Evening star., 1900-05-12
Buyers and Sellers of Stocks Both
Shy Of Market.
PROFESSIONAL DEALERS IN CONTROL
Disposition of Investors to Wait
for Bargains.
GENERAL MARKET REPORTS



NEW YORK, May 12.-The same contest
between the two accounts which has char
acterized the weeks dealings In the stock
market was again in evidence this morn
ing. Pools bid feebly for their specialties
and some covering of short contracts helped
them to advance prices. Once an improved
lever was established however, new selling
appeared promptly, and again the receding
movement invited covering. This process
was continued within narrow limits
throughout the day.
In commission house circles 1t was
thought the market had been oversold. but
that no one was willing to take advantage
of that condition. Aggressive selling was
not in evidence. but it is equally true that
the courage to buy was wanting. The mar
ket is narrow, in the hands of professionals
inclined to droop. Just why this should be
does not definitely appear but SO pro-
nounced is the tendency that influential in
terests are withdrawing their influence
Inc tendency to be long of money and
short of stocks is growing. Bargains are
expected during the summers campaign
and prudent operators already getting
bank accounts in shape to take advantage
of them.
Meanwhile the commercial outlook ia en-
couraslng, and there are substantial
ftars OF change In business conditions be-
yond natural reaction from the imitation
period At the moment it is condition
within narrow radius of the board room
which is influencing prices Conditions
without that radius have contributed as
little TO the decline as they did previously
to the frantic and emotional advance. The
liquidation of Tobacco holdings, due to
fears of competition and the unsatisfactory
statement of earnings. has been the feature
OF the latter part of the week.
The retirement of two directors was sig
nificant in the opinion of the room and
fores hadowed sales of long stock. Long
stock has been sold since the meeting and
large lines of short stock have been added
10 the supply, but to what extent the latter
represents the retiring interests is uncer-
tain The price rallied per cent today on
mixed buying by the room. The industrial
department a whole did not change ma
terially. the transactions in Sugar being
of the same mysterious character as hereto
fore.
In the railroad list the movement In
Missouri Pacific was watched with unu-
sual interest. The pool demand has slack
ened somewhat. but announcements are
frequently made that any opposition to this
demand Will prove Improbable. However
inns may develop, the room includes these
shares in its selling rallies. The an
nouncement that the Pennsylvania railroad
had borrowed Sl5,0oo.O0O in order to finance
recent purchases Of stock explains some Of
the peculiar features in the loan market
by some the loan was considered an adverse
FACTOR, but years ago when this company
was expanding along similar lines similar
SANSpeioiL was ldheu TO tne TRANSACTIONS.
The result. however. of those acquisitions
has had much to do in determining the pres
ent policy.
The bank statement reflected no serious
changes In any of its leading items. The
reserve decreased $643.7 instead of over
a million, as predicted yesterday The
liquidation in the stock market Is reflected
by decrease in loans amounting to $751;
800. The gold shipments for the week. as-
gregating nearly $3,0O0.OOO. are reflected by
net loss Of 81, 123 600 in lawful money the
interior currency movement filling about
tWo-thirds OF the gap. A decrease Of nearly
two millions In deposits helped to prevent
greater falling off in reserve
Cheap money is assured by this showing,
good judges of money market movements
predicting easy money through the July
disbursement period