The times., 1899-05-28
STOCKS STRIDE IN
OPPOSITE PATHS
The Industrials Weak and
Railroad Issues Str0ng.
Regulation of the Coal Trade Ad-
yances Anthracite Shares.
Sugar stiII Going DEMONSTRATING In
nuence Of the Franchise Tax
The Weekly Bank Statement.

New York, May 27.-There was a con-
hicting movement in stocks today. The
tendency in the main was toward lower
prices, but there were some gains in con-
sequence. While the industrial and trac-
ton shares displayed vulnerability. the
stocks on the railroad list. particu arly
those of the anthracite coal roads, devel-
oped decided strength. Quotations for
American stocks in London were above
New York prices and London was a pur-
chaser to moderate amount in this mar
ket Heavy and almost uninterrupted fan
in Sugar did more than anything else 20
effect a decline in the industrial CUP.
The report that the dividend due July l on
Sugar stock would be reduced or passed
was again circulated, but it lacked con-
firmation and was not generally credited.
While Sugar prices remain low, they are
said not to be shaded, and, accordingly,
the Sugar trade war has lost some OF its
intensity.
The new franchise tax was again made
to serve in depressing the traction stocks,
although its potency as a market factor
was not as great as it had been. The rea-
soning element in the market seemed to
think that the effect of the tax on the fran
chises of the companies subject to ii had
been discounted. The reduction in the
dividend on Consolidated Gas stock was re-
fected in further though not a large re-
cession in the price.
The upward movement in the anthracite
stocks was ascribed to the completion OF
arrangements for the better regulation of
the coal trade. demand for the so-called
granger stocks was due to partial ces-
sation Of reports as to damage of winter
wheat and TO more encouraging reports as
TO the condition Of spring wheat For an
other thing it was said the corn average
might turn out the largest on record. The
report of the Chicago. Milwaukee and st.
Paul Railroad for April was received. While
there was a substantial increase in gross
earnings there was decrease in net earn
ings, which was accounted for by ex-
penditurcs charged to operation.
The bank statement was surprisingly
good and materially helped the market in
the closing transactions. Il showed the
ratio of cash holdings Of the associated
banks TO be 29.9 per cent, the highest point
attained this year. The gain from last
week Was ! per cent An addition of
S9.Se2, 200 to the surplus reserve brought
this item up to S43. .g3S. .725 in excess of the
legal requirement A decrease of ST, SIS, 500
In loans illustrated the extent Of the liqui-
dation in the stock market during the
week The contraction in loans in three
weeks aggregates $4,000, coo. The trans
actions in bonds today were the largest on
any Saturday since December 10. More
than forty issues made high record prices
this week, The dealings in stocks for the
week were on a smaller scale than in the
preceding week. and for nearly all active
stocks losses were recorded. The profess
sional speculators worked assiduously to
bring about lower prices, and they were
aided in their efforts by the absence of the
public from the market, alarming crop
news. an unfayorable construction OF the
Francise Tax bill and the cut in the divi-
dend on the stock of the Consolidated Gas
Company as a result of the gas war. These
factors were used in such a way as TO
negative easy money and large railroad
earnings