The age-herald., 1899-05-25
PRICES OF STOCKS
 DRIFTED LOWER.
Market Was Dull, Irregular and
 Uncertain.
NORMAL THIS TIME OF YEAR
In Bonds, Demand Continued Splendidly Active, Especially in the Railroads Total Sales at Par Value
 Registered $2,79o,o00

New York, May 24--Prices of stocks drifted ts lower leved today in tho uncer- tain ana irregular manner which is charac- tertistic of a dull and undecided market The dullness of the market is entirely nor nal for this time of year, when the fate of the coming crops, on which so much de- pends, it still in the balance. In present conditions, however, the market has several unfayorable factors to contend with. In tine first place, there is evidently hanging over 1t some large holdings that were taken on for the purpose of-ayerting a panic and which are offered for realizing purposes at a certain point in any advance. In todays market, also, it was rather obvious that some of the newly floated industriSlS were not having an easy time.
 This was especially true of the various companies which were to have been aSgre- gated in the projected steel combination, the plan for which seems to have been ma teFially altered. American Hoop, Tin Plate and Steel Wire and National Steel were all quite aeutely affected in the late dealings. Federal Steel and Colorado Fuel also sue cumbed to attacks. The continued heavi- ness of Amalgamated Copper in the out side market also gave evidence of the sat- urated state of the public demand for new industrial securities.
 Added to these incidents of weakness continued fears that the coming crop would turn out badly, the bears had a good field for operations.
 There was very little resistance offered to their manipulation, but the operations were not very bold, and not on very large scale. The early strength in sugar served to deter them somewhat. The failure Of the tsTeign wheat market after the recent holiday to be impressed with the fears expressed in the domestic market regarding the crops also had it's influence in restrict ing the ODaratiOnS of tha bears l. in sugar, however, and the persistent weak ness of the steel stocks and the rally in wheat encouraged a late attack on the market, which was directed principally against the So-called Gould SouthWeSternS and Brooklyn Transit
 The whole railroad list showed the effect of. the raid, but the Grangers and Atchison preferred showed the best resistance. Net losses are the rule, but in the railroads are restricted to fractions except for a few cases Sugar was the leader in point of activity and after covering 315 points closed 15s lower.
 The toAacco stocks and Anaconda were also notably weak, the latter of London selling, accompanied by further decline in the price of copper. Air Brake lost 111s points.
 The demand for railroad bonds continued active and the market was strong, many of the reorganization per cents. continuing to make new high records.
 New issues which are in course of dlspo- sal by underwriting syndicates and sec- ond-erade bonds are about all that have not been put at prohibitive prices. Total sales par value, $2,79O,00O. There is a good investment demand for government bonds which are at record prices The 3s, the 5s and the eld As regular advanced hc in the bid price.
 Money on call steady at 218Q3 per cent i; last tsan, per cent.
 Prime mercantile paper, 31sQ4H per cent
 Sterling exchange steady, with actual business in bankers bills at $4.S7%04.SS for demand and at $4S51s04S5A for xty days
 Posted rates, $4S615@4SS1A.
 Commercial bills, A.S5A
 Silver certificates, 61Q61%.
 Bar silver, 61A.
 Mexican dollars, 4S15.
 Government bonds, firm.
 State bonds, inactive.
 Railroad bonds, strong.