Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-05-17
FINANCE AND TRADE
Stocks Were Stronger and Brought
Better Prices Today.
LONDON BOUGHT AMERICANS
Decidedly More Optimistic Senti-
ment on New York Exchange.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, May 1T.-American shares
In the London market this morning were
strong and dealings on fairly large VOL
ume. Union Pacific common and the
United States Steel stocks were the most
conspicuous features of the market in this
department. Prices generally showed gains
over New Yorks closing figures of yester-
day Of from Y to III per cent. the last in
Union Pacific
The local stock market opened generally
higher, traders being encouraged by the
higher London quotations and a more con-
fident feeling in regard to the situation
among the larger financial interests the
expectation being that they have settled
most Of their differences In regard to
Northern Pacific Then. too. the indica-
tions are that the banks have gained over
100000 in cash. after making allowances
for the gold exports this week.
Amalgamated Copper reacted III from
the opening, but very quickly gained over
on purchases based, It was stated, on
the belief that the litigation to obstruct
the Boston mining purchases would not
hold. Sugar. one of the strongest special
ties in the trading, opened UP * and adj
vanced 2e more the oft-repeated re-
port-which this time was made posi-
tively-that the coffee-sugar war was set
tied, on the basis that the Arbuckles would
be allowed to control the coffee trade and
the American Sugar refinery the sugar
business
There was a little hesitation in the mar
ket Immediately after first prices were re-
corded, but in a very short time a decided
turn for the better took place and the i'm
provements generally averaged from i to
per cent, and in some cases per cent.
Manhattan and Brooklyn Rapid Transit
Were firm, and both scored good advances
on what was purported to be good buying.
The United States Steel stocks were
strong, and 1t was said that insiders, who
merely protected their own interests dur
ing the past ten days. were now quietly
picking up the stock and talking of higher
prices, in view of the early dividend decla-
ration.
The Southwestern group showed greater
advance being Missouri Pacific and Texas
Pacific, both of which showed decided
strength on good buying.
A Chicago special to the effect that the
city would agree to withdraw two suits
now pending against the Peoples Gas Com
pany. and also agree not to attack the
consolidation act, in consideration of free
gas for 10000 street lamps, helped Peoples
Gas to a substantial rally.
Consolidated Gas showed the effect OF
quiet inside buying. The stock gained six
points over last nights close. There was
revival of the talk of forthcoming rights
to stockholders.
In the early afternoon trading the mar
ket showed increasing strength, and there
was largely diversified business and few
issues failed to share In the Improvement.
Tobacco stocks Were strong features in
the trading today. American Tobacco ad-
vancing over 4 points, and rumors were
current that the relations of that company
with the Continental Tobacco Company
are to be made much closer. The late ru-
mors on Missouri Pacific were that the d.
rectors would meet about Monday or Tues
day next and either declare a lump divi-
dend Of per cent or one that would rep
resent dividend at that rate per annum.
This statement was not official. but
great many people think something of that
kind is about to happen. The stock was
well bought all day.
London's transaction in our market to-
day were estimated at from 20 600 to 25 900
shares. with the selling slightly larger than
the buying.
AS all conditions affecting values namely
general business. International trade rail-
way earnings and crop prospects, are IA
vorable, the market may recuperate and
demonstrate its true character much sooner
than a great many people expect; but at
the same time 1t would be wise to only
buy moderately on weak spots. and sell on
good strong rallies the stocks that have
been held over the panic