The times., 1901-05-26
DEALING At A Low EBB
The Stock Market in the Main
Heavy at the Closing.
a Further Downward Tendency
Looked For - Profit Taking After
the Publication of the Bank Stnte-
ment Causes sharp Recessions.

Looked For - Profit Taking After
the Publication of the Bank Stnte-
ment Causes sharp Recessions.
NEW YORK. May 25.-The stock mar
ket today fell to the lowest volume of
business for a long time past, even as
measuring the dealings Of a half holiday.
The aggregate transactions were less
than 2S5 go shares. For the most part.
the movements in prices were narrow and
devoid of significance as indicating the
immediate course of values.
There appears to be a rather confident
belief on the part of the trading element
that the market for some time to come
will be narrow and the tendency of prices
toward a lower level, following the usual
summer exodus for the holidays by the
larger banking and railway interests. At
the same time, with the exception OF the
technical speculative situation, all of the
influences bearing upon prices are admit
ted to be favorable.
Commission brokers appear to be in
cIined to encourage their customers to
trade in the low-priced stocks as a rea-
sonabIy safe medium of speculation on
the ground that this class of securities as
d whole has not, up to this time, received
sufficient recognition, and that IN the re
cent violent upward movement OF pIISeS
many lOw-priced ShareS OF ueIlC W.
Virtually ignored. The Gould southwest
ern stocks, notably the Wabash issues
and Texas and Pacific, are the most pop
ular in this class. ..a
Considerable stress is laid by the friends
of the Wabash system on the ueClueu
benefits to the property TO Iesuit I'm i'm
the extension OF the line 10 1IllSou4s = - %
account of the high average paying class
of tonnage derived from the flllSDuIs 3
district As an illustration, the earnings
of the Pittsburg and Lake Erie are clted,
showing more than SS9,OOV a mile sFosS
and more than 1000 mile net.
The favorable reports regarding the
r,raseut status and outlook of the anlnId-
cite coal industry, whlch are hIITmr 81
have an excellent basis, are becoming al
most monotonous, and interest cohse-
cuently centres in the loNer-pIlcea LssuSS'
particularly the Erie ana Readlns shdI .. &
Operators for a fall in the European Is
well as the local stock exchanges nave
RECENTLY been utilizing the existing IN
certainty in the Northern Paclnc sltua-
tion as fully as possible 10 create uIsli it Ist
regarding the immediate future OF the
securities markets, but this campaign ma
terial has been pretty well eXhausted. me
decided improvement in the 1orels:I
money markets may not De ignored III
predicting on the probable attitude OF
European investors and spectators IN
Americans.
The attention of the financial world gen
orally will soon be ccnverging on Inc
prospects Of the crops in all OF the lead
ing grain producing countries. Up 10 the
present time there has not been an un-
favorable suggestion OF importance IN re-
latIon to the crops in the United States,
and il is gratifying to note an increase
in our exports of wheat for the week or
nearly LOG, 900 bushels.
The multiplicity OF small labor olstur-
Dances is, TO an extent, an unsetthng
factor. but, according to the Ieadlng au-
thorities on the condition OF general trade
there is continued confidence in improve
ment il the general business conditions IN
this country. Railroad earnings are very
large and indicate a heavy tonnage IN
nearly ali lines of freight
This is particularly true on the South
western Southern, and Central Western
roads. The single exception 10 the i'm
provement in earnings IS the granger
group, for which the St PAU returns are
chiefly responsible.
The statement of averages Of the asso-
ciated banks showed the item of cash well
in line with the preliminary flgures. 1he
gain in lawful money showed an increase
of about 81 600 600 over the results OF TINS
weeks operations, but stih leaves unac-
counted for a considerable sum IN cash
that was received a week ago. but was
not reflected in last weeks bank state
rnent The actual increase IN cash was
S5361 500 This gain, together with de-
creases of 81, ,5s9, so in loans and $lO009,Sy-
in deposits. contributed to an increase u
the surplus reserve Of 81 S39, 90. II Is
known that the actual condition OF the
local banks is stronger than would ap-
IN the statement, anu Ab1d9 NEit SUI
Treasury was debtor at the cIeaiiA6-
house 8. 10, ,le5 on general accounts
In the early dealings the market ols-
played strength in most cases, with tne
Could Southwestern issues prominent IT
the railway list. Advances in the stocks
mentioned were TO an extent stlnulattu
by increasing earnings, and the announce
ment Of a truce in the olnerentlai war De
tween the Wabash and its competitors
was responsible for an extreme adVahcs
of about a point in Wabash common aho
preferred. ,-.,
did the total transactions reach Z9Vt
shares Missouri Pacific was one OF Inf
early strong features, but supsequehLS
lost all OF the Improvement and closed
slight fraction lower than yeSleIdde
Erie common. Union PacIhc, ana Atcnlsoi
common were the only other rallroa1
stocks that deserve mention IN respect L
Tha publication Of the favorable banl
statement was utilized very generally L
take profits, and in consequence prices II
most cases made sharp recesslohS IioI
the early high figures. In the industrla
Tst first place was again held IN volume
of dea Iings by the Tobacco stocks. Amen
can. on trausac ctions of 8. .leO shares, nnad'
an extreme gain of points over yesteF
DAYS closing figures, but later reacted
and closed with net loss Of a point
Continental Tobacco, upon considerably
smaller dealings, left on nearly per cen
lower after an early advance OF near
a point Continental Tobacco preferred
on nominal trading, closed 81 points
higher.
on light dealings American Smelling
common scored a net gain of point anC
Glucose Sugar Refining. on sales of T."
hundred shares, advanced II per cent oI
the reported combination between tha'
company and its principal competitor.
The railway bond market was relatively
much more active than the stock list
with special activity in Wabash deben
ture B issues. The tone In this depart
Tnent was in the main steady. In the out
side market International Power preferres
opened at an advance Of 10 points at llI7a
and rose 10 1205h. The stock closed at 10
bid DistiIng preferred was strong an'
Standard Oil sold at 7S0. The maTAe
closed in the main heavy.