Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-05-29
Stock Market Opens Up, but
Soon Goes Off.
BAD BANK STATEMENT
TRANS-CoNTINENTAL ISSUES
SINK TO A Low LEVEL.
Pressure Against Rock Island and
Amalgamated Copper-Small Loan
=" Reduction Sluggish at Close.

NEW YORK. May 29.-First prices for
stocks showed fractional gains over last
night ranging up to one-half for the leading
issues. Rock Island preferred and Denver
and Rio Grande preferred advanced about
a point, ST. Paul u and Sugar y. The deal
ings We're not on a large scale. better
tone In the London market helped the ad-
vance here.
The undercurrent of firmness to the mar
ket did not arouse any pronounced demand
for stocks. Buying went on cautiously in
various stocks. but an accumulation of the
general list was checked by the pressure of
stock in Amalgamated and Rock Island
after they had risen slightly. st. Paul rose
to $50. and its advance helped toward
more strength in other leading stocks. Tho
specialties made better showing than the
railroads. Anaconda advancing and Sugar.
Smelling. Colorado Fuel. Tennessee Coal.
Manhattan, Leather preferred. Realty pre-
ferred and North American l@1%. New
Jersey Central also gained and Hooking
Valley 1. The market was very uneven at
IL o'clock. the declines in Amalgamated,
United States Steel preferred and Rock Is
land affecting some stocks, while others
showed support
Pressure continued against Rock Island
and Ama1gamated which lost IA and l&.
respectively. The general market was de-
pressed in sympathy. National Railroad Of
Mexico. Northwestern Colorado and South
ern and Metropolitan Street Railway lost
1, Lead preferred, IL. and Consolidated
Gas, 2h Prices steadied before the ap-
pearance of the bank statement. hestated
for time afterward and then declined
again to about the lowest. The small loan
reduction in view of the stock market
liquidation of the week was considered I'M
satisfactory. Bonds were irregular at noon.
Scarcely any variation from the noon
prices was made until the sluggishness OF
the market rather than any pressure forced
the list off. Transcontinental stocks all
reached a lower level and point losses were
scored by Union Pacific. Louisville. Erie
first preferred. L. S. Steel preferred Brook
lyn Transit and few minor stocks.
further slight dip in the Pacifcs
brought Southern Pacific within the range
of 1 point losses. but the general list was
inanimate. recovery of point from the
lowest in Amalgamated started some de-
mand for other important stocks. and the
list recovered good fraction all around.
Today's Cotton Opening.
NEW YORK. May 29.-The cotton mar
ket opened easy at decline of 1 to IL
points. chiefly on the nearer positions.
The opening weakness was due to unsat-
isfactory cables. especially in regard to the
spot sales in Liverpool. which reported
only 1000 bales. confirming previous claims
Of subsiding demand from spinners.
Later the local market rallied on cover
ing in anticipation of the holidays and be-
fore noon the trading level had been raised
to yesterdays closing prices the old
crop months and an advance of 1 and
points on new crop positions. with trading.
however. slack. and scarcely any new out
side business included.
At noon the market was dull. but about
steady, with prices net to points lower.
Spot quiet; mddling upland. lilo: middling
gulf. 1195. Estimated receipts al the ports
today 1000 bales. compared with Z ,40I last
week. and $40 last year.
For the week "a ono balpS against
last week, and 20 J64 last year Today's
receipts at New Orleans were 1,35S bales,
against 1.645 last year. and at Houston,
LII bales. against 46S last year.