The age-herald., 1901-05-15
STOCK MARKET WAS
 VERY IRREGULAR Prices Would Swing Different Ways Like a Pendulum THE DECLINE WAS MARKED Union Pacific Quit 15 Points of. Every Block of Stock Sold Caused Fall In
 Prices.

New York, May 14.-The inherent weak ness of the stock market after last weeks severe shock to confidence be- came obvious today and some violent de- clines were caused by a comparatively light volume of liquidation. The weakness was partly due to the fact that the nat
 ural rebound after the panic had ex pended itself The factors which caused the rebound were clements of weakness at the higher level of prices. For in- stance the professional operators who were so fortunate as to secure stocks that were sacrificed at the low level on Thursday were very willing to sell and take profits when they perceived that the rebound had about reached it's lim- it's There was another class, that, of the insiders and friends of various stocks, who bought heavily on Thursday to sup port their favorites in order to tighten its holdings when the panic was checked and took advantage of the high level of prices There was a large amount of be- lated liquidation also in today's market on the part of the capitalists and oper ators who were strong enough to hold through the panic and save their prop erty from absolute sacrifice, but were nevertheless bent on liquidation. The Sat urday holiday was taken advantage of all through Wall street district to bring up accounts to date, and the weak con dition disclosed in many cases prompted the closing out of these accounts. This factor would have had more influence yesterday had it not been for the encour- aging effect of the leading outcome of the settlement. The bears also resumed their aggressive mood today and not only of- fered prices down to take the market away from those seeking to liquidate, but were industriously circulating rumors of the further consequence to ensue from the conflict in Northern Pacific. It was observed with apprehension as indicat- ing a possible spread of hostile tactics to 8 general stock market warfare that brokers usually supposed to be employed by Standard Oil in this were sellers of so- called Morgan stocks, while the supposed Morgan. brokers were in evidence when the stocks in the Southwestern group be- gan to give way. This might easily have been bear movement, but it was effec- tive in driving prices downward. There were whispers about the exchange also of a new element of disturbance in the Union Pacific situation.
 Whatever the causes at work, it was clear that the buying demanded Tor stocks had fallen to insignificant propor tions and the liquidation even of com paratively light lines, caused sudden and rapid melting away of values. There were intervals on the down grade of l, 2 and even 5 points between sales. A scrutiny of the price changes of the day will reveal net losses of between and points for a large number of the prln- cipal active stocks. The decline below last nights level reached in Union Pa cific, 15; St. Paul. 9ss; Delaware and Hud- son. Missouri Pacific and Consolidated Gas, &; Northern Pacific, 10: Lacka- wann 724 Manhattan and Amalgamated Copper, 61s, and Rhode Island, G. The money market was not an influence as there was no large demand for call loans. In fact people were mostly converting securities into money as rapidly as was possible. For the same reason the grow ing difficulties of the foreign money sit uation and the belief that it will draw largely on New York's money supply was viewed with lessened apprehension The coming installment of the British war loan, the expected issue of the Russian loan in Paris and the embarrassment feared for the London market, by with drawel of French credit are expected to result in a considerable movement of gold from New York notwithstanding the tone of the market today.
 BondE became weak in sympathy with stocks after show of strength Total sales par value. s2,S70,O00. United States preferred and United States new As ad- vanced A per cent on the last call.