The times., 1901-05-29
AN IMPROVEMENT In TONE
The Stock Market Shows a Trend
Toward Higher Prices.

Rapid Advance scored in LncI<a-
wannn-The Tendency in the Rail
way List Better Than for Some
Time-Tobacco Shares Conspicuous
NEW YORK, Hay 2S.-In many respects
today's market showed distinctly improv-
ing conditions over those which have pre-
vailed recently. There was no material
increase in the volume of business trans
acted, but the tone of the market at large
was much more stable than il has been
for some time In addition, substantial
advances We're scored in several quarters
of the market, while the fairly sensation
al rise in Iackawanna stocks suggested
that the speculative community might yet
have in store for it more of those great
developments in the railway field which
were so effective in stimulating enthusi-
asm prior to three weeks ago.
In connection with the rapid advance
in Lackawanna, all of the Wabash issues
showed especial strength and animation.
Whether the notion be warranted by the
facts, the speculative community still
clings to the idea that the interests con-
trolling Wabash, Missouri Pacific, Texas
Pacific, and allied properties are desirous
of obtaining an Eastern outlet for their
Western systems and there is a strong be-
lief that the Delaware, -Laczawanna. and
Western may turn out to be the line Of
egress to the Atlantic Seaboard.
While II is commonly recognized that
peculiar difficulties exist in the ways and
means for obtaining control of a prop
erty like the Lackawanna Company, it
is still by no means impossible that they
may be circumvented. Wall Streets ideas
in this respect went so far today as to
suggest that it might be found possible
to effect an exchange of Manhattan for
Lackawanna on some satisfactory basis
Of adjustment.
The spirited rise in Lackawanna ap-
peared to invite sympathetic buying of
Delaware and Hudson, which also rose
smarty, but the other anthracite coal
stocks were little affected by the advances
In the higher priced issues. The Reading
shares indeed, were comparatively heavy,
and the Erie issues, while actively dealt
in, were no more than steady.
As a whole, however, the railway list
showed better tendency than it has for
considerable period. New York Central
was conspicuously strong, and Union Pa
ciflc, after rejecting pressure in the in
ulal dealings, recovered rapidly. Other
strong features We're Minneapolis and St
Louis, Missouri Pacific, New York Cen
trail Southern Pacific, and st. Paul Apart
from the so-caIled Gould stocks, no par
ticular gossip attended the movements in
the railway list.
American Tobacco and Continental To-
bacco Here again the conspicuous features
of the industrial quarter. Rumors were
current that the American Cigar Com
pany, concern affiliated with the Ameri-
can Tobacco Company, had acquired con-
troll OF the Havana Commercial Company
and the other great Havana cigar man
ufacturing concerns. II is a fact how
ever, that the American Cigar Company
is rapidly enlarging its grasp on the do
mestic cigar manufacturing concerns and
the company is apparently aiming at the
establishment of as complete a monopoly
in this line as the older company pos
sesses in the cigarette trade.
Sugar Refining had a rapid advance in
the early dealings, but most of the rise
was subsequently obliterated. The United
States Steel stocks were steady on a fair
volume Of business. The dealings among
the specialties, including the railway
stocks so classed, were particularly ami
mated. Chicago, indianapolis and Louis
Vile was particularly strong on reports
that the control OF the company had been
transferred to the Erie Railway. The
Iowa Central issues were likewise in good
demand ard increasing interest appeared
in the Mexican Railway issues. Both
AmalgafTfated Copper and Anaconda Min
ing were firm, and decided strength was
shown by American Car and Foundry
and Peoples Gas.
As was the case with the railway list,
however, no news or gossip worthy of
recital attended the movements in these
instances. The local traction stocks.
while dull, Were quite steady, particularly
for Brooklyn Rapid Transit.
London was not a factor OF any I'M
portance in the local market, the lower
range of prices furnished from that quar-
ter not being followed up by any opera
tons for foreign account of any moment.
The local money market continued eN-
tremely easy and some very satisfactory
returns of railway traffic We're sub
mitted. Sterling exchange continued firm
and there were well defined indications
Of additional exports Of gold this week
The banks continue TO gain in their oper- !
ations with the local Sub-Treasury and |
report constant receipts OF funds from the
interior.
The general drift Of prices in todays |
market appeared. however, TO be owing |
rather to one OF those indefinable changes |
in sentiment often witnessed than 70 any |
Of the material facts in the general situs- |
tion. A moderate increase in commission |
business was reported and the now fairly |
extended short interest in the market be- |
trayed some evidence of alarm.
Experienced observers Of the dealings,
while deprecating the idea that there |
would be any return Of the conditions |
prevailing in the market prior TO May 8, |
expressed the opinion that the market |
had returned to a sOunder and more nor
NAL basis than IL has rested upon since |
that mOmsntoUs occasion.