The Washington herald., 1907-05-25
MARKET UNSETTLED
Some Stocks Advance Slight
ly; Others Decline.
SMALL VOLUME OF SALES
AmaIgamated, Smelling, ST. Paul,
Reading, and Union Pacific Go Up.
80 Reason Given for Fall of south
ern RaiIway-U. p. Gets Impetus.

New York, May 2A.-ln SLOW, uiSuitoTE,
and halting fashion, an advancing move
ment was carried on to-day In the prices
Of the four or five stocks in which Tor a
long time three-quaTters Of the specula-
tive transactions in the security market
have centered, and the degree Of strength
shown in these was perhaps greater than
that Of the weakness displayed yesterday
On the other hand, there were sharp de-
clining movements in quite a number OF
inactive stocks, many Of which rank in
the security list as so-called specialities
All this gave to the market an uneven and
irregular appearance, and was not such
as to relieve in any way the general con-
fusion Of speculative sentiment that now
exists in the financial district.
At first, the whole market was lower
under the influence of the generally pes
simlstic views which obtained such force
Yesterday: but afterward, as seemed. be
cause Of the very considerable attention
attracted by the presence Of a great bor-
rowing demand for stocks, prices Of the
standard shares rose and continued strong
throughout the day.
There were, thus, advances Of from one
10 three points IN the Amalgamated Cop
per. American Smelling and Refining, st.
Paul. Reading and Union Pacific stocks,
but there were declines Of 1N points IN
American Ice, 3is in American Sugar COM
mon. 8 in Atlantic Coast Line. As in Con-
s5Edated Gas. 4 in New York Air Brake,
% in North American, ~ inDenver and
Rio Graude preferred, 37s and ass in Read
ing lst and % preferred, 2es in Republic
Iron and Steel preferred. and 31s in South
ern Railway preferred.
Market Character Varies.
Such comparison exhibits the varied
character Of the days market, and It ap-
peared 10 he the case that there were no
other considerations than a mere technical
speculative charcter that played any part
in the trading.
Reason for the particularly sharp break
in the Consolidated Gas stock, despite the
recent important decision in its favor in
the suit instituted by the company in the
Federal courts 70 annul the constitution
ality of the S0-cent gas law was Of course,
found in the news printed in the morning
newspapers that the city authorities pro-
posed 10 take immediate steps 10 Test the
general stability Of the franchises under
which the Consolidated Company Is now
doing business, and this announcement
was followed up by the begging Of an ac-
ton in the State courts by the attorney
general looking forward to the same end
as that threatened by the municipal cor
poration counsel
There was no news during the day
serving as an explanation Of the down
ward movement in Southern Railway
preferred stock, and il was noticeable
that the declines In this stock. as well as
IN the other securities Of which mention
has been made, took place on an extreme
" limited volume of sales In some or
these stocks, there were only transactions
Of a few hundred shares. There were
many observers who held the opinion that
such circumstances were evidences or
manipulatiye tactics directed against the
market.
A certain amount Of buying Of Union
Pacific common stock was presumably
provoked at one time during the day by
the report, proceeding by way Of Boston,
that the Interstate Commerce Commis-
sion had informed the President Of the
HltEu SAdlt1 EAAhcLf+- At-eAA NiAp 1A'tA
man conduct Of the Union Pacific affairs
while open to grave criticism. had still
not reached the point of law breaking,
and that the commission could not indorse
the drastic condemnation Of the manage
ment of the company contained in the
brief submitted by the commissions at
torneys.
Report Open to Suspicion.
This report, which was obviously open
20 suspicion, was quickly ana authorita-
lively denied; but it led to a feeling in
speculative circles that the character Of
government action, as the result Of testi-
mony taken by the Interstate Commerce
Commission at It's. recent investigation. is
more or less d matter of doubt
The wheat market to-day was extremely
nervous. but vibrating. and closed at little
change from yesterday afternoons quota
tions. While Improvement in crop condi-
ti0ns was reported from Kansas and Ne
brask7. it was declared that there had
been deterioration of the crop in Ohio and
Indiana. and reports from Europe as 10
conditions there were still gloomy.
Forecasts Of tomorrow bank state
ment were Of no significance whatever to-
day, in view of the present nominal range
Of call money rates. and there was no
change worth noting in rates for the use
of time funds. Indications were that the
banks have gained during the week about
81 00o. COntraTyWise, developments in
the foreign exchange market to-day again
moved In the direction of gold exports.
Sterling in Paris fell, discounts in ali the
European markets advanced, and ex-
change here hardened.
TREASURY STATEMENT.