Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-05-21
Stocks Opened Weak, but Recovered
Under Short Covering.
UNION PACIFIC FLUCTUATIONS
Linseed Oil Stock Was Strong
Feature of the Day.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. May al-American railway
shares were weak this morning in the Lon
don market and business there was only OF
nominal proportions. Declines i'm that mar
ket averaged 1 per cent. Foreign houses
exchange had very few orders to execute.
The local stock market this morning
showed conclusive evidence of the exist
ence OF two active opposing factions. 4
sharp selling movement started the open
ing of the stock market. with good
many traders apparently trying t. max"
prices low as possible. Declines that
followed this selling were from l to pa
per cent. The decline did not extend much
further. and very soon after the first half
hours trading a renewal of yesterdays
buying orders was encountered which
turned prices sharply upward.
The stock most freely sold at the open
ing was Union Pacific common. the selling
apparently being based the announce
ment of the application of that company
to list additional convertible per cent
bonds to the amount OF s1.po.Vn. with
which to pay for Its holdings OF North
ern Pacific stock.
Another story current late yesterday was
to the effect that the new issue Of bonds
was for the purpose of acquiring large
enough holdings of st. Paul stock to give
the Union Pacific important voice In
the management. Insiders In Union Pa
cific said that while the effect of the pur-
chase of Northern Pacific stock might at
first be unfavorably construed, the per
manent effect would be good.
The nCion Pacific stock. after a weak
opening. advanced over points. 1t failed.
however, to hold this gain, and reacted In
the early dealings to about the lowest
opening price.
The local fractions were heavy at the
opening, but a covering movement set in
of. . h. ipiti al daal fnD W "A
prices of these specialties up from to :
per cent. the greatest rally occurring In
Manhattan.
st. Paul was steady to strong most Of
the forenoon. Missouri Pacific weakened at
the start on rumors OF postponement NJ
action on the dividend. The. stock how
ever, quickly rallied per cent when the
selling pressure was lifted.
In the industrial group. on Amalgamated
Copper the effect of litigation was reflected
by a decline Of 3 per cent and over 1 per
cent In Anaconda.
Sugar advanced a point at the start.
then became unsettled. Both Linseed pre-
ferred and common were the features Of
strength in the industrials. the former adj
vancing five points and the latter three.
Press dispatches some weeks ago an
nounced that the control of this company
had been acquired by people Identified with
the Standard Oil, but since then, until the
last few days the stock has been ne
elected. Heavy purchases We're made yes
terday and today in this specially by brok-
erS often supposed To Work Tor the GntHl-
bers of the Standard Oil party.
shortly after noon II was announced that
nothing but routine business was transacted
at the Missouri Pacific meeting today.
This must have been disappointing to a
great many holders of the stock. but their
disappointment did not lead them to part
with their stock, as that specially imme-
diately rallied over point on the an
nouncement.
The general market was quick and very
firm in the afternoon trading and looked TO
be doing very well. " lille there was not
much actual business there seemed. never
theess, to be some picking up of stocks by
good people, particularly II those issues
involved in consolidation movements. Low
priced stocks coming in favor and Wa
bash common is likely to do well rs any
Of them.
On the whole the market presents q
rather professional appearance. but at the
same time considerable resist ance is en-
countered by the bears in their efforts to
depress prices. and while such resistance
lasts no serious apprehension need be felt
of any extensive reactions. Money ruled
easy.
The time for deposting Burlington stock
has been extended to June 5.
United States Leather Company has de-
clared a quarterly dividend of 11-2 per
cent on Its preferred stock.