The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-24
WALL STREET STOCKS
DAYS Business Confined TO
Room Traders.
SPECULATION IN ERIE
May involve the Control of
That Road.

New York. May 2s.-Today's stock mar
kst offered very little that was worthy
OF any comment. Stfu further evidence
was given OF the abandonment OF the
trading TO professional operators. most
Of them OF a class known as room traders
who operate for a days turn and do not
often leave their account over night
The see-saw movement OF the market IS
the natural consequence OF this class OF
operations. Prices are not likely 70 move
in one direction beyond the second day
The movement n Erie continued the
subject OF much interest and the conjec-
ture as 10 its origin ranged from a belief
that II was pure speculation with ma
nipulation by a pool 70 the opinion that
contest Tor control might be involved.
The theory with Gould Southwestern
group Of railroads were striving for
trunk line outlet 70 the Atlantic found
its advocates The possibility was IN it
self disturbing to speculative sentiment
as threatening TO upset the status quo n
the trunk lines territory. Declines Of
"a in New York Central and % IN Penn
sylvauia gave some point 20 this appre-
hension- For this reason the strength
CT Erie had begun 10 lose ITS sympathetic
influence before that stock Itself yielded
- TIC AalArA H-ah4tccc OK the LlaEhEA-
The absorption on the advance was very
heavy blocks OF 500 TO 500 shares APP
pearing on the tape. Union Pacific was
the first stock 10 show notable weakness,
possibly due 10 the fact that the govern
ing committee OF the Stock Exchange at
yesterdays meeting RETAINED from &C
ton on the application OF the company 10
list 100000 Of convertible bonds. Lon
don was an active seller during the day.
The fa1Uor IF "a N.rr D1uffiz
ner was shown by the timidity Of arbi-
TRACE brokers about going short OF stock
even on arbitrage account where q pur-
chase in London had first been made
against the sale here Northern Pacific
sold up 70 205 during the day. The de-
mand was believed 20 be due to the re-
quirements OF London shorts. The Lon
don Stock Exchange was reported 70 have
decided today not to reconsider its de-
cision suspeuding the rule for buying IN
OF Northern Pacific stock until June 10.
But the movement OF the stock here In
dicated that the London shorts had re-
ceived some sort Of warning TO prepare
for a settlement. Anything connected
with the Northern Pacific corner has not
lost its power 10 disquiet. and II was
disturbing influence today. The state
ment OF the Bank OF England for the
week and the hardening OF the London
money market lifted the sterling ex-
change rate 10 a higher level. The sharp
advance IN sterling IN Paris indicated the
relief there over the closing OF subscFlp-
tons 70 the Russian loan, aud suggested
a cessation OF pressure for gold tx
change experts. however. believe that
more gOldd will 20 cut from New York
tnls week The final selling movement IN
the stock market carried plices down
from 2 to over points The weakness
was severest in the leading grangers, Pa
cites. trunk lines and some OF the Inn
portant specialJies. The United States
Steel stocks shared in the general weak
ness.
The bond market became Irregular.
with the development OF weakness IN
stocks. Total sales. par value. 8 SIS 600.
United States bonds were al unchanged
on the last call.
Closing prices Of stocks we're as fol-