Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-05-28
FINANCE TRADE
Stock List Yields to Attack
by Bear Traders.
BIG SELLING ORDERS
WEAK ACCOUNTS DIsLoDGED AND
PRICES BREAK SHARPLY.
Issues Hug the Low Point Toward
Markets Close and Show Little
Tendency to Rally.

NEW YORK. May 22-There was evil
dence OF renewal Of liquidation In the
opening dealings In stocks. causing frac-
uonal declines throughout the list. The
weakness of the London market Increased
the selling pressure here. Amalgamated
Copper dropped 1&, and realizing in Ma
tional Railroad Of Mexico preferred de-
pressed that stock 1M. Losses of about
point were scored by Rock Island and
Leather preferred, and Union Pacific de-
clined r.
Rock Island was poured out on de-
scending price scale until 1t reached 344
loss OF rs. The liquidation was apparent
ly checked and 1t steadied around 30. Fur
ther losses were made in other active
stocks before the market turned. but only
in Louisville was the loss important. that
stock declining ~. Prices hardened only
trifie except for a 2-point rally In Leather
preferred before the decline was renewed
with violence.
On the second break St. Paul. Union Pa
cihc Atchison and Amalgamated sold lower
than before. and the general list came back
to about the opening range. st. Joseph
and Grand Island first preferred lost 8.
Hooking Valley 2 and Union Pacific. Pa
ci1c Mail, General Electric and Pressed
Steel preferred about-a point. The market
steadied and became. dull as the first hour
expired.
The character Of the selling in evidence
encouraged bear traders to attack prices
with tho purpose of dislodgtng vulnerable
accounts. On the decline there were indica-
lions Of heavy unloading by long-standing
pools. and prices broke rapidly.
Amalgamated ran of 31a under continu-
GUS stream of offerings, and its subsidiary
stock. Anaconda. broke IN. Rock Island
was under severe pressure and was forced
down 2A. -.
Canadian Pacific slu,nped 21s. Union Pa
cfac ran of ~. Northwestern 2 and the
active list generally to ~.
There was drop Of in Sioss- Sheffield
Steel. rs In United Railway Investment
preferred and 3 In United States Rubber
preferred. Short covering rallied Amalga-
mated 1&, Canadian Pacific 1 and Anacon-
da 2. Missouri Pacific made good recov-
cry. but the rally generally was feverish
and led to dull trading at once Rock Is
land bonds were weak and the bond market
generally irregular at noon.
Selling was resumed from all quarters
after the midday period Of dullness. and
earlier losses were extended a fraction in
the Pacifics, st. Paul, Amalgamated and
Rugged the low poir{t closely and showed
little indication Of recovery Sugar broke
~. Consolidated Gas 3ta and ST. Louis and
San Francisco'3 bat the last named rallied
IN. Texas Pacific Land Trust advanced 4.
BILE rally to prices outside of Baltimore and
Ohio. which recovered fully.
Bear professionals. noting the futile at
tempts to force rally, attacked the mar
substantially lower than before. Declines
below yesterdays close reached AZ in North
American. AZ IN Amalgamated, 81 in Cana
dian Pacific. Rock Island preferred and
Kansas City Southern 81 in Pullman and
to 2M IN Rock Island, Union Pacific. st.
Paul. Tennessee Coal and Brooklyn Transit
Rallies of a point were made by a few
stocks, but were not well held.