The daily morning journal and courier., 1901-05-18
Et1rancial.
THE STOCK MARK FIT.
Impressive Demonstration of Conilden'
 strength.

Strength.
 New York, May 17.-The fever and nervousness was practicallyall gone out Iof the stock market to-day. There was "a really impressive demonstration of lconfident strength, somewhat intermit- tent in the early dealings, but which grew and broadened with the progress of the day and closed with buoyant
 outburst which recalled the days of the
 early period of the late boom. The
 strength in the market was principally based on general conditions, but there
 was besides an unusually large number
 of stocks influenced by individual causes, The aggregation of these strengthening influences was a potent factor in its sympathetic effect on the
 market. Broadly considered the gen.
 eral feeling that prices were on safer
 level by reason of the imitation let out of hem, while the hu iae:s conditions ot
 the country and the earning power of properties were unimpaired, encourag- ing the buying.
 The evidence that forced liquidation growing out of the panic had been com
 pleted was thought to leave the way open for renewed advance. The strong recuperation shown was believed to mean favorable bank statement to- morrow, and some pressure to lend
 money seemed a probability not far in the future. It should not escape notice, however that the principal buying of the day came through the same chan nels as that which marked the leader ship of the recent bull speculation into it's last stages of excess. These opera tions were supposed in Wall street to be inspired in the interest of the great combinations of capital whose meas
 ures of consolidation have produced a crop of new securities which remain to be successfully market to insure the re- imbursement of the expenses of those consultations. The belief In the settle- ment of the Northern Pacific contro- versy Is felt to offer assurance of a more effective naturalization of the whole western railroad territory than has ever before been known. The prominence of the stocks of railroads in that region was due to this cause. There were very definite reports afloat that a dividend on Missouri Pacific at the rate of 5 per cent. was an early proba- bility. The movement in the local trac- tions was due to the inauguration of the underground trolley on additional lines of the Metropolitan Street Rail- way and estimates of the benefits to re- suit the Manhattan system from the use of electricity. Sugar was affected by reports of an agreement with the coffee interests and was heavily bought for Boston speculative account. Ex pectation of melon cutting helped Consolidated Gas. A reported settle ment with the city authorities giving assurance against interference was the cause of the strength of Peoples Gas The better prospect of a settlement with the machinists and the progress of measures towards renewed organization of the United States Steel Corporations companies indicated by the election of new dlrectorates induced buying of the United States Steel stocks. Reports of large deposits of stock In assent to the proposed exchange with Amalgamated Copper explained the demand for that stock. There was talk of closer rela- tions between the American and Con- tinental Tobacco companies The Pennsylvania railroad was said to be perfectipg it's control of the subsidiary coal carrying roads Such individual causes of strength might be considera- bly, extended but enough has been said to indicate the character of some of the markets strength. Gains all the way from to 10 points arc shown by an extended list of stocks and their last prices were practically at the top. Ow- ing to the heavy receipts from the in- terior. the banks are expected to show a gain in cash in to-morrow's statement of nearly s5,000OO0 after allowing for gold exports. This promise centralized the effect of the falling due on Monday | of the third instalment on Union Pa | cifc bond subscription, involving $l0,- 1 poo, 900.
 The bond market was broad and | prices were well sustained. Total sales | par value $3,455,O00.
 United States threes declines IA on the last call.