The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-05-22
E1,tameta1.
THE STOCK Mark EFT.

Prices Lose Ground steadily Al! Day.
| New York, May 21.-The stock market
was soft from the outset to-day and
! Welded readily to the assault Of the
bears. There was practically no buy
ing demand Of any Importance percep-
| tible and prices lost ground pretty
steadily all day, even on light volume
/ of trading Later in the afternoon
Third avenue made a sudden advance of
six points and caused some uneasiness
among the room shorts who bought
moderately to cover. But the rally was
insignificant outside of Metropolitan,
Brooklyn Transit, Sugar and Tobacco.
The sudden upward movement in
Third avenue was unexplained, except
by last weeks move to secure the dis
charge Of the receiver, and the progress
being made in the betterment Of the
system. The long outstanding short in
terests in the stock was aimed at by
the advance The heaviness of the
market during the day reflected the
keen Disappointment over the failure of
last weeks encouraging developments
to attract any outside demand. 1t was
evident that London especially had been
looked to hopefully to take up Ameri-
can stocks, and the early morning news
from that quarter showing declines for
the international stocks was a tlisap-
pointment. The sales for London ac-
count were not in large volume but the
sentimental effect was decisive and soon
overcome the strength in the few spec
ialties which attempted to make head
way against the tide. It was clear that
SPECTATORS who bought stocks last
week counted upon London taking them
off their hands after that market had
subsidized from its outburst over the re-
lief Of Mafeking. But London shared
with the continental bourses mood of
depression. International houses in
Wall street attributed this to the dis
appointment over the denial of the re-
port that President Kruger had made
advances for peace, and Berlin advices
reported fears Of an outbreak between
Russia and Japan. In the New York
market the grangers and the Pacifics
were the first to show signs of weak
ness but ultimately practically all of
the active railroad stocks fell from 1
to points below Saturdays close. Su-
gar rose a the opening on the announce
ment of advances In the price of refined
sugar, but it was sold in such volume
and with such confidence that it fell
into weakness with the rest of the
market. The weakness in the wheat
and cotton market was not without eff
feet in Wall street. In the money mark
ct the supply of mercantile paper is re-
ported to be decreasing owing to the
setback to trade in various lines The
growing ease of money is attributed
to the same cause. Bear operators nro-
TESS uneasness over the likelihood that
freight rates will not hold in the face of
the decreasing traffic of railroads. The
grain traffic of the western lines has
fallen to the lowest of the year, and is
still decidedly below last years level.
Westbound merchandise traffic is re-
ported to be sufficient to maintain earn
ings as yet above last year, but current
earnings, in spite of the higher rates in
force, are only slightly above last year.
Bonds were much better sustained
relatively than stocks, though there
were weak spots in the list The accu-