Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-27
Today's Stock Market Was
Extremely Dull.
TRADINGHELDIN CHECK
UNIASlNESS OVER RESULT OF
EXPECTED NAVAL BATTLE.
Reports of Mercantile Agencies Lent
Cheerful Aspect-Bank Statement
Gratifying Surprise.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, May 2T-There was no
other feature to this mornings stock mar
ket aside from its extreme dullness, which
characteristic was present In more eflpha
sized form than has been witnessed III
many weeks. There were no overnight
occurrences of any consequence, ana 'raoihs
seemed to be held In check on account OIL
Tuesdays holiday. and also because OF uii-
easiness lest there might be fought over
Sunday a decisive naval engagement III tne
China sea This last named contingency
likewise operated against activity IN the
London stock market, where generaiiy
heavy tone prevailed. American stocks
were. however. exceptionally firm there'
and purchases for foreign account on
moderate scale were conducted in the local
dealings.
The weekly reports of the mercantile
agencies upon the state of the country
trade made rather more cheerful showings
than has been the case for some time past
The grain market opened weak on the con-
tinuance of favorable weather conditions
throughout the western states. Estimates
with regard to the probabilities of the bank
statement varied very widely, but appai-
entity the prospect in that direction was
nothing more than trifing influence In
the stock market.
The dealings in detail presented no points
of special interest. The United States Steel
shares were comparatively heavy. appar-
emily because belated recognition of the
dissolution of the steel rail pool. Gener-
ally speaking. price movements IN the III
dustrial quarter were wanting in interest.
In the railway list. dealings were again
most active in the so described Northern
Securities group of stock. but price move
ments in that quarter conformed to those
elsewhere In the market. The Chicago.
Quincy iOiOt cent
bonds were again comparatively active and
were firm.
Bank Statement a Surprise.
The bank statement was In the nature of
gratifying surprise. Forecasts made yes
terday morning had indicated a further ex-
pansion in loans, whereas the statement in
Itself showed a decrease in this item of
E473.0OO The cash increase was fairly in
line with expectations. a gain of $4,000
being shown. Deposits increased S10022,
legal tenders increased 81 ,2i1 900, specie de-
creased SOL 900 and reserves increased 3d.
2i5.O0O. AS a result of the changes noted
the banks now hold in excess of the legal
requirements 81 ,4G5. 500. compared with S21,-
800, OG0 in the corresponding week of last
year 50 645 900 in 1903 and Sl1 $4,000 in 1892.
No explanation was obtainable to account
for the Unexpectedly large shrinkage in the
loan item for ii had been thought that
owing 10 the payments on the JAPANESE
bond issue and perhaps on account of trans
actions connected with the offering of smelt-
Ing securities preferred B stock this week
the loan account would show an expansion.
1t was thought, however that the statement
today particularly reflects a good deal of
the stock market liquidation of the last
three weeks, which for special reasons was
not exhibited fully last week.
There was no increase In activity in the
stock market after the bank statement ap-
peared, but prices tended to harden