Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-23
Wide and Erratic Fluctuations
Marked Today.
NO DEFINITE CAUSES
VOLUME OF BUSINESS HAS PASS
ED ORDINARY LINES.
U. p. and Metropolitan Moved Up
Rapidly, While Reading and Recent
Leaders Broke Sharply.

Special Dispatch 10 The Star.--ss.s,t
NEW YORK, Nov. 23.---It III perhaps
nothing more than reasonable that with
the stock market at its present level IT
should be subjest to wide and cratic huc-
tuations without any definitely melting
causes.
The volume of business has reached u
scale and the general characteristic of the
trading are such that 1t is not possible to
consider the market along the ordinary
lines, and in fact there was little or moth
ing to be said with regard to even the
more extensive movements In partic fsaf
stocks today than that occasionally the
rush to realize profits overbalance the new
buying power, or contrariwise, that the
latter in certain stocks eutweighed the
liquidation.
At all events, the stones which the speer-
lative builders have heretofore rejected to-
day became the heads of the corner.
In the face of reactionary tendencies in
the dealings at large. Union Pacific and the
Metropolitan stocks moved up RAPIDLY. while
the Readings. the American Snelters and
other recEntly leading features broke
sharply
The heavy buying of Union Pacific had.
to be sure, more or less direct induce
ment In the publication. of the company, $
there were many swings in prices from ana
to three points that had none other than
merely technical explanations.
Foreign Markets Irregular.
So far as any news of general Importance
was concerned. there was none at all. The
foreign stock markets moved irregularIy,
ana In London there appeared to be a re-
currence OF anxiety respecting Russian af-
ialrs. and some uneasineEs with regard TO
home political conditions. Consols were
weak, as were Russian bonds, and American
stocks declined In sympathy. -
The weekly statements Of the Bank OF
England and the Bank of France made In
different showings Foreign houses sold
securities In this market upon a fairly
large scale. Little alteration appeared in
foreign exchange or money market condi-
lions and the chief feature In the latter was
the willingness Il large borrowers to engage
accommodation for six month"; periods as
high as per cent. The fluctuations in the
they have baen recently, and seemingly had
no direct influence upon the dealings In
securities. In no stocks were the fiuetua-
tons wider than in the shares OF the south
ern iron and coal companies.
During the forenoon there were sharp
perpendicular declines in Tennessae Coal
and Iron and Sloss Sheffield. which were
subsequently, recovered, while extensive
fluctuations took place In Republic Iron
and Steel preferred.
Announcement was made yesterday that
In addition to the regular quarterly dipi-
dend of IL per cent on Republic Iron and
Steel preferred the directors had ordered
an additional payment of rs per cent, the
latter representing 10 per cent of the ac-
cumulated and accrued payments on the
stock The very heavy transactions and
wide fluctuations in American Smelling.
Amalgamated Copper American Loeomo-
tive and Sugar Refining seemed to- possess
opments outside Of the stock market itself
were concerned