The age-herald., 1901-05-17
STOCK MARKET
 GROWING DULL Considerable Decline in the Volume of Dealings CALM FOLLOWING. STORM Rapid Progress in Depositing Burllng- ton Stock Insures Early consum- nation of the DeaI-5ig Ad-
 vance in Liverpool.

New York, May 16.-There was a still further lapse of interest in the stock mar ket as was shown by the decline in the volume of dealings to below a million shareE, for the first time since the late boom attained force. The market also gave evidence of further progress to- wards normal condition. There was still ratasr feverish price movements, but the fluctuations showed lessening
 These are phenomenas which invariably 'oE''V 8 panic. Usually the first violent celapses after the first rebound do not carry prices back as low as the panic level. nor do the rebounds reach as high as the previous level. Otter the violence of the fluctuations has subsided there is likely to be a dull period, and a tendency to lower level unless some new factors of strength develop to reawaken outside buying demand. Today the speculative contingent was inclined to look for such new Influence to tho promised settle ment of the Northern Pacific dispute
 No authentic confirmation can be had as to the terms of this agreement, but It is generally accepted in Wall street that 1t will insure the safeguarding of the interests which deem themselves threat end by the Burlington deal without re- tracing from the benefit of that to It's original projectors. The rapid progress reported to be making in the deposit of Burlington stock to be exchanged for the proposed new bonds seemed to insure the rapid consummation of the Burlington Geal itself The affaat nf vas most manifest in St. Paul and Rock Island. Northern Pacific, owing to the abnormal standing of that stock in the market was not an index to the situa- ton. The process of exchange going on in The Burlington stock affected 1t to some extent fn the same wapy. The advancing tendency In Union Pacific was constantly checked, supposedly by the surmises as 10 the methods of financing the purchases of northern stock made in the companies interested
 The advance in St. Paul over last night reached 89s: in Great Northern preferred 6%: Northern Pacific preferred 3sk 1: Northwestern 6; and Rock Island AZ. Another active center of speculation was Amalgamated Copper, in which the buy ing was large. apparently by inside inter- ests, and regarding which various favor able items of news was published during the day The most important was the re- ported intention of the vice chancellor of New Jersey to dissolve the injunction against the absorption of the Butler and Boston and the Boston and Montana Company. The stock advanced one time ' 7h., There were various other points of special strength, the causes of which were not always disclosed. International Power advanced 101a. Minneapolis and St. Louie 34s on expectations of a dividend increase; American Express 9s4; consol- idated Gas 5H, Lake Erie and Western 7% Iowa Central preferred 5, and Pull man 4% The relaxation forced liquida- tion to small degree. There was un- doubtedly good deal of manipulation by insiders in the international favorites on good dividend payers. But not less strik- ing than the strength with which prices advanced was the ease with which they were forced down again under very light selling with which the day closed, with prices all the way from 1 to points be- low the best, and with net changes a good deal mixed and for the most part small Reports of needed rains in the southwest were an early encouraging feature, and the growth of labor troubles caused some uneasiness, especially the candid admission by the leading publication in the interest of the iron trade that there may be widespread labor disturbances in that trado after July 1. The casa in the money market was due entirely to the falling off of demand in speculation as other causes are tending to a steady de- pletion of New York bank reserves
 The bond market was broad and moder- ately active and price changes were ir- regular Total sales, par value, $2,S45, 900. United States bonds were all unchanged on the last call