Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-22
Keen Interest Taken in Lont
don Quotations.
A M ERICANS ACTIVE
SURPRISE EXPRESSED AT THIS
CONDITION OF AFFAIRS.
New York Market Opened Generally
Higher, but Steadied Later
in the Day.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, May 22.-In view of the
large part taken in the stock market OF
last week by the banking houses with
European connections, 1t was natural that
keen interest should have been taken this
morning in Londons quotations for Amer
lean stocks. 1nasmuch as there were no
occurrences of special moment over sun
day, speculative sentiment was surprised
and stimulated by the fact that the early
cabled advices showed the more active
American stocks quoted in London at au-
yances ranging from one-half to one point
above parity with New Yorks closing ng-
ures of Saturday. No definite explanation
of the unexpected strength of American
stocks in the London market was forth
coming beyond the apparent elimination
of the heavy liquidation for continental
account that has been in progress there;
The local stock market opened generauy
higher, but still showing q more or less
uncertain and hesitating tone. When II
was seen, however, that Londons quota
tions were being followed up by heaVy
purchases for foreign account. the market
steadied, and many stocks rose from 10
points above Saturdays closing hgures.
The foreign buying aggregated fully $4,000
shares, but was not continued beyond the
first hour of business. AS soon as 1t ceas-
ed, the local market hesitated and shortly
after midday there took place a general
and really violent break in prices, in which
all of the early gains were converted into
substantial losses. The sharp reaction
unaccompanied by any fresh unfavor-
able developments, or, indeed, by any par
ticular gossip. 1t was, however, perfectly
plain that had it not been for the unlocked
for support which the local stock market
received from abroad, the decline which
took place after midday might have been
reckoned upon right at the opening or
business.
In fact, during the period when the for
eign purchases were being conducted
there was much liquidation observed for
local account, most of it rejecting appar-
emily the closing out of accounts weak
ened in last weeks continuous decline.
1t is probable that the excited Chicago
grain market. where spectacular adj
vances took place in May wheat and corn
options, exercised an unsettling influence
| in the dealings in securities. particularly
as the west forwarded a flood of dis
patches setting forth the extent to which
the grain crops have been impaired by
the unfavorable weather conditions
| which have prevailed during the present
month
The more distant grain options were
strong, also, and smart rise took place in
the cotton market
Today's weather advices were, however.
on the whole again satisfactory. Opinions
varied with regard to the degree of the in
fiuence upon today's further decline in
prices of the latest outgoings OF Thomas
W. Lawson. Some persons were of the
opinion that such continued incendiary ap-
peals to ignorant minds might eventually
have the effect sought after by the Boston
manipulation; but, the other hand, 1t
would appear doubtful that individuals pos
| sessing the capacity to have accumulated
bank accounts could be seriously disturbed
| by such rawlings those being so widely
| disseminated in the advertising columns of
the newspapers.
A large part of the foreign buying con-
verged upon the United States Steel stocks,
| and In consequence both the common and
| preferred rose nearly 1 point during the
| first hour, only to break badly later, In COM
| mon with the remainder of the list, upon
| the conclusion of the foreign buying. The
| most severe declines elsewhere in the indus
T, trial quarter were in American Smelling,
| the Railway Equipment stocks, Amalga-
! mated Copper and Colorado Fuel and Iron.
! The extreme declines In these stocks were
| all the more striking in view of the adj
vances they had made at the outset of the
| market. There was practically no news or
| gossip of interest relating to any particular
stock