Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-05
Reversal in Prices Marked the
Dealings Today.
SOME STRENGTH SHOWN
No Satisfactory Reason for the I'm.
provement.
LONDON PLAYED SMALL PART
Union and Southern Pacific Leaders
Of the Market-Business Con-
tracted Despite q Rally.
LONDON PLAYED SMALL PART
Special Dispatch to The Star.

SpecIal Dlfpatch TO Inc star.
NEW YORK. May 5.-There were many
expressions Of opinion today. and they
were not made with frivolous intent. that
the strength displayed by securities was
sufficiently accounted for by the mere fact
that prices declined yesterday. In other
words. the view was taken that in a mar
ket possessing the general characteristic
of the prevailing one it is idle to expect
that distinctive tone will be maintained
for any considerable length Of time.
Probably so per cent Of the purchases
made in any business session are des-
tined to be closed out at any slight adj
vance or decline, for that matter. and the
same proposition is applicable to opera
tons for the short account. At all
events. 1t was as impossible to cite any
satisfactory reasons for the way the stock
market acted today as 1t was to furnish
any valid explanation of the preceding de-
cline.
AS was the case yesterday, the London
stock market played some small part in
shaping sentiment and the course of prices
in the local dealings
Slight Recovery in London.
There was general but slight recovery
In London. based upon the reported sue
cess of the British military operations on
the Afghan frontier and consols rallied
accordingly and carried upward with them
the remainder of the market. In the
place also Of the quite heavy selling which
was conducted here yesterday for foreign
account the abitrage houses were buyers
of some 1900 or 10000 shares
reversal In the operations Of this de-
scrfptfon in such a narrow market was
indeed enough Of itself to account in some
measure for the reversal In the course of
prices Otherwise material changes from
the general state Of things prevailing yes.
terday. were entirely missing
There was certainly no alteration in the
analrs OF the Union Pacific, although the
announcement then made Of the now
financial plans Of the company was cited
as one reason for the particular weakness
OF the market in til last hour Of business.
As matter of fl Spectators at large
were quite ignorant Of the scope Of the
~ S'., pacinc plans until after the close
those In charge of them would attempt
TO discredit their undertaking by q drive
against the price of the stock. A much
peter comprehension Of the merits Of the
Union Pacific aims were evident today.
and Union Pacific and Southern Pacific
were leaders of the market in point of
strength and activity.
The "Pennsyn Bonds.
Definite announcement was made that
notification of the Allotment OF the new
Pennsylvania bonds would be issued
this evening but it was also said that
the intimations previously given out
that large bidders would receive only
per cent of their subscriptions and bid
ders for less than $4,000 nothing at
all were correct
The further sale Of short time CITY
revenue bonds upon a somewhat better
OASIS than was accomplished yesterday
mad again good effect upon the SEN
timent as attesting to continued better
ment in the investment situation
Money market and foreign exchange
conditions again showed small alterations.
The grain market moved irreKularly in
advance Of the appearance Of the govern
ment crop report Friday. and cotton op-
tionS were reacttonary. The DAYS divf-
dend announcement contained no sur
prises.
Included in the returns of railway traf-
nc were the statements OF the Vanderbilt
lines, which set forth the same tenden-
Cies manifested since the first Of the year
namely. continued large decreases in
gross earnings. for the most part Offset
by still greater decreases in operating
expenses. Notwithstanding the rallying
tendencies of the market, the volume Of
business contracted materially in COM
parison with recent averages Of activity