The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-05-29
THE MARKETS.
Wall Street Review.
BY Associated Press.

DV AbsOCldteu t'IebS.
New York, May .H.-There was a
marked disposition in the stock ex-
change dealing to sunder the speculation
in railroads and In the industrial spe.
cialties. The immobllity OF the standard
lied opening In Sugar and Metropolitan
Street Railway was strikingly like the
midsummer markets of ycre, when Sugar
was likely to absorb a half to three
quarters of the total dealings and when
many of the industrials now traded in
had not yet been conceived. The bears
seemed to have gathered fresh courage
Sugar, the Tobacco stocks, the New
York municipal stocks, smelling and
steel wire losses in the railway were in
significant in most cases. There was
simultaneous decline in New York Cen
trail and Pennsylvania, which was In rath-
er marked contrast TO the later strength
of some of the so-called differential
trunk lines. The first hour had not ex-
pired before an active demand sprang up
for the Reading securities, based on the
strong showing of the April statement Of
earnings. a decrease In operating eX-
penses of the coal company and an in:
crease In gross earnings by the railroad
company combined to produce an Increase
In all the companies Of slO7,6i9. In con,
nection with the good report submitted
by New Jersey Central earlier in the week
and the May gross earnings OF Ontario
and Western. the coalers developed quito
all around. Erie first preferred shared
in the advantage. The rise in these
stocks was carried to other railroad
stocks and checked the decline in the spe-
cialties. short covering causing rallies
of between and points. The failure of
the market to show any marked response
to the bank statement induced a fresh
raid by the bears which carried Sugar
down to las, an extreme decline from yes
terday's close of 9l2 points. The market
declined in sympathy. the, specialties
quite sharply and the railroads only
SLIGHTLY
sure but with net gains remaining for
most of the railroad stocks. Sterling ca
change made an unusual show of strength
for Saturday with a rise of Nc, due TO
the hardening money rate in London and
the demand on that center from the con-
tinent for gold. In connection with the
plethoric condition here disclosed by the
weekly bank statement there is some re-
newed apprehension of gold exports. the
demand for railroad bonds continued
strong at advancing prices. Reading As
being most conspicuous. The exchange
will remain closed until Wednesday, To-
tai sales of stocks today 24S.70O shares.
BY Darlington & Cusack.
New York, May 27.-The London mar
ket closed at about our last night s
prices with few exceptions which
showed from a quarter to half point
advance and was very irregular through
strength and again weakness, Sugar
dropping five points in the first half hour
in sharp attack by bear interests, raj
lying again to $50, then selling off and
closing at about the lowest price of the
day with loss of nine points from last
nights close. Consolidated Gas lost
about three points, stimulated by the re-
ducton of the dividend. The other in
dustrials were heavy, Brooklyn Rapid
Transit losing two points and Metropol-
itan about four.
The strength in the coal stocks was
generally attributed to the speculative
interest which has been bullish on these
stocks for quite little while. The April
statement of Reading was presumed TO
have furnished the excuse for the ad-
vance. Prices were bid up on relatively
small sales. Steel stocks were dull with
small trading at about yesterday s
prices. The market was a genuine hO'i-
day one and from its action would indi-
cate the prospect of better market next
week. Crop reports instead of improv-
ing, got worse; and now the minimum
damage TO winter wheat is placed at 100,
0J0 bushels with q probability of its
reaching 135, ,0O0,0 900. AS this loss is in the
six surplus producing states, 1t means
not only an immense loss of money ia
farmers, but a great shrinkage in the
tonnage of the railroad systems whose
mileage through them is unusually
heavy. 1t looks as though predictions
of so cent wheat might be realized.
Quotations furnished by CARRINGTON
& CuSACK, stock and bond brokers'
rooms 40 and All Connell building, Scran-