The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-24
PUBLIC IS NOT TRADING
z@s
ROOM SPECTATORS HAD THINGS
THEIR OWN WAY TN WALL
STREET YESTERDAY
ERIE RUMoRs MAKE TROUBLE
Responsible for Declines in New
York Central and PefinsyIvnnia
Watching Northern
Pacific. &3t
.an9s Closing.

fzsas Closing.
Bar silver New York.. 5sA $50
Call money. New York;, sac 2h-f]s
NEW YORK, May 2s.4Todays stock
market offered very little that is worthy
of any comment. Still further evidence
was given of the abandonment of trad
ing to professional operators. most of
them of the class known as room trad
ers, who operate for days turn and
open over night. The See-saw move
ment of the market is the natural con-
sequence Of this class Of operations
Prices are not likely to move in one di-
rection second day. Yesterdays
strength in the Erie stocks was main
tanned this morning and helped the mar
ket to some advances, most conspicuous
in about the same stocks as those which
showed strength. yesterday. The move
nent in Erie continued the subject Of
much interest, and the. conjecture as TO
its origin ranged from a belief that it
was pure speculation with manipulation
by a pool to the opinion that a contest
for control might be involved The
theory that the Gould Southwestern
group of railroads We're striving for a
trunk line outlet to the Atlantic found
it's advocates. This possibility was N
! itself disturbing to speculative senti-
ment as threatening to upset the statu
QUO in the trunk line territory. Declines
of "a in New York Central and "a in
Pennsylvania gave some points to this
strength of Erie had begun to lose it's
sympathetic influence before that stock
itself yielded to the later weakness OF
the market. The absorption on the adj
vance was heavy, blocks of 5000 to 5000
shares appearing on the tape Union
Pacific was the first stock to show no
table weakness, possibly due TO the fact
that the governing committee of the
stock exchange at yesterdays meeting
refrained from action on the application
| of the company to list $lGOQOO, 900 of con-
1 .I~I. ,1,N.,s r,.aHfr
seller during the day. The lesson Of the
Northern Pacific corner was shown in
the timidity of arbitrage- Brokers about
going short of stock even on arbitrage
account, where purchase in London
had first been made against the sale
here. Northern. Pacific sold up to t05
during the day. The demand was belieV-
ed to be due to the requirements of Lon
don shorts. The London stock exchange
was reported to have decided today not
to reconsider its decision suspending the
rule for buying in of Northern Pacific
stock Until June Is. But movement Of
the stock here indicated that the London
shorts had received some kind of warn
ing to prepare for settlement. Any
thing connected with the Northern Pa
cific corner has not lostlitS power TO dis
quiet, and il a disturbing influence
today. The Bank of England's statement
for the week and the hardening OF the
London money market lifted the sterling
exchange rate to 81 higher level. The
sharp advance i'll sterling in Paris ind!-
| Gated the relief there over the closing of
subscriptions to the Russian loan and
| suggested a cessation of pressure for
geld. Exchange experts, however, be-
lieve that more gold will go out from
New York this week. The final selling
movement in the stock market carried
prices down from to over A points. The
weakness was SeVereSt in the leading
grangers, Pacific. Trunk lines and some
of the important specialties. The Unit
ed States Steel stocks shared in the gen
eral weakness s9g .s--t.a
The bond market BECAME irregular
with the development of weakness in
stocks. Sales, par value, $3650.000 Unit
ed States bonds were all unchanged on
the last call. ~. e-'''7 5sA - aTf5
0s'a1u STOCKS a9diood 1neia5a
Furnished by Charles II. F. Smith &
CO., members of the New York Stock
Exchange Pioneer Press building. who
| have direct wires to Chicago and New
YORK. Closing prices are bid