Show STOCK MARKET UNRESPONSIVE News Cuts Little Figure With V VV the Speculators V OUTSIDERS REMAIN OUTSIDE 4 PROSPECTS FOR THE BROKERS New York mar and anda a rather posItive tone of weakness The was largely lt with the upon individual stocks especially Street Hallway and Securities The in these two stocks gave sIgns of and east the former and the atter S The selling was by any news regarding perty and was thought likely due to settlement or one or two large estates largely interested In the property Pennsylvania was also freely pressed for sale and broke through the sup support port which has been in evidence above The price t Is Ison V on 4 above th low Point stock issue started its long The market hardened on short covering and the closing was firm United States Steel was conspicuous In the recovery The decrease in loans by the bank statement was cop to expectations The bank state meat was of little influence however as the present condition f the money market gives little occasion for solicitude tude The steadiness of Northern Se Securities on the curb had a dissuasive Influence on traders who sold stocka yesterday to a possible sion In the supreme court on Mon Monday day Total sales of bonds pd value Review of the It is a far cry from the shares of stock soki on the New York stock exchange on April 30 1901 to the ShareS sold on Thursday of last week It is a striking showing of the vicissitudes Ip the world of speculation V and might serve by the rule of three to V measure the condi conditions in stock cIrcles then and now The marketis absolutely un unresponsive responsive to news V developments whether favorable or unfavorable and lies inert to the despair of all who look business in stocks and bonds for their profits At tile full commission of of 1 percent on erdem allowed by the rules of the V stock V Thurs ThursdaYs daYs sales of shares ld yield about allowing the commission both to the buyer and the seller The membership of the exchange numbers 1100 But the meagre deal lags are largely made up of dealings among members themselves or of or dora by one member to another on which the commission Is less rang lag down to 2 n shares of stock The gloom which pervades the circles in whose hands lie the of the the market is ap Three go a tion of the poSsibility of the of a by another was sufficient to throw the market Into a frenzy V At th period when the Bur was working out a amere mere the UnIon Pacific was tO be Included in the community of interest V transactions iz of Pacific in one I day April 4 V Even as late as 1902 tie that Louis Louisville ville vas passing to the control of the transactions of shares In South era Railway alone on that date Demanti Was Enormous V There was scarcely a railroad stock on the list but was regarded as available for absorption by one of the great systems and no estimate of the price to be paM was regarded as too extravagant The fact that the pa meat was be made In new securities ties at all from im importance attached to the transaction as the insatiable demand for securities in the marJet could be relied upon to convert Into cash The United States vas confident confidently ly regarded as an assurance of the future stability Ir that trade in regu the and guarding against the violent fluctuations in prices which had destroyed the industry at intervals The ordinary operator in Wall street looked forward to the early assimilation lation of all the great railroad tams of the country In one community ity of which would do away would destructive competition while the various industries were to be con consolidated under centralized control which would insure attack the t of thO savings of all grades of for forthe the peace of the sharing in the profits of From the present stand standPoInt PoInt of cool and experIence the excessive exaltation of that time scents warning In Itself of the violent revulsion whIch was to follow In accordance with the history of all similar The revulsion of on the part of the outside world had been by the f the un unscrupulous scrupulous methods employed in the formation Qt some of the na whose shares were offered to the pub lie and the flagrant by which the flotation was furthered The Brake Applied The assumption that the legal den opposed to the process Of corn the dIrect causS the breakIng up of the tion sharpens the to the Northern decision which is awaited with a feverish anxiety front week to week and almost V from day to day The supposition that the stock will promptly find its bearings whop that d cislon becomes known hover s saudi account of the plentiful signs of industrial and commercial reaction in nil quarters The declInIng V f railroad earnings and the n of Idle in bank banking ing centers of the coming th doubt over the supply of cotton to be disclosed by the present years crop the sharp drop in the value of the ox a of the specula live level and commodities are heid the problem of the earnings tobe achIeved on the heavy by the railroads the sur surrounding rounding in the east and Its and the natural unsettlement usual to p natIonal pout ical campaign in some of the grounds for the heal which enshroud the sec market The note of Im the Iron and Steel trade which this week Is of undoubted mis is V mi mip p and factors In ok rains In the I belt are heard of with and more confidence Is fejt that the soft coal strike vil 1 averted AU influences combined however have not proved make any appreciable effect on of stocks The bond market hap been dull ad sluggish in sympathy with stocks V United States are on the call for the week V V |