Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-05-09
Stocks Were Weak Again Today CD
the New York Market.
LITTLE new BUYING APPARENT
Bear Covering About the Only
Support to Prices
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. May 9.-Early trading this
morning reflected some improvement in
prices, but the doubt and sensitiveness 50
conspicuous yesterday were unabated. The
covering OF a line of short stock gave
appearance of strength to the Industrial list
which failed to hold beyond the morning
hour. The Steel stocks Peoples Gas,
Brooklyn Rapid Transit and like issues
showed almost rallying power. Occa-
sional recoveries were recorded in them hut
the pressure was never wholly overcome
Liquidation was manifest In many quar-
tiers and supporting orders were less con-
spicuous than formerly. The market was
weak and explanations We're mostly uusat-
isfactory.
An attack against the leaders Of the ad-
vance was said in some quarters to he In
progress; in others those who had sold out
at higher prices were credited with a de-
sire TO buy back at a lower level. This de-
sire would scarcely extend to the under
mining of confidence in all new enterprises.
since underwriting syndcates are stiii sad
died with the bulk OF their original re-
sponSiblities
Such confidence is no longer apparent.
however. and the buying was largely pro-
tectiNe or against sales previously made.
The demand which might ordinarily be
attracted by decline Of present proper
items Is postponed until something more
deiii lie is known of actual conditions.
The hearing on the Ford bill toward the
end OF the week and the probability OF the
measure being signed are factors tending
TO increase the nervousness among holders
of the Traction shares.
The excuse for apprehens in these
properties is che that has some logical
bearing on the situation
Inc steel and iron issues are suffering
from the double cause of being held larg sly
by the same interests as have been con-
spicuous in the Traction shares and from
the prospects of increased competition.
ONer-capitalZation OF new enterprises and
the daily evidences Of disapproval on the
part OF the banks have led to the over
throwing or many issues which have hith-
erto been held for Investment
There is no lack or confidence in indus
trial prosperity. but prosperity must be
judged from the standpoint of value Were
the new ndustrials capitalized at value
and not at an arbitrary sum, expanded to
the limits suggested by the credulIty Of tho
subscribing public the new issues would
take their proper places in the Investment
list.
Crop reports are sufficiently unfavorable
10 hurt prices In a weak market and all
classes of securities participate I'm the de-
cline. The short interest may cover be-
tween now and the close of business to-
morrow and rally from this cause is to be
expected In view of the persistent decline
Once this buying is exhausted duIIness
should intervene and the market settle
down to reflection of new conditions.
Crop reports and earnings viii determine
the character of the next active movement
Bonds hold relatively steady I'm spite OF the
course of stocks, and money is abundant
for all legitimate purposes.