The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-16
STOCK MARKET
VERY IRREGULAR
Operations Largely in the Hands of
Professional Traders.
A BRIEF SHOW OF STRENGTH.
A BRIEF SHOW OF STRENGTH.
Was Made by Steel Stocks After the
Opening, But in the Late Trading
These Stocks Fell to the Low
est in the Movement.
NEW YORK. May 15.-operaticns in

NEW YORK, May Interpretations in
the stock market continued to be left
largely TO professional hands to-day The
movement was exceedingly irregular and
confused all day. Generally speaking 1t
could be fairly said that railroad stocks
We're hrn and strong, while the indus
trials We're weak This distinction was
obvious at the opening of the market,
and the days trading tended rather 10
emplla size it. EXCEPT that the demoraIiz-
Ing tendencies in the steel industrials
ultimately affected the whole list and
dragged back even tn strongest OF the
railroads.
There was a brief show of strength
after the opening by Federal Steel and
Steel and. Wire, probably on covering by
shorts sold in yesterdays break, but in
The late trading these stocks, as we'll as
others of the group, fell to the lowest
IN the present movement. The extreme
defines ranged all the way from ] to
nearly g oipnts, the latter Tennessee Coal.
There was no definite news to account for
III weakness. but I-umors wre plentiful
that dividends would be reduced or
passed. and that further deep cuts were
pending in the price of the output of the
largest competitor of the steel companies,
whose stocks are de,.Jt in on the Stock
Exchange. The declaration of a divi-
dend on the common stock of National
Tube and the reports of the opening of
the decline.
Among the notable exceptions to the
weakness in the industrial department
Were the groups of New York city stocks.
including American Ice. Consolidated
Gas led in the rise of points, and the
local fractions responded. A meeting of
directors of the American Sugar Rein
ing Company caused an uneasy demarE
from the shorts, which lifted the stock
at one time 2A.
In the railroad list Burlington continued
in good demand at an extreme advance
of rs, in spite of .den!als of the rumored
refunding plans. The granger group and
western railroad stocks We're benefited
in sympathy, and showed good advances,
IN spite of reports of declining traffic,
said TO be large buying for account of an
outstanding short interest in the West
in the railroad list. The international de-
partment was helped by some buying for
London account where prices rallied on
easier money and the encouraging war
news.
The relief of the London money market
afforded by the receipts Of Russian gold
arcuses the hope that no immediate de-
mand will be made on New York by Lon
don for gold. This was an influence in
the days strength in our stock market,
although it is said that further shipments
will be made to Paris by THURSDAY S
steamer. The statement of the April for
eign trade Of the United States, disclos-
ing maintenance of extraordinary faV-
orable conditions, have elevated some
what the evidences of the continued reac-
lion in interior trade The market closed
heavy and unsettled by the break in the
steel industrials, the railroad stocks mold
ing only a part of their gain.
The bond market was not active, put
prices were we'll sustained. Total safes,
par value, Sl.015,00o. United states = s,
refunding. advanced a
To-day's total stock sales We're 542,lo0
shares.