Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-05-04
FINANCE AND TRADE
Stocks Opened Weak and Irregular,
but Recovered Later.
HEAVY BUYING OF ST. PAUL
Yesterdays Slump Believed to
Have Been Carefully Planned.
GENERAL MARKET REPORTS

Special Dispatch to The Evening star
NEW YORK, May As was to have
been expected after yesterdays sharp re-
cession today's stock market opened fever
ish and irregular. The tension or the last
few days had reached a point bordering
upon hysteria. and traders were willing to
throw over stocks regardless of price. A
further decline from the low point of YES
terday would have forced extensive selling
today, but having recognized this fact
early. supporting orders were sent In by
the larger interests.
There was considerable liquidation during
the first half hour but the buying soon be-
came dormant. and a steady market, In
which numerous advances were recorded.
prevailed up to the close of business.
Some sensational views have appeared in
print relative to yesterdays reaction but
there was at no time the slightest indication
of panic
Selling was hurried and indiscrimInate
and the facilities of many offices were sore
ly taxed In handling the business offered,
but there was no disaster Impending
Banks had called loans in some instances
with the deliberate intention of forcing the
street into position of conservatism and
a proper regard for safety.
The larger interests knew of this inten-
ton and admitted the logic OF the intended
discipline. The decline was allowed to go
only within the limits Of a much-needed re-
action. and the street admits that many
weak spots have been eliminated to the
great good of the main situation. There
were reasons for fearing that a reaction
once started could not be easily checked.
but todays trading showed the speculative
machinery to be in splendid order.
Chicago houses repurchased a consider
able volume of yesterdays sales and Lon
don recovered from a weak opening and
was said to be buoyant in the later trading.
The street was flooded with buying or
ders in st. Paul and the stock closed nearly
points above its lowest point
Just what announcement Is expected could
not be learned, but there Is fair prospect
consolidation or an increased disbursement,
satisfy shareholders that no mistake was
made in refusing the proposition afterward
accepted by Burlington. This confident buy
ing contributed largely to the improved tone
In the general market. Missouri Pacific and
Texas Pacific were strong and led the
southwestern group in this respect. Wa
bash, on the other hand, was inclined to
lag. The Gould stocks a class were in
favor so far as new business was concerned
The bank statement was unfayorable but
the market ignored the showing entirely
the highest prices following it's publication
The loss In lawful money has been s. 1884,
400, nearly all in specie. This loss is nearly
S2,000,OO0 more than was predicted yester-
day. An increase of $4,000 900 I'm loans is
not large In View of the business done dur
ing the week.
The net result of all changes Is shown
by a falling of of over 100000 in the
reserve. reducing that item to SO $50 100
If attention were paid to such things or
IL the statements made really reflected
the weeks business caution might be ex.
pected to follow from these changes As
a matter Of fact, the bank statement has
lost caste because OF the fnconclusivs
method OF its preparation.