Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-17
Stocks We're Weak and Lower
Again Today.
THE BEARS AGGRESSIVE
TOOK ADVANTAGE OF STRIKE
SITUATION.
The Industrial List and Western
Union Were the Worst
Sufferers.
Special Dispatch TO The Evening Star.

Special Dispatch 10 The Evening star.
NEW YORK. May 17.-American railway
shares in the London stock market today
were quiet and without special features.
Prices in that market were irregularly
changed from our closing figures OF last
night.
In the local stock market there was a
weak opening. with considerable liquida-
ton and some pressure to sell from the
bear faction. inspired. no doubt by the
threat that the anthracite coal strike would
be extended into the bituminous field and
possibly into some of the industrial points
collateral to the coal trade.
In the early trading the liquidation was
in lots averaging BOO shares each. and il
was pretty~ general throughout the room
The buying power among the room traders
appeared to be very limited, the only no.
table exception being in Reading I'm which
stock there appeared to be scale buying
orders of from 800 to 900 shares the
limits being placed at all kinds Of intervals
from small fractions to as much as per
cent apart
The bond market. which has not for the
past few days been influenced TO any extent
by the break in the general market. began
To-Day to feel the pressure natural to a de-
Ginning market. and there was some lIqui~
dalton OF speculative accounts to increase
margins on stock holdings Government
pohus, however, were unchanged.
The weakness in the Industrial list was
greater than that for the standard railway
stocks, General Electric falling FIVE points
ana Westinghouse three ia the early trad
Ing, while International Silver common de-
clined sharply. though the preferred stock
gained over per cent from the opening
Sugar Refinery. after opening Of a fraction
showed rallying tendency. Western
Union broke sharply on rumors of a rup-
ture with the Pennsylvania Railroad Com
pany, Manhattan railway and BROOKLYN
Rapid Transit held fairly steady, the de-
ciines In these two fractions at no time be-
ing over point Canadian Pacific showed
considerable strength I'm the face Of the
weakness OF the general list as did also
Grass and Irvine and International Silver
preferred, which advanced five points.
while the common stock OF the latter Sc
curity declined over four points. The publ
cation of the bank statement. which was
construed favorably, had favorable effect
upon the market, but the Improvement was
only temporary, the general list closing
with heavy tone.
The weekly bank statement was as fol-
lows: Reserve. increase s.. ss5.525: loans.
decrease $22,3Ds. leo: specie, decrease 81 ,5i4-
600; legals. increase SJ3l. 700; deposits. de-
crease ssi.oi3.1oo; circulation, increase
S43G0o.
The bank statement showed an unex-
pected loss in cash, but much larger de-
crease in the loans than was looked for no
ooubt due in a large measure to the cur
tailment OF speculation recently and TO the
decline in prices which necessitated extern
sive liquidation. II was the general opin-
ion that there should be a little improve
ment on Monday after the initial dealings
owing to the improved bank statement and
on account OF the aggressive short selling
INDUCED in by the bears during the entire
session today.
Total sales Of stocks. $4,000 shares:
bonds, 81, 29g.00o