The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-22
STOCK MARKET
VERY BEARISIl
Practically No Buving Demand Was
PerceptibIe.
PRICES LOST GROUND STEADILY.
Late in the Afternoon There Was a
Short Rally, But Very Few Stocks
Felt the Benefit Of it Bonds
Were Sustained.

NEW YORK, May 21.-The stock mar
ket was soft from the outset to-day and
yielded readily to the assault OF the
btars- There was practically no buying
demand of any importance perceptible,
ant prices lost ground pretuly steadily
all day. even on a light volume of trad
ing. Late in the afternoon Third-Avenus
mace sudden advance of s points, and
CAUSED some uneasiness amongst the
room shorts. who bought moderately to
cover. But the rally was insignificant
outside OF Metropolitan, Sugar and To-
bacco The sudden upward movement in
Third-AVenue was unexplained, except
by last weeks move TO secure the dis
charge OF the recciyT and the progress
being made in the bet,erment of the sys-
tenn The long outstanding short interest
In the stock was aimed at by the ad-
vance.
The heaviness in the market during the
day reflected the disappointment over the
failure OF last weeks encouraging deVei-
Opments TO attract any outside demand.
1t was soon evident that London, cspe-
ciaily, had looked too hopefully to take
up American stocks, and the early morn
Ing quotations showing losses for the in
ternanonal stocks was disappointment.
The sales for London account were not
IN large volume, but their sentiment Ell
feet was decisive, and soon oVercame the
Strngth in the few SpecialtieS which at
tempted to make Roadway against the
tide. 1t was clear that spectators who
bought stocks late last week counted
upon London taking them off their hands
after that market had subsidized from its
hysterical outburSt over the rellet OF
Mafeking, but London shared with the
continental bourseS a mood of depression.
International houses in Wall Street at
tribute this TO disappointment over the
uenial Of the report that President kTu-
ger had made humble advances for peace,
and Berlin adViceS reported fears of an
outbreak between Russia and Japan. In
he Nnytr SnrlS r or ia q
Pacifics were first to show acute symp-
toms of weakness, but ultimately pracu-
cally all OF the active railway stocks fell
z to ) below Saturdays close. The an
nouncement of the advance of refined
sugar had some effect, but it was with
such vjgor and confidence that it fell
into weakness with the rest of the
market
In the money market the supply of
mercantile paper is reported to be de-
creasing, owing to the setback to trade
in various lines. The growing ease of
money is attributed 10 the same cause.
Bear operators profess uneasiness over
the likelihood that freight rates will not
hold in face of the decreasing traffic in
railroads
The grain traffic of the western lines
has fallen to the lowest of the year, and
is still decidedly below last years level
w estern-bound merchandise traffic is re-
ported to be sufficient to maintain earn
ines as yet above last year. but current
earnings, in spite of the higher rates in
force. are only slightly above last year
Bonds We're much better sustained rela-
lively than stocks, though there were
weak spots in the list The accumulation
OF funds seeking investment is making
some slight impression on the bond mar
ket. Total sales, par value, S2,u6OU 600.
United States reminding IS when issued
declined u and the new As, old IS and
IS 4 in the bid price
To-day's total stock sales were 34o,500
shares.