The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-05-23
STOCK MARKET
sDRIFTED DOWNWARD
Until Aggressive Upward Move
mentin Sugar Developed.
PRICES RETRACED COURSE
Bonds Were Affected in Sympathy, and
"a Showed Abatement of Recent Ac-
tivity-No Change in Govern
ment Bond Quotations.
PRICES RETRACED COURSE

ls.suew York. May 22.-The stock market
drlfted downward almost uninterrupedly
today until the aggressive upward move
,ment in sugar developed late in the day.
'rbis seemed to affect the whole list by
sympathy and prices retraced their carrier
downward course. They only recovered 10
saturday, level, however, in few cases.
Losses on the day are general, but are
within a point in most of the railroads ana
prominent stocks. There was no real sup
port to the market at any time, the out
side interest in securities being about nil,
neither was there any serious pressure OF
liquidation.
The result was a dull and apathetic mar
ket, with the bears nibbling here and there
to develop weak points in the list. They
were not aggressive in their tactics and
did not dislodge any large amounts OF
stock, the market becoming practically
stagnant whenever this short selling was
desisted from. The dropping tendency OF
prices was nevertheless marked and was
assisted by positive weakness at few
points.
1.-The stocks OF companies which profit by
franchises within the states of New YORK
were especially weak on the assembling OF
a special session of the Legislature to act
on the franchise tax BILL Metropolitan
Street Railway, Manhattan, Consolidated
Gas and Brooklyn Transit all showed coll
spicuous declines extending from to 8
points, and over in the case of all but Man
ihatan. Third Avenue was conspicuous
exception to the group and rose points
on a proposed new stock Issue.
These stocks drifted during the day on
political gossip regarding the chances of
the franchise taxation bill and all showed
notable rallies, the net losses being small
except in the case of Brooklyn Transit and
Consolidated Gas which closed two points
dover.
,fhe gra:n-carrying railways both in the
west and southwest were faVorites CT the
bears on continued talk of crop damage
Anaconda Mining, American Smelting, the
iron and steel stocks generally and num-
her uf other new indus trials showed COIL
sspicuous weakness. On the other hand
New York Air Bake Yves marked up j.
points.
~ The afternoon rally was induced by the
vigorous upward movement in sugar to iii
on very large and confident buying. The
uneasiness of the shorts over this demon
istration of strength drove them to cover
in other stocks, making the close quite.
active and firm. The holiday in London
Withdrew the usual influence from that
eource. Money continued abundant and
easy and the foreign exchange market
5updleu none OIL IT'S nlmneSS, though there
was no large demand for bills
The bond market affected in SYM
rathy with stocks and showed an abate-
nlent OF its recent activity and developed
Weakness in spots. Early in the day there
w9s a continuance of large absorption OF
some of the new issues, but this fell OIL
as the day progressed Total sales S., 40 9OU
- Government bonds showed no change in
quotations.
New York, May 22.-Total sales of stocks
today were 42l 500 shares, including: Ameri-
can Steel and Wire, 1880; American Sugar,
$4,000; Anaconda, 1890; Atchison preferred.
2Ss900; Brooklyn Transit, 65,400; Burlington
Rights, 14,100 Burlington 21,S0J Federal
Steel, 81 100; Louisville and Nashville 1900
Manhattan 1880; Missouri Pacific 5000;
Peoples Gas, 1880; Tennessee Coal and
Iron, $500; silver bullion certificates, 10000
New York, May 22.-Money on call steady
at 3Gl4 per cent; last loan, g.
Prime mercantile paper, 213@2H per cent.
Sterling exchange firm, withsactuad bus
mess in bankers bill at $4.S79s0l4,S7s4 for de-
.mand and $4S5h@4S5% for sixty days
Posted rates, Sassy and SISSY.
Commercial bills, $4S5Q4.S5A.
Silver certificates, 611aQ61%.
= Bar silver, 61B.
Mexican dollars, 49,.
Government bonds steady.
State bonds, Inactive.
Railroad bonds, irregular.