Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-24

NERICAN STOCKS WERE WEAK

Special Dispatch to The star.
NEW YORK. May A.-Today's stock mar
ket opened at q materially lower range Of
prices than prevailed at the close Of bust
ness yesterday, but It quickly assumed a
steadier tone, and during the greater part
Of the business session ruled decidedly firm.
AS was the case yesterday, the position Of
the apparently greatly extended short In
terest occupied large part OF the days
discussion. This was only natural, In view
OF the fact that stocks. Of such great vol
ume as United States Steel common and
Union Pacific again loaned fat.
The London market was again dull and
generally heavy, the feature Of the dealings
there being the heavy selling for cont
mental account. American stocks were weak
In common with the other, departments
there, and foreign houses were sellers here
to the extent of about 10000 shares. The
volume Of business in the local market
measured up fairly well with yesterday .
total although for long periods the market
presented the appearance Of extreme dull
ness.
Union Pacific common was again the
leader in respect OF activity. During the
morning statement was published to the
effect that the chairman Of the Interstate
commerce commission had informed the
President that as result Of the investiga-
ton Of the Union Pacific system he had
found that while the president Of the Union
Pacific might have been guilty of some
wrongdoing, that he had acted within his
strictly legal rights. Union Pacific adj
vanced quite sharply on this report, and
the stock was but little affected by the sub
sequent and quickly made denial Of the
rumor.
The most striking movement in the mar
ry00 kSv-oo II tn y1a
shares of the Consolidated Gas Company.
The decline there was naturally caused by
the proceedings against the company on
the part OF the municipal and state author
tiles. announced this morning, and with the
course Of the day.
There was little other news relating to in
dividual securities aside from the announce
ment made late yesterday afternoon of the
borrowing by the Chicago, Rock Island and
Pacific railway, but it Is scarcely necessary
to add that rumors were again numerous
and persistent with regard to the pending
financial plans Of other corporations.
Movements in Currency.
The preliminary estimates of the princi-
pal movements in currency during the week
indicated gain In cash by the banks of
about 100000 of which less than 81 ,TO0,-
600 was derived from their operations with
the subtreasury. The consequently favor
able outlook for a strong showing by the
UoAAS AZ thcH WcCAly STATEMENT tOI0OIIOW
might be named as one Of the factors In
the comparative steadiness Of the stock
market. Money market and foreign ex-
change conditions showed very little altera-
ton.
There were quite wide fluctuations in the
grain market, and the days general advices
upon the state of the crops were reassur-
ing. Aside from Union Pacific transactions
in the railway list were largest in Reading
Atchison. st. Paul and New York Central.
The last named stock rallied In connection
with the remainder Of the market, notwith-
standing the more definite and detailed re-
ports with regard to the financial require
ments Of the company.
The general tendencies Of the Industrial
and miscellaneous issues and Of the local
traction shares were In line with those
noted In the railway list. United States
Steel common. American Smelling and
Amalgamated Copper furnished. as USUAL
the bulk of the transactions in that depart
ment. There was little or nothing to be
ELECTED In connection with the transaction
in the stocks In question beyond considera-
lions of a technical character.