Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-05-13
Selling Movement in Ira ding
in Stocks.
RECOVERY LATER ON
BALTIMORE AND OHIO OBJECT OF
ATTACK.
New York Central Was Also Under
Pressure From the Bear
Crowd.
special Dispatch to The Evening Star.

NEW YORK, May 1S--Amerfcan railway
shares in the London stock market vera
about on a parity with our anal figures of
yesterday. Consols were lie per cent bet
ter for both accounts.
In the local stock market the selling
movement which developed late yesterday
afternoon was in evidence again today and
continued the best part of the forenoon.
with some little success In such stocks as
Pennsylvania. New York Central. Atchison
and Metropolitan Securities.
The declines in these stocks affected adj
versely the rest OF the active shares and
the bears were helped in their campaign
against values by moderate selling orders
by the commission houses for out-of-town
clients who did not like the break in the
market In the final dealings yesterday.
There was nothing unfavorable In the news
that came to hand over night, with the ex-
ception Of the labor troubles throughout the
country.
There were rumors of other unfavorabie
factors. such as more gold exports and re-
duction in the price OF steel billets. but
the former rumor could not be verified
and the latter report was denied by au-
thorities In command of the steel and
iron industries. Notwithstanding this.
however, the traders generally were working
with the bear leaders in their efforts to
smash things.
The larger interests on the long side Of
the market gave fair support II their diff
ferent specialties. but in the face Of this
buying, the active list generally sold on
from one-half to one per cent in the first
hours trading and failed to show any rail-
lying spirit at that level.
The Gould stocks as q group and the
Rock Island issues displayed the most firm
ness in the early selling. but even these
stocks were about one per cent below yes
terday's figures.
The weakest features were the Metro
politan securities stock. which went up
about per cent. and the Metropolitan
street railway stock, which went down
about ~ per cent.
The steel issues were all heavy but
United States Steel preferred stock.
Another active and rather firm stock was
Baltimore & Ohio common, wnera bear
commitments were held in check by the
good April statement of earnings.
This good showing also gave some
strength to the other bituminous coal roads.
After the first hours trading the market
became less active and little steadier in
tone. but there appeared to be very little
disposition to buy stocks, and the bears
were still talking Of heavy gold exports and
the threatened strike on the Great Northern
railway system.
Colorado Fuel and Iron was exceptionally
strong in the early dealings. and before the
noon hour was reached the stock had
gained over two points from yesterdays
about $4,000 shares. mostly of Atchison and
New York Central. The market at this
hour showed a little more firmness, and
there were recoveries of from Il to n per
cent in some Of the active stocks which had
shown the most weakness In the early
trading.
In the early afternoon trading the mar
ket continued to show a little better
strength. due to some covering on the part
Of the smaller room traders who thought
large volume of liquidation ought to have
followed the earlier weakness. The recov-
cry was also helped by purchases for for
eign account
Baltimore and Ohio and New York Cen
trail were both strong in the rally on good
earning reports, the latter for the quarter
ending March 81 showing gross increase OF
3,2JO,54S and the net income increased
$643 456.
Colorado Fuel continued to show strength
and gained 1 per cent more. making a total
advance of 81 per cent from yesterday.
The buying was said to be for a section Of
the western operators.
After the delivery hour (2:15 D. m.) there
was little more covering of short con-
tracts by the room traders and the mar
ket continued to show a tendency to i'm
prove, but the rally did not extend very
far in the active shares. There appeared.
however, to be better support in Pennsyl-
vania, Atchison, Baltimore and Ohio and
st. Paul.
The steel shares were heavy throughout
and there were rumors OF bear campaign
on these issues by the Keene crowd on
count of a slight reduction in the price Of
pig iron. Considering the hammering given
the general list today by the bears and the
small amount Of long stock brought out by
this process. the general list has withstood
the pressure very well indeed, and 1t is
likely to rally smartly before the end II
the week. unless something unfavorable-
not now looked for-happens.