Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-05-07
FINANCE AND TRADE
Opening Of the Stock Market
Was Irregular.
BEARS GOT CONTROL
TRADING WAS PROFESSIONAL
AND LIGHT IN VOLUME.
Gould Shares Were Well Supported by
Inside Interests-Copper
Was Strong.
BEARS GOT CONTROL
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. May TN the London
market American railway shares were
from V to Y lower, but business there was
dull and interest centered in the new
Transvaal loan. an announcement of which
was made today.
In the local stock market there was some
irregularity in the first dealings. the inter-
nationally listed shares showing reac-
tfonary tendency, due to lower London quo
tadons; while the Gould issues and Copper
shares were very strong and active, and
showing good advances over yesterdays
prices. The Rock Island issues met with
some realizing sales at the start and lost
nearly L per cent before the end of the
first hours trading. The St. Louis and San
Francisco issues, however, continued strong.
and very soon after the opening gained one
and one-half per cent. There was a good
deal Of talk about the merger between
these two roads. and 1t Is expected an an
nouncement of the plans thereto will be
made this week.
International paper securities continued
to show good demand and the price of the
stock advanced fractionally above yester-
days highest level. The activity and
strength shown by these issues recently is
said to be due to some renewals of con-
tracts at very favorable and profitable
rates.
Sugar and Lead were both shade lower,
the latter on talk of failure of recently
talked-of mergers.
Pennsylvania, Atchison, Union Pacific.
Louisville and Nashville. ST. Paul and
dency to react on further sales for profit
taking
Southern common and preferred shares
continued active and there were denials of
ho tl,aks H..
Standard Oil people had parted with some
Of their holdings.
The local traction shares were very quiet
and shaded of fractionally out Of sympathy
talk of gold shipments continues, but we'll
informed foreign exchange dealers do not
expect any gold to go out this week. and II
any goes out next week 1t will be in
amounts that can easily be spared Just
now.
After the first hour Of trading the market
showed declines ranging from II to 1 per
cent for most of the active shares, with
the exception of a few special issues which
have shown good strength for the past
week Among these Missouri Pacific and
Amalgamated Copper were the strongest,
both of which were holding an early
gain of about per cent The latter stock
was In demand for the pool operating in 1t.
good deal of the early selling has been
for the short account In anticipation of
some foreign selling of American railway
new Transvaal loan. and the possibility
that this loan may draw some gold from
this side.
Up to noon 232,9OO shares were dealt in
ana $SI0,OOO in bonds Foreign houses were
sellers of about 1000 shares on balance.
but their total dealings were not over 5000
shares. The market at this hour continued
to show slight sagging tendency. but trad
Ing was very inactive and professional.
Commission houses were doing very little in
the market for out-of-town clients. The
room traders were playing the market for
reaction on more talk Of gold shipments.
The larger interests seemed willing to have
the short interest extended. and did not at
tempt to check the selling tendency mani
tested by the room traders.
There were no special features to the
early afternoon trading. Delaware and
Hudson showed some reaction from early
prices on proft-taking sales, and there was
an up and down movement in Colorado
fuel. The general market continued dull
and rather weak in spots, but the promi-
nent stocks were holding fairly well at
declines ranging from to per cent
Rock Island common lost some Of it's
early strength, and the coal stocks were
rather heavy In tone. The heaviest SELL
ing. however. appeared in the Atchison
issues, on rumors Of a new bond ISSUE but
this was denied by one of the officials of
the road. The Waldorf crowd were sellers
of this stock and also sold elsewhere in
the market.
In the late trading some pressure was
still noticed in the Atchison shares, but
the rest of the market was featureless with
prices a little better than the lowest
reached during the earlier afternoon The
market wore professional aspect, with
the smaller room traders on the short side
of the speculation. The larger interests
were lending quiet support 70 their special
ties, the Gould following being the more
in this respect.