Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-26
Irregular Again Rather Than
Weak or Strong.
REACTIONARY TENDENCIES
The Maximum Losses Were Not
Very Extensive.
RALLIES WERE FREQUENT
Americans Heavy in London-He-
duced Activity in Dealings-Fair
Distribution of Interest.

Special Dispatch TO The Star.
NEW YORK. May 26.-As was the case
YESTERDAY. today's stock market must be
described as being irregular rather than
.ither weak or strong During the great
er part of the day. to be sure. rs tenden-
eies we're generally reactionary. but even
the maximum losses were not very eA-
,ensive. and such declines as took place
were interrupted by frequent rallies. mere
were furthermore. in all quarters of the
market a number of exceptions 10 the
general drift These varying movements
were unaccompanied by novel develop
ments of sufficient importance as TO oe
named as accounting for them
American stocks were generally heavy
in the London stock market and foreign
houses sold upward of 10000 shares OF
stocks here. but while these operations
were in progress the local market was
actually strong. subsequently reaction
.rv tendencies developed. under which
losses ranging from fractional. limits 10
more than two points were scored. Broad
IL speaking. the market after midday pre-
sented somewhat firmer appearance put
even then there were such quick altera-
t:ons of tone as to make it difficult to
assign any definite tendency TO the deal
ings.
An Encouraging Development.
One of the most encouraging develop
ments of the day was the announcement
made soon after the opening of business
that the banking house handling the issue
OF the new Burlington i per cent bonds
had disposed of the whole amount. and
that the subscriptions aggregated three
times the amount Of the offering. The
bond market in general was likewise
steady. and investment houses report a
constant lettering in their business.
There was great falling away in re-
spect Of activity in the days dealings in
stocks. but very fair distribution OF IN
terest was displayed. So far as the gen
eral market was concerned. il was diff
cult TO assign specific reasons for its
varying tendencies The revived prospects
for the passage of the emergency cur
rency measure appeared 20 play little part
In the days transactions.
Money market affairs showed little
change. although another heavy loss in
bank reserves is indicated in this morn
ing's figures of the transactions between
the banks and the subtreasury since Fri
day which set forth an unfavorable bal
ance for the former of s1o.765.oon. The
sterling exchange market was again firm
Industrials the Feature.
In the stock market dealings the most
cons2icious movements were furnished
b. the Industrial group. when very ex-
tensive advances took place in National
Lead and Ice Securities American
Smsning was also firm but the ordinari-
ly active industrial shares participated
in the irregularity of the general mar
ket.
No news and little gossip attended the
transactions in the railway list. AS
usual. the dealings there were largest
and the fluctuations widest in Union
Pacific. Southern Pacific. st. Paul, Read
Ing and the Hill stocks.
Throughout the day discussion was oc-
cupied more with the supposed plans and
intentions of the large interests who are
supposed to be in control of the specula-
ton than with the usual matters relating
to the financial situation.
1t should be added however that the
political outlook came in for an increas-
ing amount OF attention, and interest IN
that direction is not likely to diminish
during the next six weeks. and, for that
matter. until after the November cleo
lions.