The times. [volume] (Richmond, Va.) 1890-1903, 1902-05-28
PRICES DR|FTEC
|RREGULA |: |.
Changes Fractional and Level
Below That of Monday
CANADIAN PACIFIC ACTIVE.
Dropped Sharply. but Rallied Again.
Favorable Railroad Earnings Had
but Little Influence on the
Market.

N i IL,
market was an irregular drift over a l ray
uonal range. for the most part peiow LsS
tcrday's closing level There were ,; q lev
exceptions among minor stocks. Inc re-
cent demand for Wisconsin Central stocks
continued, accompanied by rutnofs o.
buying for control. There was an upWaru
1sosses wan IN s sTset of conference Of
senators TO attempt an asreemeilt up pun
Cuban reciprocity. but the STOCK aropped
back when the conference aujouI ;.,,a
without action A rise Of nearly points
in American Locomotive seemed sup
pleuent to that of yesterda! IN the car
stocks. Pressed Steel Car reacted shasp,
ly over points on the cin2hanc denial
OF yesterdays rumorS OF merger with
the American Car Company. Canadian
Pacific continued by far the most active
in the first few minutes of trading. but
was rallied by arbttrage buying from
Canadian centers, where the absorption
of the stock continued at figures above
the New York level. The reactonscwas
not considered a. result of the speculation
which has followed the rise, but the contin-
portant Developments are pending In the
property. The absence of developments
in the coal stock situation did not pre-
vent the repressire influence exercised
by the stock. which is emphasized by the
Increasing scarcity of coal and the grow
ing effect on other industries.
The Governments weekly crop bulletin
may have had some unfavorable effect
because of the delay to seeding Of the
corn crop reported. A batch of favorable
railroad earnings, including the net show
ing for April of a number Of important
systems. and good Increases in gross
earnings for the third week in May of
others. was without apparent effect in the
market.
The money market has grown SO easy.
at or below per cent for call loans, as
TO have lost importance as factor. But
while the money rate shows an easy con-
Iition. it may easily be that consideration
Of the money situation. present and pro-
spective, has an influence against the
policy of present large borrowings for.
speculative purposes. Opinion is by no
means agreed in Wall Street as to the
effect on this market Of a declaration of
produced hero in contrast with the specu-
lative activity abroad by the current
rumors of peace awakened conjecture
here. There is the possibility of miscar-
riage of the negotiation. but there is also
n possibility that the activity in specu-
!ation and investment aroused by the end
IN foreign securities. shaken down. as
they have been. by a long period of liqui-
dation following industrial depression. An
activity abroad would be likely to lead
to the withdrawal of large amounts of
foreign capital now placed in New York
IN bankers loans. The effect could hard
affairs
The bond market was dull and irregu-
lar; total sales, par value, sl.7ao.0oo
on the last call.
The i, total tai sales of stocks for the day
MONEY AND ExcHANGE-aioney on call
closed steady at 2G @3 per cent: closing bid
md asked, "a @3 Fer cent: prime mercantile
paper, i1bM5 per cent Sterling exchange
heavy with octual business in bankers bills at
s.s77t for demand and at S..S4as for sixty days:
posted rates, S4.S51s and SIS: commercial bills
f4s3A4 M4.S4a. Bar silver. 51Ss; Mexican dol.
lars. 4la4. Government bonds s;eady; State
bonds, inactive: railroads bonds. irregular.
STOCK QUOTATIONS.
FnIn3Ih' q BY Nessrs. SCOTT d sTRINaFELow
Members New York Stock Exchange