Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-05-17
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds, Grain,
Cotton, Provisions, Etc,

New York, May f6.-Stocks OF railroad
companies made Il demonstration OF per-
tistinS strength In the stock market 10
DAY. Whatever unfaYorublc factors Dc
veloped during the day Wcr ignored OF
their influence resisted and the resulting
declines overcome. The bear element WAS
so far impressed by u show of strength
that they retired from the field before
the day was over, and did not repeat
yesterdays manoeuvrc Of u fierce raid on
the industrial quarter. which, on that oc-
custom, upset the market in the last nj
teen minutes Ut the trading. The mar
kct showed itself much less sensitive
than for some time past TO any depress-
ing influence, and the close was distinct
~ firm, ut about the best level of tho
having been almost entirely overcome.
The stocks of Western railroads Were
easily the leaders in the movement, and
the buying was attributed To Western
account, as for several days past. This
Western buying is believed in Wall street
TO he covering an outstanding short In
weather and the favorable conditions in
the winter wheat belt. The leadership
or the movement WAS shifted from Bur
iinyton to Atchison preferred, which
scored q clean net gain of points. Tile
approach OF the dividend meeting and
the circulation of runners that the stock
would be placed on Il five per cent, basis,
were used with effect. Burlington con-
tinucd aggressvely strong, and scored
an advance II. in spite of dcnals of
the recent rumors that = refunding plan
Wns about to be announced. Northern Pa
ellie gained AS much. ana the strength of
these stocks affected the other paciiics
anu ultimately the trunk lines. which
rose l Ia l& points. The Steel stocks all
feDoundcd sharply ON covering by shorts
and official den!als OF assertions that gem
eril shut-downs were imminent OH ac-
count OF prospective demands for in
crease OF wages. The carly weakness Of
sugar, People Gas, the Tobacco stocks
anu other Industrials. was met by de-
mails of various rumors which accom-
pahies the decline. Rccoverics cnsued on
ths demand from the bear side. Be
siueS tllS weakness In the Industrial list
the market hau to contend with the an
houncemcnt OF gold enEagomcnts for OK
port tomorrow, fully Il million dollars in
excess OF me preliminary estimate. To-
morrows shipments foot up fully So l5o-
wv for France. The fact that so large n
SHIPMENT should be made in face of the
considerable decline in discount rates IN
EUROPE aroused some uneasncss lest tho
apparent ease of money abroad was nctl-
tious and unstable; but the continued
ease oil money here relieved this apDre-
hcnsion.
Call loan rates fell to liz per cent, and
INC, inc gains by the banks from the sub
trensurE ana on the interior movement of
currency VIII evidently effect the gold ey-
ports. Although the advance In stocks
MAS generally wiped out when the gold
ch6aSementS were announced. the m
ward movement was resumed upon furth-
CT consideration of the circumstances ii
- s,.e convection IN Wall street that only
u smail amount, IL any, gold can be
shipped to London on SATURDAYS steamer
under present conditions. Today's ud-
vance IN prices was without the sustain-
inS influence of the recent strength in
Missouri Pacific, that stock dronnjn,r
DICK ut one time points on the request
oa stockhoiders TO authorize additional
captal 70 the oNtcnt OF $4,000, 900. The
STOCK partly recovered on tho eXplnnn-
ZION mat the new issue must he reserved
ioT retirement of debenturc bonds.
partly shared in the strength Of stoc.s
rom sales, par value. $ilS5, 600.
untcu states rcfunding rs. whom ie
price - III inc p!d
,n Total stock sales today were .6t.gOo