The Montgomery advertiser., 1901-05-24
WALL STREET REVIEW
ROOM TRADERS HAVE MARKET
 TO THEMSELVES.
See-saw Movement of Prices the Natural Result of the Opera
 tions of That Class :: of Dealers.

NEW YORK, May 23.-Today's stock market offered very little that is worthy or any comment. Still further evidence was given of the abandonment of the trading to professional operators, most of them of the class known as room traders who operate for 3 days turn and do not often leave their account open over night The See-saw movement of the market is the natural consequence of this class of operations. 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 spicuous in about the same stocks as l those which showed strength yesterday. The movement in Erie caused the sub 1ect of much interest and conjecture to | It's origin ranged from belief that it was pure speculation with manipulation by a pool to the opinion that a contest for control might be involved. The the ory that the Gould Southwestern group of railroads were striving for a trunk line outlet to the Atlantic found its ad- vocates. This possibility was in itself disturbing to speculative sentiment as
 threatening to upset the status quo in the trunk line territory. Declines of 2A
 In New York Central and 2A in Pennsyl- vania gave some point of this apprehen- sion. For this reason the strength of Erie had begun .o> lose its sympathetic
 Influence before that stock itself yielded
 10 the later weakness of the market.
 The absorption of the advance was very
 heavy, blocks of 5000 to 5000 shares ap- bearing on the tape. Union Pacific was
 the first stock to show notable weakness, possibly due to the fact that the Gov erning Committee of the Stock Exchange
 at yesterdays meeting refrained from ac- ton on the application of the company
 to list slOO.OO00OO of convertible bonds London was an active seller during the day. The lesson of the Northern Pacific corner was shown in the timidity of ar bitrage brokers about going short of stock even arDftraRa wharo a chase In London had first been made against the sale here. Northern Pacific 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 managers have de- cided not to reconsider its d fflculty sus- pending the rule for buying in of North | ern Pacific stock until June 10. But the movement of stock here indicated that the London shorts had received some note or warning to prepare for a settlement. Anything connected with the Northern Pacific 4corner has not lost its power to | disquiet and was a disturbing influence | today. The statement of the Bank of | England for the week an dhardening of
 London market lifted the sterling eS- | change rate to a higher level. The sharp advance in sterling in Paris indicated | the relief there over the closing of sub scriptions to the Russian loan and sug
 gested cessation of pressure for gold: England for the week and hardening of | that more gold will go out from New | York this week. The final selling move ment in the stock market carried prices | down from to over points. The weak ness was severest in the leading Grang- | CTS, Pacifics, trunk lines and some of the | important specialties. The United States | Steel stocks shared in the general weak ness.
 The bond market became irregular with | the development of weakness in stocks. Total sales (par value) 8, 635,0 900. United States bonds were all unchanged on the | last call.