The times., 1901-05-28
LITTLE ANIMATION SHOWN
Manipulation for a Decline Evident
in the Stock Market.

st. Paul and other Railway Issues
Tnder Concerted Pressure - Con-
tinentaI and American Tobacco
Kdyarce-Firmer at the Closing.
NEW YORK. May 27.-Little more
than a desuItory speculation was con
Quoted in todays stock market As
was the case last week, outside interest
in the dealings was again wanting,
commission houses reporting the small
est business conducted in many months.
Price movements were somewhat ir-
regular. but for the most part a sag
ging tendency prevailed.
Saturdays strong bank statement ap-
peared to carry no more weight in the
market than it did when the figures
were first submitted. The money mar
ket continued extremely easy, and ster-
ling exchange firm. Further exports of
gold are looked for with the course OF
the week. Today's returns Of railway
traffic were generally strong exhibits,
but they could scarcely be designated
as an appreciable factor in the market.
The London and the Continental stock
exchanges remained closed over the
whitsuntide holidays and furnished no
initiative in either direction in the To-
cal dealings. As a whole the market
varies but little from the conditions
which prevailed throughout the week.
A moderate liquidation was stiil evi-
dent. and this was accompanied by
quite aggressive manipulation for de-
cline.
Concerted pressure, for example. was
evident in such an influential stock as
St. Paul common, but even those in
charge of the bearish manipulation did
not attempt to provide any arguments
in support Of their stock market pre-
fedure. Most of the trading element
again sold stocks with freedom; but
they. too, adduced no other arguments
than the technical speculative condi-
tions which have prevailed since May y
Comprehensiveiy considered, the mar
ket was about as uninteresting as any
that have prevailed since the middle Of
last summer.
The movements in the railway list
were more than usually limited and ir-
regular The Atchison shares were the
frmest features in that quarter of the
market. Apart from ST. Paul, pressure
was most pronounced in Rock Island
Union Pacific, and Missouri Pacific. The
weakness in these instances was not at
tended by any unfavorable weather re-
ports or representations, or, indeed,
by any other news or gossip.
The Erie issues and Texas Pa
cific. while no exceptions to the gen
eral tendency Of prices, showed a COM
paratively good undertone The move
rnents among the local traction stocks
were likewise limited and irregular.
The protracted spell of rainy weather
was referred to in each instance as
depressing influence on the local trac-
tion stocks. Fes5 movements of inter
est appeared am2ng the industrials or
the specialties The copper stocks
Sloved in line with the remainder Of
the market, as did Peoples Gas and
Western Union. There was, on the
other hand, a very spirited advance in
the stock Of the North American Com
pany. with a good deal of attending
discussion regarding the prosperous
state of the company's affairs by rea-
son Of the various enterprises il has
taken part in during the year
The most pronounced movements,
however, in the whole market were in
American Tobacco and Continental To-
bacco. Both the advance in the to-
bacco stocks and the weakness which
at one time appeared in Sugar Refining
were referred in part as owing to TO-
days decision Of the Supreme Court
at Washington on the Porto Rican
tariff cases, but for the greater part
of the day the street was without def
mite information as to what the actual
text of the decision was.
The steel stocks, while fairly active
again fiuctuated within narrow limits
The strength of United States Leather
was attended by reports that reval-
uation of the various properties has
disclosed the existence Of unsuspected
equities
With the course Of the day a some
what frmer tone developed throughout
the general market, and a notably con-
spicuous advance took place in Della
ware, Lackawanna and Western The
Wabash issues also developed steadi-
ness, and the course of these stocks
revived the reports recently current
that the Gould interests were seeking
control Of or representation in the
Lackawanna company. There was lit
tie increase in animation In the re-
mainder OF the market but, as noted
a much firmer tone than had existed
during the forenoon developed
New York Stock Market.