The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-05-25
Financial.
THE STOCK MARK Ell.
Finnl Squirt to u Very Dull Day

| Final Squirt to II Very Dull Day.
| New York, May IA final squirt in
activity and strength in the stock mar
ket was all that saved the day from
being the dullest in the amount Of bust
ness done since election day in Novem-
Der. AS it was, business was we'll down
towards the minimum, and was, be-
sides, largely congested in few stocks
Tobacco stocks were the feature OF the
market, both American and Continent
tai Tobacco. The volume of business
in them grew as the advance progress
ed, and all of the room traders, hungry
for a stock that would move easily,
tailed onto the movement. BY bidding
up prices smartly they ascertained that
very few selling orders for the stock
We're in the market above the prevailing
price level.
These technical conditions We're re-
sponsible for the movements of the
stocks 50 far as any news that was
published would indicate. Something
is made of the fact that the new To-
bacco company which is being organ
lied has representatives in 1t who or
ganized an opposition company once be-
fore, which was absorbed in a short
time by the American company. The
days gain registered for American To-
bacco was points and for Continental
Tobacco Az. The final strength of the
market WAS due to this movement ana
to the late accumulation Of strength IN
other stocks which had shown signs OF
flrmness and of strength during the ear
lier portion of the day. The weak
points were also pulled UP, so that the
losses which We're at one time very
general, were either wiped out or great
" reduced all around.
The Erles, the Wabashs, Missouri
Pacific and Atchison were good points
Of resistance all day. The story per-
sisted that efforts were making to Sc
cure a trunk line outlet for the Gould
Southwestern railroads and wabash;
that the great trunk line proprietors
had protested against this project, ana
that it had been threatened that Atch-
ison would be absorbed by the Penn
sylvania in retaliation. This story ana
it's variations will be found closely re-
lated to whatever strength was shown
in the days market. The movement
in Union Pacific was a notable influence
in the whole market, its break to 9S be-
ing the principal factor in the early
weakness of the market, and its recov-
ery at the close largely relieving the
depression.
The forecast of a strong bank state
ment, promising a recuperation In cash
by the banks of nearly $5000,000, was
reviyifyng influence, although there
has been no lack of money to loan. The
fact that no further gold was engaged
for export was also a strengthening
factor. not only for its immediate bear
ing upon the situation, but it's larger
significance as indicating relaxation
in the whole foreign money situation
Yesterdays large purchase of newly ar
rived gold in the open market In Lon
don by the Bank of England was the
signal that the pressure for gold at
continental centers had relaxed, that
the requirements in Paris for the Rus
sian loan had been satisfied, and that
London was free to recuperate Its mon
ey market.
This is a notable relief to the whole
financial world and Is incidentally
striking testimony to the strong posi-
ton of the Bank of France, which has
been able to provide for the Russian
loan with much lighter recourse tnan
was expected to the foreign credits or
the Paris money market.
The cessation of the urgent demand
for Northern Pacific also relieved a.p-
prehension. The result was an active
and firm close in the stock market af-
ter day of feeble and desutory fluc-
tuations
The bond market was irregular and
only moderately active. Total gales par
value $4.790,000
United States new tours advanced u
per cent. on the last call.