Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-19
Turbulent Features Marked
Today's Dealings.
ADVANCES AT THE OPENING
Stimulated by Heavy Purchases for
Foreign Account.
PRICES CARRIED DOWN LATER
Rally Followed by Wide and En-
ratio Observation-Disclosures
Grain Market.
ADVANCES AT THE OPENING
PRICES CARRIED DOWN LATER

Special Dispatch to The star.
NEW YORK. May 19.-Today's stocn
market proceedings were OF a somewhat
turbulent character in respect both of the
volume of business and the exceedingly
wide range of fluctuations. At the open
ing of business advances extending from
ono 70 over four points were recorded.
mainly under the stimulus OF unusually
heavy purchases for foreign account
American stocks were decidedly strong
in the London stock market. and, in fact,
the buoyancy of that department was re-
ferred TO as a helpful influence In the
market at large. The purchases conduct
ed here for foreign account were estl-
mated at between 10000 and 5000 shares,
Before the end of the first hour very
heavy selling carried prices down abrupt
~ in all drectic3-. This liquidation rep
resented in large measure proft-taking
sales. and in addition renewed operations
for the short account on a large scale
were commonly reported. Toward mid
day the market rallied again from the
decline noted. and throughout the bust
ness session fluctuations were extremely
wide and erratic.
In explanation o. these various and di-
vergent movements in prices there was
little to be advanced beyond strictly tech
nical cause. The reversal in position on
the part of number of large professional
Operators could be readily enough &C
counted for simply by the extent of the
practically uninterrupted rise in prices
during the past two months
Influences Unaccountable.
1t did not appear that the additional
engagements of gold for export announced
today had anything to do with the irregu-
larity of the stock market nor was much
attention accorded to the other special or
routine developments of the day. which
were. in fact, few in number and unim-
portant in character.
An excited speculation. particularly in
corn. was again conducted in the Chicago
grain market, but that likewise was with
out any apparent influence in the dealings
In securities.
Money market circumstances remained
upon an even keel and the rates for
sterling exchange showed such indiffer-
ence to the large exports of gold as to
suggest that the outflow Of the metal
may be kept up indefinitely.
Transactions on Large Scale.
Transactions in the stock market were
conducted upon an exceedingly large scale
throughout the course of the day. The
most conspicuous features of the dealings
were Union and Southern Pacific St.
Paul, the Erie shares. Chesapeake and
Ohio. Reading. together with Missouri
Pacific and the other Gould stocks. West
ern Union moved up further, but with
that exception the industrial and miscel-
laneous stocks were not over conspicuous
in the days dealings and, indeed. were
comparatively heavy from the outset OF
the market.
Transactions in Amalgamated Copper.
American Smelling and the United States
Steel shares were in fairly large volume.
but number of stocks in this general
quarter of the market recorded their high
est prices directly upon the opening of
business.
The local traction securities were also
comparatively sluggish during the greater
part of the business session.