Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-10
Trading in New York Comes
to a Standstill.
POLITICS DISCUSSED
SPEECHES OF TAFT AND RoOSE-
WELT CAUSE MUCH TALK.
Very Poor Distribution Of Speculative
Interest-Dealings Of Profess
sional Traders.


Special Dispatch to The Star.
NEW YORK May 1O.-The sayings and
the doings of the politicians of Europe ana
Japan gave place today, in point OF interest,
to the utterances of statesmen OF domes-
ito bra nd. Taft piled upon Roosevelt proved
TO be a little too much for Wall streets
equanimity. and there was virtually MOTH
ing else talked about during the day aside
from the two speeches upon federal reguia-
ton of the railways delivered by the Pres
Jdent at Denver and by his foremost cab
met officer at Washington. For some time
past there have been quite confident feel
ings growing In railway and financial cir
Giles based entirely upon the testimony
taken before the Senate committee that the
President and his advisers were disposed to
modify materially their views regarding the
subject of federal regulation of railway
traffic.
Comes to Standstiu.
Practically the whole tenor of the testi-
mony thus far given has shown the i'm
practicability of the proposed legislation,
but 1t Is very plain from the speeches OF
President Roosevelt and Secretary TAFT
that they have not been impressed at all
by the proceedings before the Senate COM
mittee. At any rate, the sudden revival of
interest in this phase Of the situation and
the outlook served to bring trading to a
standstill In today's market, that is. in COM
parison with all recently established aver
ages of activity. In addition. there was a
very poor distribution of speculative inter-
est, and such an imitation as was apparent
was caused entirely by the dealings Of the
professional traders of the floor and the
options of pools active in a few stocks.
Railroads Chief Sufferers.
Railroad stocks were the chief sufferers
from the fresh evidence of the pertinac.ous
insistence of the administration upon the
necessity for radical railway legislation by
Congress. and In fact the more striking
movements in the Industrial and miscella-
neous shares were toward higher levels.
The United States Steel shares WERE how
ever. exceptions, those stocks showing de-
clines equal to the losses in the railway
list.
b The selling In this direction was again
amended by much talk regarding the APP
pearance of reactionary tendencies In the
market for pig iron. but as a matter of
fact there is good ground for asserting
that most OF the pressure upon these Sc
curities represented the operations of
large trader with bearish proclivties who
conceals his work by having his orders
executed through houses with Pittsbucg
and Cleveland affiliations.
Incident Regarded Closed.
The diplomatic incident growing out Of
the protracted stay of the Russian war
ships in French territorial waters ap-
peared to be regarded as closed. Foreign
houses were sellers here to the extent of
about 10000 shares Only languid in
terest appeared to be taken in the prob
oh oh, wi; Of he
port this afternoon, largely because of
the gen eral understanding that there has
been some modification in the conditions
to be set forth since the compilation of
the figures. which will of course give
the state of things which existed on the
first OF the month.