Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-24
THE PROFESSIONALS ONLY,1
AND MOST OF THEM ROOM TRAD
EMS, HANDLED YESTERDAYS
DEALING.
THE MARKET ON A sEE-sAw.
MOVEMENTS IN EITHER DIRECTION
NOT LIKELY TO EXTEND BE-
YOND TWO DAYS.
(By Associated Press.a

f'EW YORK, Nay 23.-To-days
stock market offered very little that IS
worthy of any comment. Still further
evidence was given of the abandonment
of the trading to professional operators,
most of them of the class known as
room traders who operate for a days
turn and do not often leave their ac-
count open owe night. The see-saw
movement of the market is the natural
consequence Of this class of operations.
Prices are not likely to move in one
direction beyond the second day. Yes
terday's strength in the Erie stock was
maintained this morning and helped the
market to some advance, most conspic-
uouS in about the same stocks as those
which showed strength yesterday. The
movement in Erie continued the sub
ject Of much interest and the conjecture
as to it's origin ranged from a belief
that it was pure speculation with man.
ipulation by a pool to the opinion that
a contest for control might be involved.
The theory that the Gould southwestern
group of railroads were striving for a
trunk line outlet to the Atlantic found
its advocates. This possibility was in
itself disturbing to speculative senIi-
ment as threatening to upset the statue
quo In the trunk line territory. De-
clines of 2A in New York Central and
IN in Pennsylvania gave some point
Of this apprehension. For this reason
the strength of Erie had begun to lose
it's sympathetic influence before that
stock itself yielded to the later weak
ness of the market. The absorption on
the advance was very heavy, blocks Of
5000 to 5000 shares appearing on the
tape. Union Pacific was the first stock
to show notable weakness, possibly due
to the fact that the governing commit
tee Of the stock exchange at its meet
ing refrained from action on the appli-
cation of the company to list 500 ,000,-
900 of convertible bonds. London was
an active seller during the day. The
lesson of the Northern Pacific corner
was shown in the timiaity of arbitrage
brokers about going short of stock ven
on arbitrage account, where a purchase
in London had first been made against
the sale here. Northern Pacific sold up
to 205 during the day. The demand
was believed to be due to the require
ments Of London shorts. The London
stock exchange was reported to have
decided to-day not to reconsider its de-
cision suspending the rule for buying
in of Northern Pacific stock until June
10, but, the movement of the stock here
indicated that the London shorts had
received some kind of warning to pre-
pare for a settlement. Anything con-
nected with the Northern Pacific cor
ner has not lost its power to disqulet
and it was a disturbing influence to-
day. The statement of the Bank CT
England for the week and the harden
ing of the London money market lifted
the sterling exchange rate to a higher
level. The sharp advances in sterling
in Paris indicated the relief there over
the closing of subscriptions to the Rus
sian loan and suggested a cessation OF
pressure for gold. Exchange experts.
however, believe that more gold will go
out from New York this week. The
final selling movement in the stock
market carried prices down from = to
over 4 points. The weakness was Sc
verest in the leading grangers, Pacliics,
trunk lines and n of the important
specialties. The United States S$eol
stocks shared in the general weakness.
The bond market became irregular
With the development of weakness in
stocks. Total sales par value $685.
QUO.
United States bonds were all I'M
changed on the last call.