The times. [volume] (Richmond, Va.) 1890-1903, 1899-05-28
MARKET CLOSED
UNDER PRESSURE
But Railroad Stocks Showed Net
Gain-Speciaties Weaker
THESE WERE THE BEAR TARGETS
dnd Only the Immobility of Railways
Checked Their DecIine-Thc De-
mand for Railroad Mortgages
still Continues.
THESE WERE THE BEAR TARGETS

NEW YORK. May 27-There was
marked disposition ia The stock Exchange
ueslinSs 10 sundcr the speculation ia rail-
roads ana in the industrial s.ecaiues.
stocks IN face OF the demoralZed opening
IN sugar and Metropolitan Street railway
I~ss strikinsly IKE the midsummer mar
Aets OF yoic, when sugar was likely 20
absorb "a hale to thrce-Quartcrs of the
total dealings. and when many or the
lndustrials now traded In had not vet
been conceived. The bears seemed 10
have gathered fresh courage and made
quito q savage onslaught upon sugar. the
IohaCCO stocks, the New York municipal
stocks, smelling and Steel and Wire.
IN most cases. There was a simultaneous
decline In New York Central and POM
savanna which Was IN rather marked
contrast 10 the later strength OF some OF
the s0-cRlled dinerentiai trunk lines. Tho
iIst hour had not expired before an active
demand sprang up for The Reading securi-
lies, based on the strong showing OF the
April statement OF earnings. A decrease
IN operating expenses of the coal com
gany and an increase in gross earnings hy
tho railroad company. combined 10 pro-
duce an increase I'm net earnings for an
the companies of $lO7Gf9. I'm connection
with the good reports submitted by New
Jersey earlier in the week, and the May
gross earnings OF ontario and Western.
the cOalcrs developed quite q buOyaut
tone. and enjoyed substantial gains an
around Erie first preferred shared I'm tho
carried 20 other railroad stocks. ana
checked the decline ia the specialtes,
snort covering, causing rallies Of between
] and points. The failure OF the mar
ket TO show any marked response 10 the
bank statement induced fresh raid by
me bears, which carried Sugar down 20
40. an extreme decline from yesterday's
close Of 90 points. The market yielded in
sympathy--the specialtios quite sharply
ana the railroads only slightly.
Ihe market closed under pressure, but
. mos If "a
railroad stocks Sterling exchange made
On unusual show OF strength for Satur-
Gay. with rise Of &c. due 10 the harden
tng money rate In London and the demand
on that centre from the continent for
gold. In connection with the plcthoric
condition here disclosed by the weekly
bank statement there is some renewed app
prehension OF gold export
The railroad bonds continued strong AZ
advancing prices. Reading AS being most
conspicuous. The exchange Will remain
closed until Wednesday. There has been
~ very notable demand for all available
issues OF railroad mortgages during tho
whole week. There was moderate abb
FOrpuOn OF gilt-edgcd and Government
bonds But the favOrites are the new is-
sues for refunding and reorganization
puro02es Ia course Of disposal by reor-
ganization syndicates, ana which may
presumably hope for a stable higher level
Of prices after the floating supply has
heen absorbed BY investors United
states new as, old as. coupon and the
IS advanced a. and old As registered and
The IS = I'm the bid price. The 2's regis
tered declined g. The total sales of
stocks to-day were 2i3 200 shares, includ-
ing Atchison preferred. 1T17O. Louisville
and Nashville 10: ontario and Western
AGO. 81. Paul. 5000. American Steel and
Wire Co, ESQ. Federal steel. '.Np. Con-
solidsted Gas, 1925; Brooklyn Transit
20 $50. Sugar, $3.50.
MONEY AND NEUTRALITY-SUSPICIOUS. on
HHn