The daily morning journal and courier., 1901-05-17
Et1ra metal.
'' THE STOCK .M M4fKk k I1.I..
s.,I,Fur,her Lapse of Interest,


 
 | StiII Further LapSe of Interest. l New York, May 16.-There was 0 still
 further lapse of interest in the stock
 market to-day as was shown by the de-
 cline in the volume of dealings to below
 one million shares, for the first time
 since the late boom attaiend force. The
 market also gave evidencen of further
 progress towards normal condition. 1 There was still a rather feverish price
 movement but the oscillations showed
 a lessening tendency. To-day the spec
 ulative contingent were inncined to look to the promised settlement of the
 Northern Pacific dispute to develop a
 renewal of outside buying. No authen- tic information can be had as to the terms of this agreement but it Is gen.
 erally accepted in Wall street that 1t
 will insure the safeguarding of the in terests which deem themselves threat ened by the Burlington deal, without detracting from the benefit of that deal to it's original projectors. The rapid progress reported to be making in the deposit of Burlington stock to be ex- pected for the proposed new bonds seemed to insure the rapid consumma- ton of the Burlington deal itself. The effect of this development was most manifest in St. Paul and Rock Island. Northern Pacific, owing to the abnor- nal standing of tlat stock in the mar ket was not an index to the situation The process of exchange going on in the Burlington stock affected it to some ex- tent in the same way. The advancing tendency in Union Pacific was con- stantly checked, supposedly by the sur misses as to the method of financing the purchases of Northern Pacific stock made in the companys' interest. The advances in St. Paul over last nights level reached ' 3-S, in Great Northern preferred 3-S, Northwest 5 and Rock Island S-4. Another active center of speculation was Analgamated Copper in which the buying was large appar- ently by inside interests and regarding which various favorable items of news were published during the day. The most important was the reported inten- tion of the vice chancellor of New Jer- sey to dissolve the injunction against the absorption of the Butte and Bos- ton and the Boston and Montana com panies There were various other points of strength, the cause of which were not always disclosed, Thus Interna- tional Power advanced 10 1-2 Minneapo- lis and St. Louis ' 1-S on expectation of a dividend increase, American Ex- press 3-4, Consolidated Gas 1-2, Lake Erie and Western IA Iowa Central preferred 5 and Pullman 3-4. The re- taxation of forced liquidation made light buying orders ef- fective in advancing prices. There was a good deal of manipua- tion by insiders in the interest of better demand for good dividend | payers But not lebs striking than the in price advances was the manner in which they were forced down again under very light selling with which the day closed with prices all the way from 1 to 5 points below the best and with net changes good deal mixed and for the most part small Reports of needed recommendations in the south vest were an early encouraging feature, and the growth of labir troubles caused some uneasiness, especially the candid admission by the leading publication in he interest of the iron that there may oe widespread labor disturbances in hat trade after July 1. The ease in he money market was due entirely to he falling off in demand for specula- ion, as other causes are tending to a 'teady depletion of New York bank re- 'erves. The bqnd market was broad and mod ,rately active and price changes were irregular. Total sales par value $2,S45,- 00. United States bonds were all un- hanged on the last call.