Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-23
Feverishness and Irregularity
in Today's Market.
HEAVY FOUNDATIONS
RECENT SEVERE DECLINES
PROVE VERY EXHAUSTING.
Upward Movement Interrupted by Sew
eral Reactions-Buying on Trust
Company Suspension.

NEW YORK, May 23.-It was only nat
oral that the dealings on today's stock
market should be characterized by no lit
tie feverishness and irregularity. The Sc
we're decline which has taken place in prices
during the past ten days has, of course
proved exhausting to a large number of
speculative account. and soon after the
opening of business this morning and from
time TO time during the day, quite heavy
liquidation was apparent, which was a plain
reflection of the closing out of weak COM
mitments for the long account.
At the same time the market showed an
underlying tendency toward recovery,
and. indeed. there were a number of quite
extensive gross advances scored in nearly
all of the active stocks. The upward
movement could not be described as or
derby or well sustained. and ii was, In
fact. interrupted by several reactions dur
ing the course of the business session.
There were also occasional prOtracted
periods of actual dullness notwithstand
ing which the days transactions footed
up very considerable total. The rumors
current late yesterday afternoon with
respect to the solvency of a trust COM
pany in the Broadway mercantile dis
trict were verified this morning in the
suspension of the Merchants Trust Com
pany.
The announcement of the closing of the
doors of that institution was. indeed. the
signal for quite a vigorous upward move
ment in prices. This, In fact, Is quite a
usual phenomenon In market movements,
the reasoning being that the financial at
mosphere has become cleared by the an
nouncement of the fact which supersedes
the more or less vague rumors which in the
absence of definite information might lie
against one concern or another. AS mat
ter OF fact, the insolvency OF the trust
company i'll question is a matter OF no gem
eral significance. and the impairment of It's
knowledge for an indefinite period. Such
an event rs. however, bound to have sem
timental effect upon speculative sentiment
and Ii may be assumed that the case In
point has already found full expression In
that direction.
Little Other News.
There was little other news of conse-
quence having any connection with stock
market affairs previous to the opening or
during the course of the business session.
Money remained extremely easy, and ster-
ling exchange advanced sharply, doubtless
in connection with the forthcoming pay
Nett of another inStalment on the Japan
csc loan. Gable advices from London set
forth that expectations were entertained
that the demand for remittanceS on this
account might be sufficient to warrant
special shipment of gold from New York to
Europe The grain market continued very
strong and active, although the days
weather advices were actually favorable,
and the reports upon the state of the crops
were very conflicting.
The weekly report of the weather bureau
a Washington made. on the whole, a sat-
isfactory showing. There was actual
news relating to particular stocks, aside
from dividend declarations and statements
of earnings. The course of prices in the
days stock market might perhaps be most
clearly derived from consideration of the
dealings along strictly technical lines. Lon
don was by no means such an influential
factor was the case yesterday. Foreign
houses were indeed very active in the local
market, but their operations were unusu-
ally conflicting and estimates of the net
results varied very widely. The business
OF commission houses was extremely linn
tied. and appeared indeed to be confined to
the liquidatio of exhausted speculative ac-
counts already referred to-