Noon Hour
Today.
Due TO SETTLEMENT OF GAS war
American Tobacco Sold Down, but
Subsequently Recovered Losses.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, May 1S.-The chief feature
of interest in today's stock market was ths
rumored settlement of the local gas war.
the details of which are to be announced
after the close of business. All local securi-
ties were marked up substantially under
this prospect. Consolidated Gas leading in
point of gain.
The Traction shares We're in better de-
mand by both accounts, but the short in
terest was most anxious to buy
The settlement of this Improbable contest
between local gas companies is relied upon
to exert wide influence on speculation.
stocks in no way concerned with the fiuc-
tuations of gas shares will be brought into
better demand through the sympathetic
process which has come to be recognized as
a legitimate speculative factor. So gener-
ally was this view entertained that the two
most important movements in the market.
those in Tobacco and Sugar. were arrested,
and the tide abruptly turned upward
Early in the day the selling of round
amounts of American Tobacco gave rise to
rumors that a price of 80 would be re-
corded during the day. The stock was sold
IN volume down to S512. and seemed for a
time almost certain of reaching the low
limit. Developments in the gas situation
were followed by an urgent demand from
the snort interest, which advanced the price
to 10 during the noon hour.
In Sugar the decline had brought the
price down around 105, but the upturn adj
vanced 1t beyond 100. The industrial list
generally came in for share In this i'm
provement.
In the railroad department the movement
was less substantial In its results although
the tone was strong and the floating supply
OF stocks limited. Had the market been
less professional the railroad shares would
have made greater strides under the DAVIS
news developments. The better supply Of
money at European centers and the ten
uency toward easier rates suggest an early
elimination of the gold movement and
THIS factor should have exerted greater
weight.
London did not buy any considerable
amounts however. and the trading of the
room Is to be credited with the changes
In the net result for the day
The bank statement tomorrow will not
snow any material changes on account of
the gold outflow, and some gain in cash
may be reflected. Earnings which came
out during the day were mainly favorable
and all semi-official forecastes are confident
OF the future. In spite of these facts how
ever, the character of the trading does not
improve to the extent essential 20 sus
tanned advances. Selling, of course, be-
comes more hazardous with such factors
adding to actual values, and the pressure
may be taken from the market for time
AS the date for the political conventions
approaches the Discrimination to assume
new risks Will become more pronounced.
but 1t is thought that there will be good
scale buying on the decline
Todays rally has given new interest to
the market and should run further II to-
days expectations as to the gas situation
are verified.