Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-20
Irregular and Erratic Move
ments Marked Dealings.
EFFECTS OF THE REACTION
Losses Today Not So Large as Yes
terday's Closing Drop.
THE BULLISH MANIPULATION
Interes. in Railway and Industrial
Statements-Market Transactions
Again Very Large.
EFFECTS OF THE REACTION
THE BULLIsH MANIPULATION
Special pispstch to The Star.

NEW YORK, May 2O.-There would
probably have been a more stable. or. al
any rate a more settled stock market to-
day had any plain and satisfactory ex-
plantations been presented in the morn
ing's news for the sharp break in prices
yesterday afternoon.
AS a matter OF fact there was none
whatever. and spectators in general
were forced back upon the uncomfortable
conclusion that the powerful interests
whom they consider to have been in
charge of the rise in prices had disposed
OF their holdings and left the speculative
contingent In the lurch. Consequently 1t
was only reasonable that todays stock
market should have shown f<H1Nlar and
cratic movements throughout the day.
AS was pointed out by experienced OBJ
servers of market affairs, such rallies as
occurred were unconvincing in view of
the extent of yesterdays decline. while
on the other hand today's losses did not
measure UP correspondingly to those of
yesterday; that is, on the theory that the
bullish manipulation has been suspended.
1t is probably true that every person
at all interested in Wall street AFFAIRS
perused the newspapers this morning
with notion of ascertaining something
which would account for the sudden and
extensive reaction In the market yester-
day afternoon.
As noted above. however. there was
nothing satisfactory in this respect. and
the developments with the course of to-
days session likewise comprised little Of
novelty and interest. The days state
ments of earnings included the April re-
port Of the Baltimore and Ohio railroad
and the annual statement of Anaconda
Mining Company. 1t has been matter
OF general knowledge that the Baltimore
and Ohio statement would make weak
showing and it was safe assumption
hot thA nrvfn Nf fIA Ano
pany would show a large falling of from
the returns of the previous year, and
there was neither surprise nor disap-
pointment in either exhibit.
Further Gold Engagements.
The further engagements OF gold for
export which were made today attracted
no more attention and were no more OF
a market influence than those previously
. undertaken. There was much conjecture
with regard to forthcoming dividend dec
larations, notably that upon American
Smelling and Refining, but 1t Is difficult
to see why market that received the
with unconcern should be disturbed by a
reduction in the dividend on an industrial
stock.
The transactions in the days market
again attained very large total. but
than WAS. the case yesterday. At the
opening of business further declines Of
one point and over were quite common
in the higher priced railway shares and
in the industrial department.. although
the railway list as q rule showed greatly
diminished pressure from that displayed
yesterday.
Gould Stocks Strong.
All Of the so-called Gould railway
stocks were again exceptionally strong
and further advances tok place in West
ern Union and Colorado Fuel and Iron.
The movements In this quarter were pre-
sumably based upon the reported new
alliance made between the controlling
interests in the Gould system and other
financial powers.
Transactions In such stocks as Union
and Southern Pacific, Reading and St.
Paul were in very great volume and COW
cred a wide range Of fluctuations.
The United States Steel shares were rel
atiyely steady throughout. and a very
sharp advance was noted In Consolidated
Gas.
The London stock market was unfavor-
ably affected by the sharp reaction in the
local dealings yesterday, but operations
here for foreign account were scarcely a
factor in the course Of prices.