The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-05-24
Ftnanria1.
1uLG AIOCK MARX M.


| New York, May 23.-To-day's stock
market offered very little that is worthy
| of any comment. Still further evidence
was given at the abandonment of the
trading to professional operators most
of them of the class known as room
traders who operate for days turn
and do not often leave their account
open over night. The see-saw move
ment Of the market is the natural con-
sequence Of this class Of operations.
Prices are not likely to move in one di-
rection beyond the second day. Yes
terdays strength in the Erie stocks
,, was maintained this morning and
helped the market to some advances,
most conspicuous in about. the same
stocks as those which showed strength
yesterday. The movement in Erie con-
tinued the subject Of much interest, and
the conjecture as to Its origin ranged
from belief that 1t was pure specula-
ton with manipulation by a pool to
the opinion that contest for control
might be involved. The theory that the
Gould Southwestern group Of railroads
We're striving for trunk line outlet to
the Atlantic found its advocates. This
possibility was in Itself disturbing to
speculative sentiment as threatening to
upset the status quo>in the trunk line
territory Declines of ga in New
York Central and IA in Pennsylvania
gave some point to 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 weakness of the market. The abb
sorption on the advance was very
heavy, blocks Of 5000 to 5000 shares APP !
pearing on the tape. Union Pacific was
the first stock to show notable weak
ness, possibly due to the fact that the
governing committee of the stock ex-
change refrained from action on the APP
plication of the company to list 800, 000,-
900 of convertible bonds at their maet-
ing yesterday. London was an active
seller during the day The lesson of the
Northern Pacific corner was shown by
the timidity of the arbitrage brokers
about going short of stock evn on arbi-
TRACE expenditure where purchase in
London had first been made against the
sale here. Northern Pacific sold to 205
during the day. The demand was be-
lieved to be due to the requirements Of
London shorts The London stock ex- !
change was reported to have decided |
to-day not to reconsider Its decision
suspending the rule for buying in Of |
Northern Pacific stock until June 10. |
But the movement of the stakeholder |
indicated that the London shorts had |
received some kind of warning to pre-
pare for a settlement. Anything con-
nected with the Northern Pacific corner
has not lost it's power to disquiet and
it was a disturbing influence to- day. The
statement of the Bank Of England for
the week mad the hardening of the
London money market lifted the ster-
ling exchange rate to a higher level.
The sharp advance in sterling at Paris
indicated the relief there over the clos
ng of subscriptions to the Russian loan
and suggested cessation of pressure
'or gold. Exchange experts, however,
believe that further 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 severest in
he leading grangers, Pacifics, trunk
ines and some. of the important spe-
,ialties. The United States Steel stocks
shared in the general weakness
The bond market became irregular
With the development of weakness In {
tocks. Total sales par value $685. 900
United States bonds We're all unchang- ,
d on the last call.