The age-herald., 1901-05-24
ROOM TRADERS THE ONLY DEALERS See-Saw Movement Was Ap- parent in AlllStocks ERIE BEING MANIPULATED London Shorts Elevated Northern Pa eific To POS at One Time-Are
 Very Timid Since the Re-
 cent Furry.

New York May 2S-Today's stock mar ket offered very little that is worthy of any comment. Still further evidence was given of the abandonment of the trading to professional operators, most of them of class known as room traders, who op- crate for a days turn and do not often leave their account over night The ee- saw movement of the market is the nat ural consequence of this class of opera tions. Prices are not likely to move in one direction beyond the second day. Yesterdays strength in the Erie stocks was maintained this morning and helped the market to some advances. most con spicuous in about the same stocks as those which showed strength yesterday. The movement in Erie caused the sub ject of much interest and conjecture to it's origin and ranged from a belief that 1t was pure speculation with manipulation by a pool to the opinion that q contest for control might be involved. The the ory that the Gould Southwestern group %of railroads were striving or. a Trunk Line outlet to the Atlantic found its ad vocates. This possibility was in itself dis i turbing to speculative sentiment at { threatening to upset the status quo in the Trunk Line territory. Declines of 2% in New York Central and 2A in Pennsyl- vania gave some point of apprehension For this reason the strength of Erie had begun to lose it's sympathetic influence before that stock itself yielded to the later weakness of the market. The ab- sorption of the advance was very heavy, eI,o ri rQ on the tape. Union Pacific was the first { stock to show notable weakness, pos sibly due to the fact that the governing committee of the Stock Exchange at yesterdays meeting refrained from ac- tion on the application of the company to lists of $1OO, ,OOO, 900 of convertible bonds. 4London was active during the day.
 z The lesson of the Northern Pacific corr ner was shown in the timidity of arbi- trage brokers about going short or stock even on arbitrage account where a pur- chase in London had first been made against the sale here. Northern Pacihc sold up to 205 during the day. The de- mand was believed to be due to the re- quirements of London shorts. The Lon don Stock Exchange refused to reconsid- CT the question of suspending the rule for buying in of Northern Pacific stock until June 10.-But, the movement of
 
 shorts had received some note of warn ing to prepare for a settlement. Any thing connected with the Northern Pa cific corner has not lost it's power to dis quiet, and was disturbing influence to- day The statement of the Bank of Eng land for the week. and the hardening of the London market lifted the sterling ex- change rate to a higher level. The sharp advance in sterling In Paris indicated the relief there over the closing of subscrip- tions to the Russian loan and suggested q cessation of pressure for gold. Ex- change eporters, however, believe that more gold will go out from New York this weekx.- The final selling movement in the stock market carried prices down from two to over four points. The weak ness was severest in the leading gran gers Pacifics. trunk lines and some of the important specialtieS. The United States steel stocks shared in the general weakness.
 The bond market became irregular with the development of weakness in stocks Total sales. par value, $3, ,635 900. United States bonds were all unchanged on the last call.
 New York Stock Market.