The times., 1901-05-21
RESERVE STRENGTH SHOWN
The Underlying Tone of the Stock
Market Firm.

Liquidation of weakened Account,
COntinues-The Dealings Not De
cided for Any Length OF Time
Railroads Under IA Heavy Pressure
NEW YORK. May 2O-Today's dealings
I'm the stock market did not result in any
particularly noteworthy results. Accord
ing to recently established ideas of what
constitutes an active market, the aggre-
gate transactions recorded today would
be regarded as small. As against this,
however, interest was fairly well diversi-
fed, and while the market did not retain
any decided tone for protracted period
during the day, underlying strength was
manifest.
The further liquidation of weakened
speculative accounts was conducted ac-
caslonally throughout the day, and the
professional element, almost to a man,
appeared to select the bear side of the ac-
count as likely to be the more profitable
side From the extent Of the recovery
which the market has scored from the
level of the panic Of ten days ago no par
ticular arguments appeared to be ad-
vanced by the reactionists.
The labor troubles threatened in va
rious directions and the strike of the ma
chinists which began today, were nat
urally subjects Of discussion and were
probably effective in inducing some OF the
selling which set in upon the opening Of
business. Inasmuch as the strike OF the
machinists was practically foreshadowed
last week. it could not be said that any
particularly novel considerations devel-
oped over Sunday bearing upon the mar
ket situation.
The money market continued easy at
about the level prevailing toward the close
ot last week and sterling exchange rates
were somewhat firrner. Additional eX-
ports of gold are expected on the steam
ship sailing on Wednesday,
London furnished irregular changes in
prices FOR American stocks, the Erie is
sues and Atchison common being partic-
Glarly heavy, while Baltimore and ONO,
the anthracite coal stocks. and the United
States Steel issues were decidedly firm
there In the absence of any other deVel-
opments OF novelty the local market at
the opening accepted the cue given by
London, and corresponding movements
were noted here in the stocks cited.
The operations fGT foreign account were
on small scale, with selling orders
slightly predominating. As already noted,
the market did not, for any considerable
time during the business session. retain
a definite tone. Comparatively firm fea-
lures of the railway list were the Erie,
Reading, and the anthracite stocks gener-
ally, Missouri Pacific, and the other Gould
railway stocks, and St Paul.
On the other hand the Atchison issues
showed material pressure as did Pennsyl
vania and Union Pacific Nothing of inter
est in the way of news or gossip could be
cited in connection with any of the vari-
Gus movements referred to. The Missouri
Pacific directors viii meet tomorrow, but
1t was said with some authority that
nothing further than routine business will |
come up for consideration. The dealings /
in the local traction quarter of the mar |
ket We're fairly animated, but those |
stocks, after an early show of strength, all /
broke quite badly.
The iudustrials showed the most extern |
sive movements of the day. international |
Paper, common and preferred, advanced !
rapidly, as did United States Rubber and 4
the American Linseed Oil shares a fur /
ther advance appeared also In the National I
Lead stocks, which was somewhat vague
ly referred to as being in sympathy with
the rise In American Linseed stocks
Sugar Refining was heavy. and in the
early dealings the United States Steel
stocks declined smartly, although they
recovered a part of their
loss
Fairly active dealings were conducted
among the so-called specialties, which
were generally firm, conspicuous examples
being Consolidated Gas, Peoples Gas,
General Electric, and Colorado Fuel and
Iron. The movements in the Copper
stocks were comparatively small