Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-16
No Further Contraction in
Volume of Business.
LOWER PRICE RANGES
OPENING TONE DERIVED FROM
EUROPEAN MARKETS.
Another Diplomatic Scare Aver German
Question at Far
East.
Special Dispatch to The Star.

Special Dispatch TO The Star.
NEW YORK May 16-There was further
contraction in the volume of business In
today's stock market, and so far as price
movements We're concerned, they appeared
to be quite as devoid of real significance
as to their future course as they were yes
terday As was the case then. liquidation
for outside. account was almost entirely
missing. and indeed. the business of COM
mission in one direction another was
practically at standstil. The market
opened at lower range Of prices, and gen
orally speaking. ruled below yesterdays
closing figures during the greater part Of
the business session.
The opening tone was derived almost
wholly from the London and continental
markets. which suffered from another dip
lomatic scare. the occasion of which In the
present instance was furnished by reports
from the far east that German troops had
been landed upon Chinese territory The
dispatches gave no intimation with regard
TO the reasons for the rumored invasion,
and. in fact the reports were quickly and
generally discredited before the close OF the
forenoon session. At the same time Ameri-
can stocks We're materially depressed in the
London market in common with the other
departments there, and foreign houses We're
sellers on a moderate scale IN the local deal
ings.
sufficient to give d pessmistic tone to local
professional sentiment and in consequence
the bulk of the stocks acquired by the room
traders in yesterdays advance We're offered
for sale this morning. The tone of the
London market and the trend of the foreign
dealings here We're about the only points of
novelty which engaged attention at the
opening Of business.
With the course of the day there was pub
lished the weekly weather bulletin relating
to the conditions prevailing in the grain
belt, and a very conflicting state of things
was disclosed So far the winter wheat
crop was concerned fairly satisfactory
progress was shown but the spring wheat
crop appears to be developing under dis
couraging auspices. while on account of the
heavy rains corn planting has been made
-impracticable over nearly the whole Of the
corn belt, and a very backward start Is
predicted for that important stable.
The governments data relating to the cot
ton crop also furnished conflicting indica-
lions to the final outturn. The asso-
ciated banks were again debtors at this
mornings clearing house settlement. and
todays figures of their operations with the
subtreasury since last Friday point to a
loss of more. than s.. 100000. This is. of
course. accounted for by the return OF a
part OF the governments money under the
latest treasury call. but such a loss in cash
would seem to foreshadow further re-
duction in surplus reserves in next Sat
urdayS bank statement
AT the same time, there was no material
alteration noted in the money market,
either for demand or time loans. The state
ments of earnings submitted by various
corpora lions comprised the. days, only news.
relating TO particular stocks. The extreme
speculative apathy which prevailed placed
rurnors at a discount, and such conjecture
as could he heard with regard to the deal
ings in one stock or another took no novel
form.
Most OF 1t. In fact, still centered around
the general railways situation likely to de-
velop out OF the liquidation of the North
ern Securities Company. but as n matter
oc fact none of the stock concerned, with
the possible exception of St. Paul, which
was comparatively strong. was notably
conspicuous in the days market. There
Were; however, large dealings again con-
Quoted In the Chicago. Burlington and
Quincy joint As, based upon the prevailing
belief that these securities will be called
for redemption next year under the terms
of the intenture.
Transactions in the local traction shares
and in the Industrial and miscellaneous
stocks varied In no essential respects from
those in the railway list.
For long periods, particularly during the
afternoon, trading came virtually to a
standstill. but for the most part the de-
clnes made in the early dealing were not
materially extended.