The times. [volume] (Richmond, Va.) 1890-1903, 1900-06-02
slOGI. MARKET
SI0NEDsTRENCTII
There Were General Gains Through
out.the LIST.
RAILROAD STOCKS STRONG.
The Rise in Prices was Rapid and
Sharp and the Demand Large.
The Close Was Strong at
Best Prices
RAILROAD STOCKS TRoNG:

NEW YORK, June 1.-The stock mar
kei developed an activity and strength
to-day which have been foreign to it Tor
many weeks past. The dealings We're to
"a large extent concentrated in a limited
sheiess. broadening Of the market and
general gains throughout, even in the
less active stocks. The fndustriais and
specialties were ernphatically relegated
TO the background, and. with the eXcep-
lion OF Sugar and Tobacco. there were
sio notable points OF strength or features
OF activity in that department. 1t was
q movement OF railroad stocks decidedly,
and the advance was made in the lace
of number of incidents which would
have been quickly seized upon by the
bears in the lately prevailing temper OF
speculation to force down prices.
To-day, on the contrary. the outstand-
Ing shorts Were eager TO cover their con-
tracts, and when they sought to secure
stocks they found d very limited amount
offered, and The resulting rise in prices
was rapid and sharp. Whatever the
source of the demand. it was large ana
urgent, ana made its way through. all
offerings, with no apparent doubt OF, hes
ltatton. 1t was reported in Wal! street
that a large short account. amounting TO
over 10000 shares of various stocks, was
being closed preliminary to d European
tour.
The buying in some individual stocks
was attributed to operations by a pool.
...e facts disclosed individually by the
surface indications were that operations
were on a much larger scale. than for
advances in the bidding for stocks would
bring out the desired offerings. The
opening of the market disclosed mode
OF depression over the disappointing CT
feet of the war news foreign markets.
London sold about as many stocks in
this market as Were bought Tor that ac-
count yesterday, and dragged prices be-
low last nights level. The steel stocks.
after fractional advances, turned heavy
on the news of the closing down OF add1-
iional mills and offered no support to
he, IL. for l-a roc q IL
gar hung below last nights prices all
day and was q drag on the market IN
fact. the strength in the tobacco stocks
was the only notable element OF strength
in the industrial department
number of reports from April showed
gains in the gross earnings more than
wiped out by increased operating eN-
pefses, bringing the level OF net earnings
below that of last year But these re-
ports were ignored, and caused no check
10 The upward tendency in the railroad
3ist. This found its inception in the.
granger group, and spread to Union Pa
citic. the Atchisons and Missouri Pacific
IT was attributed to the favorable crop
weather prevailing in the West
Later in the day the trunk lines came
into prominence, led by the Baltimore.
and Ohios, the common rising points
and the preferred 2-s, and pennsylvania,
Reading first preferred and Lack2Walna
rose from rs to ~.
The decline in the movement OF cur
rency from the interior for the week was
counted as an encouraging factor Ihe
net receipts by the banks from that
source that estimated at about $1,000, 600,
compared with over $3O00,000 last week
lt Is hoped that this Will prove the turn
ing point towards a revival OF trade ac-
1iyity in the interior. The market closed
active and strong at the best
There was "a good absorption OF rail-
read bonds at advancing prices. Total
sales. par value, S1,4J5. 600 United States
refunding Us (when issued declined a
and old As adr;tnced Is in the bid price.
The total sales OF stocks to-day were
43l 400 shares.
MONEY AND .EXCHANGE.-Money on
call steady at 134u2 per cent last loan
ar = per cent; prime mercantile paper,
3iaa1Ia per cent. Sterling exchange firm.
with actual business in bankers bills al
81 STIs6i4STl4 for demand and at S1.S41:
Tor sixty days; posted rates, $4.S,1. and
ASST; commercial bills, S4.S3ai al. 81.
!, Silver certificates, 60m"I; bar silver, 80;
Mexican dollars, Az. Government bonds
irregular; State bonds weak; railroad
bonds strong.
BANK CLEARINGS.-Total bank clear
ings at principal cities of the United
States for the week ended May 3lst were
81 s3s. I67, nS7, a decrease of 20 per cent;
outside of New York city, 500, oo2,l los,
decrease of u.3 per cent.