Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-13
Small and Irregular Prices on
Change This Morning.
BRIEF SESSION HELD
FRACTIONAL DECLINES IN ALL
THE ACTIVE STOCKS.
After Publication of Bank Statement
Market Developed a Rather
Heavy Tone.

NEW YORK, May 13.--This mornings
brief business session the stock ex-
change showed only small and irregular
price changes, with the dealings in light
volume There was no news whatever
over night relating to the financial situa-
tion at large or to particular stocks, aside
from the statement credited to the presi-
dent of the Chicago, Milwaukee and st.
Paul Railroad Company that that COM
pany would Immediately undertake the
construction of it's own line to the Pacific
coast. This announcement, however, had
no particular effect upon either St. Paul
or the other stocks more Or less directly
concerned
At the opening of business declines rang
ing from small fractions up to one point
were shown in all the active stocks. main
" because the early cabled quotations
from London showed corresponding de-
clines in the American department of the
stock market there. There took place,
however quite a smart rally in American
stocks previous to the opening of the New
York market, and the selling operations
for foreign account here were upon d
trifing scale.
After the opening of business there took,
place slow recovery In prices, IN WnIcn
the greater part of the early decllnes -Were
regained. In the railway list the most
active features were Union Pacific. Read
ing Erie New York Central, st. Paul ana
Louisville and Nashville. In the industrial
quarter the features were the Unlteu STATES
Steel stocks, Amalgamated Copper. Alnerl-
can Smelling and American Locomotive.
Peoples Gas was comparatively heavy not
withstanding the announced DETERMINATION.
of the company to contest the validity Oh
the gas bill recently passed by the limos
legislature. and Consolidated Gas was neg
lected The local traction shares were
comparatively dun because OF uncertainty
with regard to the Supreme Courts decl-
sion in the franchise taxing case, winch ~
looked for on Monday. Scant interest ap-
reared to be taken in the probabilities Oh
the bank statement, as only negative eA-
hibit was expected. J.,
The bank statement showed a decrease In
surplus reserves of S2.Ol6.OoO. the first
shrinkage in that item that has appeared
in some weeks This change resulted from
an unexpected loss i'll cash amounting 10
S43G0D0 while the loan account Increased
81, Jgj, $50 The preliminary estimates had
pointed to a small gain in the cash item, and
today's exhibit in that respect was not re-
garded as representing correctly the true
state of affairs. The deposit account in
creased S6.321, 000, a sum not rejecting ade-
quately the changes in the loan and cash
items.
The banks now hold S16.713,O 900 In excess
of the lawful requirements, as against
S12S2I 900 last year, $500, 900 in 1903, and
SS.346, 900 In 1902.
the general market developed a rather
heavy tone, with special weakness in Peo-
pies Gas and Consolidated Gas. The ex-
ceptional strength of Great Northern pre-
ferred and Northern Pacific was accom-
panied by persistent talk that some extra
distribution of profits might be reckoned
upon in both instances