Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-25

STOCKS ARE LOWER.
DULNEss OF MARKET ENTIRELY
NORMAL FOR THIS SEASON.
SHARES NOTABLY WEAK.
Some of the Newly FlOated Indus
trials Having "a Rather Hard Time
wheat strong ana Higher-PrOvIs-
Ions Lower.
Ions Lower.

| NEW YORK, May H.-Thc prices o
| stocks drifted to a lower level to-day II
the uncertain and irregular manner whlcl
Is characteristic OF a dull and undecide,
market. The dulness of the market is en-
tirely normal for this time of the year
| when the fate Of the coming crops, oil
which so much depends Is still In the bal
ance. In present conditions. however
tie market has several unfavorable fac
| tcis TO contend with In the first place
there is evidently hanging over It still
some Of the large holdings that wer,
taken on for the purpose OF averting g
panic. and which are offered for realizinl
purposes at a certain point in any adj
vance.
In to-day's market also it was rather
obvious that some OF the newly -floateC
lndustrials were not having an easy time
This was especially true TO the various
companies which were TO have been ag
eregated in the projected steel combina
ton. the plan for which seems 10 have
been materially altered. American Hoop
Tin-Plate, Steel and Wire and National
steel were all quite acutely affected. anC
in the late dealings Federal Steel and
The continued heaviness Of Amalgamated
Copper in the outside market also gave
evidence of the saturated state of the
public demand for new Industrial secu-
rites.
BEARS HAVE GOOD FIELD.
Add to these incidents Of weakness
continued fears that the coming crop
would turn out badly. and the bears had
a good field for operations. There was
very little resistance offered to their
manipulation. but their operations were
not very bold, and not on a very large
scale. The early strength in Sugar served
TO deter them somewhat. The failure OF
the foreign wheat market, after the re-
cent holiday. TO be impressed with the
fears expressed in the domestic market
regarding the crops, also had its influence
In restricting operations Of the bears. The
hrCah in Sugar, however. and the per-
sistent weakness of the steel stocks. and
the rally in wheat encouraged Il late at
tack On the market, which was directed
principally against the SO-called Gould
S1uthwesterns and Brooklyn Transit. The
whole railroad list showed the effect OF
the raid, but the Changers and Atchison
preferred showed the least resistance.
Net losses are the rule but in the rail-
roads are restricted to fractions, except
for few cases. Sugar was the leader
in point of activity, and after covering
3 IL points, closed SIS lower.
TOBACCO WEAK.
The Tobacco stocks and Anaconda were
also notably weak. the latter on London
selling. accompanied by a further decline
in the price of copper. Air-Brake lost
IL II points.
The demand for railroad bonds con-
tinued active, and the market was strong,
many of the reorganization 4 per cents.
continuing to make new high records.
New issues, which are. in course of dis
posal by underwriting syndicates, and
second-grade bonds, are about all that
have not been put at prohibitive prices.
Total sales. par value. $4,000 There
is a good investment demand for govern
ment bonds, which are at record prices.
The 3's. the 5's, and the old As, regis
tered, advanced is in the bid price to-
day.
The total sales os stocks were 39l 900
shares. including Atchison. preferred,
81 .965: Burlington, Il, 400; Manhattan, 1850
Missouri Pacific. 100; Northern Pacific.
1l,4O); st. Paul 14177; Union Pacific, pre-
ferred, 71O5; American steel and Wire.
$3.50; Federal Steel 1860: Peoples Gas.
1850; Brooklyn Transit, % 6S5; Continen-
tai Tobacco, $50; Sugar, 1918.
MONEY AND EXCHANGE.
Money on call steady. at 21-203 per
cent; last loan at 3; prime mercantile
paper, 31-2d4 IA per cent.
Sterling exchange steady. with actual
business in bankers bills at $iS7 $40
S4SS for demand and s4S5 1-i0AS5 "a for
sixty days; posted rates. S4.S6 IL and
$4.SS -; commercial bills. 1876 IL.
Silver certificates 6lnSl 81 Bar silver,
81 ii. Mexican dollars. IS IL.
Government bonds strong. State bonds
inactive. Railroad bonds strong.
I'M