The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-05-29
FINANCE AND TRADE.
The Features OF the Money and Stock
Markets.

NlnfkctS.
NEW YORK, May 27.-There was 4
marked disposition in the stock ex-
change dealings to sunder the specula-
ton In railroads and In the industrials
specialties. The immobility of the
standard railroad stocks in face OF the
demorallZed opening In Sugar and Met
ropolitan was strikingly like the mid
summer markets Of yorc. when Sugar
was likely to absorb a half to three
quarters of the total dealings and when
many of the industrials now traded in
had not yet been conceived.
The bears seemed TO have gathered
fresh courage and made quite 4 savage
onslaught upon Sugar. the tobacco
stocks. the New York municipal stocks.
smelling, steel and wire. Losses In the
railways were insignificant in most
cases. There was n simultaneous de-
cline In New York Central and Pennsyl-
vania, which was In rather marked con-
trast to the later strength OF some of
the so-called d!fferentInl trunk lines.
he lllSl ludl IIpl chpIlcu pt-
fore an active demand sprang up for
the Reading securities. based on the
strong showing of the April statement
Of earnings. \ decrease in operating
expenses of the coal company and an
Increase In gross earnings by the rail-
road company. combined to produce an
Increase In net earnings for all the COM
panies of sl07,6i3.
In connection with the good report
submitted by New Jersey nrller In the
week, and the May gross earnings Of
Ontario &: Western. the coalers devel-
opcd quite buoyant tone and enjoyed
substantial gains all around. Erie first
preferred shared In the advantage. The
rise In these stocks was carried 10 other
rairond stocks and checked the decline
In the speclultcs. short covering caus-
Ing rallies Of between md points.
The failure of the market to show
any marked response to the bank state
ment induced fresh raid by the benrs.
which carried Sugar down to AS, an
extreme decline from yesterdays close
OF 9ia points. The market yielded In
sympathy, the spec!allties quite sharply
and the railroads only slightly.
The market closed under pressure. but
with ne. gains remaining for most of
the T1llTDUu SlOCkS. cteTliIy tSCnHTPt
made an unusual show OF strength for
n Saturday, with rise OF 4 per cent.
due to the hardening money rate in
London and the demand on that centre
from the continent for gold. In conncc-
ton with the plcthOric condition here
disclosed by the weekly bank statement
there Is some renewed npprehc nsion
Of gold exports.
The demand for railroad bonds con-
tinued strong ut advancing prices.
Reading A. were most conspicuous. The
exchange will remain closed until We'd
ncsdny
When the season OF uncertainty re-
garding the fatc Of the coming crops
come around speculation In stocks by
the outside public provcrbially falls to
minimum md the stock market Is left
to the professional room traders. The
very fact Of outside neglect of the mnr-
ket ticprives it of support. so that the
professionals arc almost Invariably
bears In dull stock market md bulls
In n dull wheat market. in accordance
with the possible effect OF crop failure
in the two markets. That has been tho
state OF affairs during the pnst week.
Fractionnlly every professional trader
on the stock exchange has been bear
this week.
The late recovery In prices IN not
conclusive evidence of definite change
OF heart. as tho professional trndcr