Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-05-11
FINANCE AND TRADE
The Selling Movement in Stocks
Overtopped the Buying.
SHORT COVtRlNG ONLY SUPPORT
American Tobacco Broke Sharply
During Closing Hour.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK. May 1.-THE willingness to
sell long stock on all advances was again
demonstrated in todays stock market
Every advance in price was temporary and
usually due to the covering of previous
sales. Once outstanding contracts were
provided for new selling was begun. and
with each decline moderate liquida ton from
pools and commission houses appeared.
London's early prices reflected substan-
tfal gains over the local closing parity. and
upon that showing the market was opened
at advances varying from Y to y per cent.
Some round amounts changed hands at the
high prices. the various cliques seeking to
create an impression of new activity. Of
ferings soon became superior to the de-
mand and under the leadership of a de-
cline in Steel and Wire and Missouri Pacific
the railway list was forced into general
reaction.
Traders sold freely. and the room was al
most unanimously of the opinion that lower
prices were likely. Speculative holdings
were sold. and the short interest extended
In all parts of the list
The Steel stocks were weak because of an
absolute lack of demand from actual buy
ers. The situation in trade. while far from
clear Is known to be less favorable than at
first supposed. and this fact. coupled with
questionable stock manipulation, makes the
entire group sensitive to attack.
Missouri Pacific simply reflects tired hold
ings seeking market because of the fall
ure to get any of the recent promises con-
firmed.
The new Standard Oil interest may be
represented in the directory of this road
but the dividend would seem to be less GER
tain. Confirmation of the worn-out story
about the new interest might fail of ex-
pected results now that the novelty of the
prospect has passed.
There Is a growing belief in the passing
OF the several consolidation schemes as
market influences and for reasons largely
political. The railroads are considering
many important transactions, but friends
OF certain officials predict period of de-
velopment in secret session rather than
further public parade Of resources and ex-
pansion.
Labor troubles have come into the situa-
ton more a threat than an actual
agency for harm, and officials are likely to
proceed more cautiously than heretofore
with enterprises which might inspire unrest
among operatives. This theory is growing
In strength. and Is already discouragin.,
rev business. There may be some addf-
uons to the details of present plans to be
given out. but new subject matter is not
likely.
American Sugar Is once more in position
TO influence the entire market, and for this
reason unusual interest centers in the daily
movement in these shares. All, save the
clique IN charge Of the manipula ton, are at
sea on the prospect, but the general i'm
preston is that stock is not being sold in
any considerable quantity
Iomorrow's bank statement will again
reflect the loss In gold, but in view of the
liquidation the loans should show an inter-
est change
The weakness in Tobacco was the feature
Of the final hour.