Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-05-15
FINANCE AND TRADE
Stocks Were Weak Under Selling for
Both Accounts. =,
DRIVE On THE STEEL ISSUES
The News 1omLondon, However,
wv - Satisfactory
GENERALS MARKET REPORTS


| Special Dispatch to The Evening Star.
NEW YORK, May 15-foday'sr stock
! market gain Showed signs of REIMBURSEMENT
| and prices tailed ito advance during the
| first half of the session. liquidation con-
| tinued in an, classes Of securities. and
traders syere inclined to encourage a
! action by INCREASING the volume of short
| sales. One operator in particular was es-
| pecially4 energetic in Offering stock down
while Hrokers were executing commission
| orders s.5j i
| The combined effect of this miscellaneous
selling was to produce a positively weak
tone In adj parts of the active list Invest
ment ISSUES were thrown over with the
rest and bargain hunters had another OPP
portunity tfor acquiring cheap stocks. Ru-
mors of unfavorable crop conditions, labor
troubles and the familiar but neglected ar
guments Of the professional operator were
| made to do duty before noon and with sue
cessful results. -.~,..-
The real cause Of the weakness may be
put down to thnidity and the marked fall
ing off in commission house buying.
me money market was rather favorable,
and present indications favor a relatively
good bank statement on Saturday. Another
decided Influence for good was the semi
oElc1al announcement that plan had been
agreed upon for the ultimate settlement Of
the Northern Pacific controversy.
Following the announcement came en-
couraging reports of the progress being
made with the deposits O. Burlington stock
under the terms of the Northern Pacific
Great Northern guarantee. Later London
cables reported satisfactory settlement
and no failures. Under the influence Of
these later rumors the market rallied
rather naturally and regained its early
losses.
Union Pacific was a weak feature during
the morning, selling under par as the re-
suit OF the continued pressure of Tong
| stock On the late rally an advance of
| per cent from the low point was recorded.
The Southwestern shares were weak dur
| Ing the morning, Missouri Pacific selling
| shares down with it. Later in the day
Wabash and Texas Pacific rallied easily
| and tie old rumor Of an alliance with
| Lackawanna was revived In the case of
the former.
The granger issues were weak and found
! only Indifferent support for q time. The
| crop rumors, while exaggerated, served to
chill the demand
The Steel stocks were under considera-
| Bile pressure. and no especial attempt was
made to rally them artifcially. AS a mat
| ter of fact interests committed to the sue
cess of the Steel deal were openly selling
stocks in the general list. The Traction
! stocks, Sugar, Amalgamated Copper and
| similar issues sold off sharply at time,
| but rallied easily during the afternoon.
| Over S2,250OO0 gold was engaged for
shipment by tomorrow's steamers but this
| incident caused no concern. 1t Is generally
believed that the banks are stronger in
| many ways than they have been at any
| time this season. The shifting of loans and
the extreme decline in prices has disclosed
a considerable long account In securities
lacking ready sale. One of the evils of
the community of ownership idea was to
encourage the accumulation of a lot of
speculative trash. which now finds it's way
! back to its proper station to the great
| comfort OF it's owners.