Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-23
STOCKS APATHETIC.
A DROOPING TENDENCY, ASSISTED
BY SOME POSITIVE WEAKNESS.
CLOSE QUITE ACTIVE AID FIRM.
This Due to an Afternoon Rally, Led
by Sugar, on Large and Confident
Buying-Grain and other Mar
kcts.


drifted downward almost uninterruptedly
to-day, until the aggressive upward move
ment in Sugar developed, late in the day.
This seemed TO affect the whole list by
sympathy, and prices retracted their
earlier downward course. They only re-
covered TO Saturdays level, however, in
a few cases. There was no real support
to the market at any time, the outside
interest in securities being about nil.
Neither was there any serious pressure
of liquidation.
The result was a dull and apathetic
market, with the bears nibbing here and
there, to develop weak points in the list
They were not aggressive in their tactics
and did not dislodge any large amount
Of stocks, the market becoming practi-
cally stagnant whenever this short SELL
ing was desisted from. The dropping ten
dency of prices was, nevertheless, very
marked. and was assisted by positive
weakness at a few points.
FORD BILL AGAIN.
Stocks of companies which profit by
franchises within the state Of New York
were especially weak on the assembling
of a special session of the Legislature TO
act on the franchise tax bill. Metropol-
tan street Railway, Manhattan, Consoi-
dated Gas, and Brooklyn Transit all show
ed conspicuous declines, extending from
3 to points and over in the case of all
but Manhattan. Third Avenue was Il
conspicuous exception 10 the group, and
rose points, on proposed Few stock
issue. These stocks drlfted during the
day on political gossip regarding the fran-
chise taxing bill and all showed notable
rallies, the net losses being small. except
in the case OF Brooklyn Transit and Com
solidated Gas. which closed points
lower.
The grain-carrying railways. both In
the West and the Southwest, were ia
yorites Of the bears on continued talk of
crop damage, Anaconda Mining American
Smelling. the iron and steel stocks gene
rally, and a number Of new industrials
showing conspicuous weakness. On the
other hand, New York Air Brake was
marked up 10 points, and Ann Arbor, pre-
ferfed, usually very inactive, rose 3
points.
AFTERNOON RALLY.
The afternoon rally was induced by the
vigorous upward movement in Sugar, 10
16l on very large and confident buying.
The uneasiness Of the shorts over this
demonstration Of strength drove them to
cover i'm other stocks, making the close
quite active and firm.
The holiday in London withdrew the
usual influence from that source. Money
continued abundant and easy. and the
foreign exchange market abated none OF
its frmness, though there was no large
demand for bills.
The bond market was affected In SYM
pathy with stocks, showed an abatement
of its recent activity, and developed
weakness in spots. Early in the day
there was a continuance OF the large aD-
sorption of some of the new issues, but
this fen off as the day progressed 1otal
sales. So, 10000
Government bonds showed no change IN
quotations.
The total sales of stocks were 42l, 900
shares. including AtchsOn, preferred, 81
935; Burlington, 1870; Mahattan, $3.50;
Metropolitan, sos; Missouri Pacific, 500
Northern Pacific. $3.50; Rock Island. 7135
Union Pacific. 6,420; St. Paul. $40 Ameri-
can Steel and Wire 1880; Federal Steel
q .135; Peoples Gas, 1880; Brooklyn Rapid
Transit. G5,995; Continental Tobacco, 1920
SILVER Certificates, 10000; Sugar. 1850.
MONEY AND EXCHANGE.
Money on call steady at 3a4; last loan,
3: prime mercantile paper, 3 1-2q4 Ia.
Sterling exchange firm. with actual
business in bankers bills at, A.N 5-Sa
SS7 S-i for demand, and $i.S5 1-2dS4S5 "a
fo1 sixty days; posted rates, 1886 l-2 and
S4SS1-2; commercial bills. $4.S5uSiS Ii.
Silver certificates, 81 l-2a62 81. Bar sill
yer. 81 Is. Mexican dollars. As 1-2.
Government bonds steady. State bonds
inactive. Railroad bonds irregular.