The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-17
RAILROAD STOCKS
WERE VERY STRONG
Bears Retired From the Field Before
the Dav Was Over.
THE CLOSE DISTINCTLY FIRM.
The Market Was Much Less Sensitive
TO Depressing Influences Than for
Some Time Past and Closed at
Best Level of the Day,

NEW YORK, May 16.--StOckS OF rail-
road companies made a demonstration OF
persistent strength in the stock market
to-day. Whatever unfavorabie factors
developed during the day were ignored
or the influence resisted. and the rcSuIt Z
ing declines overcome. The bear element
was so far impressed by a show o.
strength that they retired from the fleld
before tho day was over and dld not re
peat yesterdays manoeuvre OF q, herce
raid on the industrial quarter, winch on
that occasion upset the market IN the
last fifteen minutes of trading
The market showed itself much less
sensitive than for some time past TO any
decreasing influence, and the close was
distinctly firm at about the best level
Of the day, earlier losses in lndustrlal
STOCKS having been almost entirely over
come. The stocks OF western railroads
Ee:'o easily the leaders in the movement
and the buying was attributed to west
err account, as for several Gays past
THIS western buying is believed in Wall
Street to be covering an outstanding
short interest, prompted by the good
crop weather and the favorable condl-
tons IN the winter wheat belt
The leadership of the movement was
shifted from Burlington to Atchison pre-
ferred, which scored d clean net gain
Of p points. The approach of the dividend
meeting and the circulation OF runorS
that the stock would be placed on per
cent basis were used with effect Bur
iington continued agSresslye!y strong;
and scored an advance of Ia, In spite OF
funding plan was about to be announced
Northern Pacific gained as much, ana
the strength of these stocks affected the
ether Pacitics. and ultimately the trunk
lines which rose l to ~ points.
The steel stocks all repounded Sharply
on covering by shorts and official denlals
of assertions that general shutdowns
were imminent on account Of the pros
ptctive demands for increase of wages
The early weakness of Sugar, People S
Gas. the Tobacco stocks and other Indus
trials was met by denials OF various fu-
inorS which accompanied the decline, ana
recoveries enSued on the demand from
The bear side. Besides this weakness IN
the industrial list, the market had to
contend with the announcement OF go!d
engagements for export tomorrow, fully
4 million dollars IN excess OF the pre-
li1niuary estimate. To-morrow's snip
InenIs foot up fully S3,50o, 600 for france
The fact that so Large a shipment should
be made in the face OF the considerable
decline in discount rates IN Europe
aroused some uneaSinesS, lest the 2ppa-
rent easS Of money abroad was fictitious
and unstable. but the continued case of
money here relieved this apprehension;
Call loan rates fell TO .l12 per cent, ana
the gains by the banks from the SUP.
Treasury and the interior movement
of currency will evidently offset the gold
export.
Although the advance in stocks was
generally wiped out when the gold en-
sagements We're announced, the upward
movement was resumed upon further
consideration OF the circumstances 1t
is the conviction in Wall Street that only
a small amount, if any, gold can be
shipped TO London on Saturdays steamer
under present conditions. To-day's adj
vance in prices was without the sustaln-
ing influence of the recent strength in
Missouri Pacific, that stock dropping
back at one time . points on the request
OF stockholders to authorize additional
capital 10 the extent OF Slaout,VOu Inc
stock partly recovered on the eNplana=
ton that The new issue must be reserved
for retirement of debenture bonds.
The bond market was dull and only
partly shared in the strength of stocks.
Total sales, par value, Sl.lS5,0oo United
States refunding rs (when issued de-
clined J. and the SIS Is in the bid price.
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