The times., 1901-05-25

There was more irregularity in the stock
market yesterday but the later business
Of The day showed cousidera ble strength
and buOyancy, and in this particular the
session was much more encOurag ging than
that Of the day before Still there was
little reason To suppose that any impor-
tant change VIII take place in the charac-
ter OF the market at present Trading is
largely professional and il cannot be
learned tina: the buying yesterday was
much II any better than that OF two OF
three days ago on the last bulge in prices
The level went on from two TO four JF
more points in the slump that ended yes
terday morning. 1t was not a break of
Importance. but simply professional de-
cline. The upward movement begun yes
terday may perhaps regain all or nearly
all Of this loss. but it is not expected by
conservative people TO do much more.
It cannot be disguised that many Of the
best informed and least paniCky people in
the street are distrustful Of the market
They say that there will be a continuance
Of the See-SaW conditions for a time. but
later they look for a decline Of more inn
poFtance. They expect prices TO be at a
considerably lower level before the middle
Of summer. And despite the many evil
dences Of prosperity throughout the Coun-
try il caLnOt be denied that this view Of
the situation has much TO commend il.
The brokers generally are not sending
out bearish views Of the market for gen
eral consumption, for they very seldom do
that but they do not tell their best
friends 10 buy stocks. Some Of them can
he persuaded without much trouble 10 ad-
wise selling stocks like Rock Island and
&tchisOn common, which are manifestly
selling al too high level, on the bulgcs.
The factor likely TO influence the mar
ket today more than anything else is the
bank statement In important markets
when business IS brisk the street pays lit
tie attention TO the figures Of this state
ment, which are VIGOROUSLY unreliable.
In a professional market however, the
statement Is seized upon as matter Of
prime importance. The best indications
are at present that the figures viii be
fairly good. The shipments Of gold have
not been large and il Is understood that
the banks have gained ia cash from the
interior. The loan account is IN doubt,
hut there is not much likelihood that il
will show anything Ike the last state
ment The outlook on the whole IS that
the statement viii not be Of much intrin-
sic Importance in either direction
London was a seller Of American stocks
yesterday. and il WIS said. too. that
soKac sales OF Importance were male for
Continental houses. There Is reason TO
believe that investors on the other side
hold the same rather pessimlstic views
about the immediate New York stock
mar<et that are held by conservative peo-
pic IL New York
There was not a sale of Northern Pa
cific stock on the exchange yesterday. 1t
may be supposed. ii one wishes that
there IS 10 more stock outstanding. An
other possibility is that the insiders be-
came frightened by the furry IN the stock
on Thursday, and had another meeting
Thursday night. and came 10 some kind
OF an agreement to prevent recurrence
Of The thing. The Northern Pacifc and
Union Pacific people We're the immediate
cause. whether iunocentiy or not, OF the
panic Of two weeks ago il Is to be sup
posed that they do not wish a recurrence
OF the trouble. Whatever the situation
may be. there are good reasons for in
ferrng that this menace is no longer over
the market. One sale Of Burlington at 195
took place yesterday.
Among the interesting matters Of news
yesterday was q seni-ofiieial statement as
10 the probable showing of the April
United States Steel report. 1t was said