The times., 1901-05-16
FEVERISH And DECLINING
The Market Affected by the Con-
tinued Liquidation.
Chicago and Alton, Union Pacific.
and United states steel Suffer
Northern Pacific Common Lower
Through the Arrival OF Stock.

Northern Pacific Common Lower
Through the Arrival OF Stock.
NEW YORK. May 15.-The money mar
ket was easy today, the bulk of the bor-
rowing being effected below the so-called
legal rate of interest. As bearing upon
the days enRag agements Of gold for export,
the usual monthly statement of the coun-
try's foreign trade issued by the Bureau
OF Statistics of the Treasury Department
was particularly interesting.
The figures showed an excess of mer-
chandise exports amounting to over Sil,-
OOO.000 against an eXcess Of 600 for
the same month last gear. For the ten
months ended April 80 the excess of mer-
chandise exports amounts to S5S4,e5o,oe0
against S455, 600, coo for the same period of
last year 1t may be noted in this respect
that in the meantime this country has
imported only $6G0 600 in gold, against
exports of about S5S.00000O
The excess of exports of silver in the
same period amounts to $23,0e0 600, as
against S17,00000O last year. It is not
strange in these circumstances that the
stock market pays such scant attention
20 a matter which in former years would
have excited so much interest, namely,
the spectacle of gold leaving the country
at time when it might be expected the
movement would have been in the con-
trary direction. Ii may properly be added
Furthermore. that of ApriTs excess of ex-
ports of over $4,000, 600 only q little more
than S5,000000 was made up of the ship
ment of bread stuffs, provisions, cotton.
and oils. This striking showing attests
plainly the position now occupied by the
United States as a manufacturer
The dealings for foreign account in the
local market were again upon an unim-
portant scale. Material advances were
scored in the London market for Ameri-
can stocks, and partly on this account
and also by reason of the authoritative
statements made this morning respecting
the status of Northern Pacific affairs the
stock market opened at substantial ad-
vances above last nights final figures.
As already noted, however, the resump-
tion of the liquidation of the accounts
of crippled SPECTATORS and commission
houses was at once resumed After the
opening the market was highly feverish.
and 50 continued throughout the day.
Material nressure appeared in such stocks
as Chicago and Alton, Chicago Terminal.
an6 notably Union Pacific. Other par
ticularly severe declines were noted in
Delaware and Hudson, Denver and Rio
tral, Pennsylvania, Southern Pacific, and
Texas and Pacific.
AS was the case Yesterday, it was sim
ply idle to attempt to assign special rea-
sons for the tendencies displayed by par
ticular stocks. It was, however, a some
what gratifying feature OF the day that
the sinister rumors which prevailed yes
terday regarding the integrity OF a num-
bSr C large firms and operators were not
sc prevalent today. The Northern Pacific
situation remained in statu quo.
The technical circumstances Of the deal
inss in the stock were, however, much
relieved today by reason Of the arrival Of
a transatlantic steamer which brought
with it a large amount of Northern Pa
cific stock which had been sold in this
market for foreign account, and which
had been borrowed in the meantime. The
receipt of this stock was naturally reflect
ed in Z material reduction in the quota
tions for Northern Pacific common.
Although interest again largely con-
verged on the railway list, the remain
der Of the market was by no means neg
lected. Trading was somewhat more ami
mated than Yesterday, particularly in the
forenoon The local traction stocks con
tinued heavy. Some particularly severe
declines appeared among the so-called in
dustrials AmaIgamated Copper, Peoples
Gas and Tennessee Coal and Iron being
the worst sufferers. The industrial stocks
moved in line with the remainder of the
market, the features there being the
United States Steel issues which We're
under specially severe pressure.
Beyond any doubt an end has been put
to such speculative conditions as pre-
vailed prior e last Monday a week ago
but * is ecu@liy certain that there has
been no fundamental change in those con-
ditions which resulted in the unparalleled
speculation which prevailed up TO that
time.