Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-25
Advancing Tendencies Con-
tinued in Today's Market.
.THEBUYINGW ASHEAVY
BECAUSE AMERICANS IN LONDON
MOVED UPWARD.
Decided Strength of the Grain Inter
ests-Bond Issue Gratifying In
cident of the Street.

NEW YORK. May 25.-Yesterday's ad-
Fancing tendencies were continued in
the early dealings in today's stock mar
ket. but before the end of the first hour of
business a highly irregular tone devel-
Dped and the subsequent trading was
marked by many backing and filling move
ments. The rather pronounced strength
shown in the initial transactions was in
part derived from the London stock mar
ket, where American stocks were quoted
ut substantial advances. and the prices ca
bled from that quarter were followed up
by liberal buying orders in this market for
foreign account.
The purchases of this description were
particularly heavy in Ontario and Western,
which stock enjoyed one of the most eX-
tenslve advances scored in the railway
list. although a good part of Its early
advance was subsequently lost
There was little special gossip in con-
nection with the movement in ontario
and Western, but it was commonly as
sumed to indicate some approaching read
IuStment in the control of the property.
There were various explanations assigned
for the uncertain and redctlonary course
of prices after the first hour of business.
The decided strength of the grain market
was one of these, but the advances in the
more distant options were not particularly
rgnificant while after opening higher, there
was an actually sensational break in May
corn a somewhat disagreeable impression
was created also by the failure of Cincin-
patti brokerage house, with membership on
the New ork Stock Exchange and, in addi-
ton, more or less disquiet was excited by
another Geographic outburst from Boston,
which on this occasion conceded with some
reports which have been recently current In
Wall street.
Little Alteration in Money.
In those movements there undoubtedly
short interest in the market. which was in
consequence deprived of just that amount
of support
The business of commission houses in gen.
eral continued upon a practically negligible
ecahe. There was little alienation in money
market, or foreign exchange conditions. Up
TO this morning the banks have lost to the
subtreasury something less than 81 100000
so there is no likelihood of repetition of
the showing made in last weeks bank
statement
Among the gratifying bits of news with
the course of the day was the announce
ment of the highly successful f1otation of
the per cent guaranteed preferred stock,
series u, of the American Shelters Securi-
ties Company, much of the issue having
been taken for investment account. The
practical dissolution of the steel rail pool,
which actually occurred some time ago be-
came known today, but could be hardly
rated as a real market factor.
The United States steel stocks, at any
rate, were no weaker than the other active
issues. although both Colorado Fuel and
Iron and Tennessee Coal and Iron broke
very sharply from their highest figures
Price movements elsewhere in the indus
trial quarter We're in line with those in the
railway list. Early advances of from l 10
2 points were converted into net declines
before midday.
While there was no change discernible in
the views with respect to the final and
amicable adjustment of the railway situa-
ton in the northwest. the ideas in question
did not proven: the stocks concerned from
losing ground in common with the remain
der of the market. The fluctuations in
Union Pacific, Northern Pacific and St
Paul were indeed unusually extensive The
local traction stocks We're dull and heavy,
In common with the general market.