The times., 1901-05-24
COAL ISSUES THE FEATURE
The Erie and Others Conspicuous
in the Days Market.

in the Days Market.
4 Rise of Thirty Points in North
ern Pacific Causes a Reaction in
General Dealings - Rumors of n
Corner in American Linseed oil.
NEW YORK. May 23.-Active interest
in today's stock market was again con-
fined to a few particular groups of stocks,
and very little Of general interest devel-
oped out of the dealings. Trading con-
tinued in comparatively light volume, at
least in contrast with the daily averages
which were maintained up TO fortnight
ago. and commission houses appeared
quite generally to discourage the assump-
ton of new commitments 10y their Gus
toners.
The days situation outside OF the mar
ket itself was quite barren OF incident of
any Importance. The money market
cont nucd easy and sterling exchange ad-
ed further II was generally expect
ed to-day that upwards Of Sz.olae,0 iu gold
will be exported by the French steam
ship on Saturday next At the same time,
the case in the money market would ap-
pear TO forcsbsdow fairly strong bank
statement on Saturday.
The banks have thus far incurred only
4 tr5fiuE loss oT actual cash in ;heiv
transactions with the local Sub Treasury.
and il was considered probable that this
week = statement would reaect the heavy
receipts of cash which failed 10 appear
in last Saturdays report.
There wss no particular explanation OF
the weakness IN Americans at London
but the declines below parity with New
80
TO one polnt. No change was made today
fn the Bank OF Eaelaud's official Discount
rate, bat the banks weekly statement
made = very strong showing, the percent
ssc OF reserves 70 liabilities advancing
nearly 5 pot cent Foreign houses sold
quite heavily in this market particularly
of the Ere issues. IN which stock their
constant selling has resulted in the crea-
tion q a technical or perhaps actual
short interest q considerable urouor-
tions.
The Erie issues. together with the other
anthracite coal stocks. were again the
conspicuous features Of today's market
Extensive advances were scored in all of
these stocks in the forenoons 5 dealings.
with tremendous transactions appearing
in Erie common. " 18th the course Of the
morning, however, 4 distinct chill was
given 10 the speculation by reason of n
NtllIAA-HNlEI ADVANCE IN NOrNnNEn RaGlElC
common stock Although this eNtraordi-
nary movement took place under very
light transactions and undoubtedly repre-
sented the closing out Of some belated
short interest. not entitled to the faciii-
ties extended in some instances by the
banking houses controlling Northern Pa
ciflc stock. the incident was a most dis
agreeable reminder of the stock market
occurrences OF fortnight ago and the
influence on business was furthered by q
Simultaneous break in Union Pacific com
mon stock. At all events. general re
action in the market vas noted.
Prior to this reaction, as already noted,
certain stocks. in addition to the anthra-
cite class. had shown aggressive strength.
These were notably Missouri Pacific. Tex
as and Pacific, the Wabash issues. the
local traction shares, and LackaWanna.
The exceedingly rapid advance in the
last named stock revived the reports re-
Gently current that representation in the
directorate was desired by the controlling
interests IN the Gould properties, al
though. on the other hand, the move
ment might readily enough have been
sympathetic with the strength shown in
the other anthracite stocks.
Among the spectalties the features We're
Amalgamated Copper and Anaconda Min
ing which advanced on rumors that con-
ferences looking to a settlement Of the
disputes with rival copper interests were
being held. Only a moderate business was
conducted elsewhere in that quarter Of
the market The industrials also were
comparatively dull.
Sugar refining shared in the early
strength of the general market and par
ticipated in the subsequent reaction
Dealings in the stock seemed to be, in the
main. governed by the idea that the pros
porous state of the refining industry
might lead to an advance in the rate of
dividend.
other active features of the industrial |
quarter wereN the United States Steel |
stocks. which followed the irregular |
, the general market, Press |
Ell Steel Car and American Linseed Oil. /
7 he character Of the manipulation Of the /!
last named stock was again a matter Of |
comment. inasmuch as both /
common and preferred stocks have been /
forced TO levels out Of all reason with /
the terms Of the merger with the Union 4
Lead and oil Company. 1t would appear. /
indeed. that the manipUlators Of the stock [
have attempted. IN a small way. to duDli- !
cate the situation which was Unintention- /
ally forced in Northern Pacific affairs.
1t was noted that the National Lead is /
sues were today decidedly reactionary, |
the renewal of the re-
ports that the company might be includ-
ed in the pending anna lgamatiOn Of the
lead and Hnseed oil companies. The
frnress of Pressed Steel Car and Ameri- /
can Car and Foundry was attended by re-
ports that negotiations were on foot look
ing TO closer relations between those two
concerns.