Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-17
st. Paul Common Feature of
Days Trading.
MAKES GOOD ADVANCE
REASONS FOR ANIMATION NOT
BROUGHT TO FORE.
Pressure on United States Steel Causes
Unsettled Condition of the
Market.


Special Dispatch TO The Star.
NEW YORK, May 17.-Todays stock
market would have been exceedingly dull
and practically featureless except for the
exceptional animation in st. Paul common
stock. That security furnished a large pro-
portion of the days total transactions. and
1t enjoyed extensive advance. while in
the remainder of the market little more
than backing and filing movements took
place. No definite explanations of the spe-
cial animation In St Paul were forthcom-
ing, but there has been apparent for some
time past steady absorption of the stock.
and its advance has naturally been accele-
rated by aggressive operations by the larger
floor traders. The stock exchange air was
full today of rumors of one description and
another in connection with the course of
st. Paul stock. the most persistent being
one to the effect that it would receive a
guaranteed dividend of per cent.
During the forenoon when the dealings
in st. Paul We're most active, number OF
the higher-priced stocks enjoyed advances.
which seemed 10 be of a more or less SYM
pathetic character. Gains of over one point
Were scored in New York Central, Illinois
Central and Chicago and Northwestern. but
these advances were shaded or lost In sub
sequent dealings. when the whole market,
including St. Paul, developed irregular ten
denotes
The pressure evident upon the United
States steel stocks during the earlier part
OF the business session was an unset Ting
influence upon the market at large. The
weakness in that quarter was based speci-
neatly upon two factors: One was the ex-
pectation that reactionary trade tendencies
would be revealed in the weeks report of
a generally credited trade journal, and the
other was this mornings announcement
from Washington with respect TO the in
tentlon OF the administration to purchase
supplies for the construction of the Panama
canal in the cheapest markets of the world.
1t seems very plain. however. that such a
poiicy on the part OF the administration
viii meet with a degree of political oppo-
sition likely to imperil its successful prose-
cutiOn.
Price movements elsewhere in the indus
trlal stocks were as irregular those i'll
the railway list, and appeared to possess
no greater degree of significance The local
traction shares were dull also, and weak
ened after a firm opening. The London
stock market was heavy in the early part
OF the day. but rallied sharply before the
opening of business in New York, because
of persistent rumors that negotiations for
a settlement of the usso-Japanese war
had been unde! taken with strong prospects
OF success. Operations here for foreign ac-
count were upon very limited scale and
had small net results. The money market
remained extremely easy Notwithstanding
loss by the banks to the subtreasury
since last Friday of nearly ST,O00,O0O The
rates for sterling exchange showed no es-
sential alteration. The grain market react
ed quite sharply on account of the more
favorable weather conditions In the west
ern states.
The stocks of the Southern Iron and Coal
Company broke sharply In the afternoon
when the weekly report of the Iron Age
published. showing that very unsatis-
factory conditions had developed in the
market for pig iron. where X was said the
demand had been almost entirely arrested.
The report less pessimistic with
gard to the market for finished steel prod
bllt nRVprt helpSS the United States
Steel shares continued notably heavy The
weakness in this quarter extended to the
remainder of the market. which was quite
unsettled in the last hour of business.