Evening star., 1901-05-25
Strong Opening in Stocks Followed .
by Reactionary Tendency.
GOULD PROPERTIES ACTIVE
Bank Statement. Though Favor
able, Did Not Help Bulls.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK. May 25.-Contrary TO ves-
terday's closing-which verged on buoyancv
dizziness characterized the opening OF tho
stock market here today. and the trading
element continued in general control
In the railway list the significant move
ments We're almost entirely confined TO the
Gould southwestern observation-disclosures
Pacific. Texas Pacific and Wabash issues
and Erie. In the last mentioned improve
ments were made Of point and over ON
account of this strength 1t naturally
inferred that further progress had been
made in the plans for readjusting the rela-
tions of these roads, one to the other. No
news, however, was furnished the street
In regard to the status Of affairs In them
Ihe local Traction shares were manipu-
lated point and over on very small
transactions A good deal of bulllsh talk
was heard on Brooklyn Rapid Transit, on
the expectation of some good work from
the new management.
In the Industrial group Tobacco stocks
were again the feature and a further gain
of points was made In American Tobacco
soon after the start, while Continental To-
bacco sold up to 63. a gain OF q per cent
over last nights close. These stocks how
ever, on realizing sales. reacted about a
point and a half after the first half hours
trading.
Sugar was not inclined to do much, the
trading In this speciality being confined to
a few hundred shares
Speculation otherwise was devoid OF fea-
ture and the traders while somewhat bull
ishly inclined, appeared to be waiting for
positive results In connection with the
bank statement. On the appearance OF the
bank statement, which. when ii came was
conceded by all to be a very favorable one
the market sold off. traders realizing on
the stocks bought on yesterdays early de-
cline.
Union Pacific lost over a point, the to-
bacco stocks showed further reactionary
tendencies, losing in all about 3 per cent
from the highest prices Of the early ad-
vance and the general list was Inclined to
heaviness.
There was one transaction in Northern
Pacific at 2D0
The action of the market after the pub
lication of the bank statement was some
what disappointing to those people who
expected to see a strong closing, while
those who sold stocks early this morning
on the theory that the bank statement had
been discounted In the buoyent closing
of yesterday seemed to be Well satisfied
with their Judgment.
The market is a very narrow one, and
unless some new buying orders come in
to sustain prices and the labor situation
is cleared up considerably, speculation is
likely to drag and in a full market the
bears are likely to profit more than the
bulls.
Possibly the after effect Of the good bank
statement may result In higher prices next
week-but nothing but a rally-mostly In
the low-priced shares-is expected by good
judges of the market.
The bank statement follows: Reserve
increased, s. ,9S9 $50; loans decreased. S14,-
639. 500; specie increased, BITS 100; legals
Increased. 81, 1S3, 500: deposits decreased.
s1o.5o6, 800; circulation decreased, A,S00.