The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1907-05-24
THE MARKETS
NEW YORK STOCKS.

New York, May 23.-Dealings In
stocks we're reduced by one-half as
compared with those of yesterday and
the market was Of course correspond
ingly less animated. Nevertheless
prices auctuate feverishly and uncer-
tainly within a narrow range, the
forces making firm and upward move
ment and those for a decline seeming
to nearly counterbalance each other
Quotations for the leading stocks were
as q rule lower at the beginning Of
the market than they were yesterday
and closed upon what was apparently
profit taking following upon brisk ad-
vances which were made on the pre-
ceding day. Then the market rail-
lied and held with great firmness for
time. but later shifted back and
forth in confused fashion. closing
under the influence OF considerable
amount of selling pressure which left
prices for the most part below those
OF the day before. II was a profess
sional and unsatisfactory days trad
ing which seemed to have the general
effect OF producing a great deal OF
doubt as TO the immediate future
course of values. The great majority
OF habitual spectators appear at the
moment TO be decidedly pessimistic
In their Views.
The depression In the market to-
ward the close Of the day was most
noticeable In the case OF U. S. Steel
common shares and for this stock in
particular the borrowing demand was
such on several occasions as to cause
II to lend fiat" according to stock
exchange Technology, that Is TO say
that those who borrowed the stocks
for future delivery were compelled TO
forego the receipt OF any interest
upon the money deposited by them
with the lenders to secure the safe
return OF the certificates. Consider
ing the well known prosperous state
OF the iron and steel industry and OF
the denials OF the stories that the U.
S. Steel corporation is about to make
any new issues of securities. Wall
street was at a loss today TO under
stand the evident pressure on the
stock and the stories therefore nat
urally gained credence that the sales
OF the stock either represented out and
out bear transactions OF venture
some nature or that actual holders OF
the stock were selling II in order TO
raise money because OF private ne
cesslties. Another especially weak
stock today was New York Central
and the decline in 1t gave rise 10
rumors concerning supposed plans OF
the New York Central company, or OF
a possible reduction In the companys
dividend rate.
The Price Current, a journal OF high
repute In the grain trade, declared IN
its weekly summary OF crop condi- |
tions that the conditions had decid- !
edly improved In the last week: the
premier OF Manitoba made an official |
declaration 10 the effect that the seed !
ing OF wheat In the Canadian north /
west has been practically completed,
and in a manner affording fair out
look for the crop, and heavy rains
fell over Kansas and Nebraska. et-
breaking the drouth in that
section.
The banks OF England and France
Ioday made encouragingly weekly
of condition, and the local
banks reported gain from the sub
treasury in the week to date OF over
II 100000. II was made known after
he close of the market that the Chica-
90, Rock Island and Pacific company
lad sold a local firm OF bankers s10,-
100000 four per cent bonds for the
purpose Of paying OF the maturing
'700, 900 short term notes OF the COM
)any and OF providing a sum of mon
" In addition for betterments and
lew construction. The notes, 1t was
laid, were taken on terms that were
Tot onerous for the railroad COM
,any.