Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-11
Distinct Shifting Influence the
Feature Today.
REACTIONARY TENDENCIES
Recent Leaders Failed to Score
Notable Advances.
RAILWAY LIST PROMINENT
Extensive Gains for Lines South OF
the Potomac and OhioALarge
Total of Transactions.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, May IA very distinc,
shifting of speculative interest or of ma
nipulative processes. according to the in
dividual point of view. was one of the
striking features of today's dealings in
securities The stock market was. in
deed commonly firm. but the recent lead
ers in respect of animation. while agar
heavily dealt in. failed to score such adj
vances as were recorded in a number OF
other stocks and. in fact. showed upon
occasions quite plain reactionary ten
denotes In view of the extent of the
recent rise in the issues in question. that,
however. was nothing to marvel at.
The course of such stocks as Union Pa
cifc. Reading, the Hill shares and ST:
Paul may readily enough be accounted
for by the perfectly reasonable willing
ness and desire of those fortunate specu-
lstors who brought them at very much
lower levels to realize profits. 1t should
I've added also that aside from selling OF
this description, there were no further
evidences of liquidation even in those
stocks which exhibited comparatively
hesitating tone.
the railway list was the leading depart
ment of the market in point of strength
and activity.
Conspicuous stocks in that department,
v
shares. Wabash preferred, Canadian Pa
Cific, Ontario and Western. Norfolk and
Western and Chesapeake and Ohio.
Extensive Advances.
Very extensive advances were recorded
in the shares of the stocks of the lines
south of the Potomac and Ohio. conspicu-
Gus examples being Atlantic Coast Line.
Louisville and Nashville and Southern
rail Thpro took nlapo al9O
a further betterment in the Baltimore
stock market in the prices of all the Sea-
board Air Line issues. which have re-
Gently enjoyed substantial gains.
So far as the dealings in individual rail-
way stocks were concerned. there was
little or nothing of novelty and fact TO
he elected. An early announcement Is
expected with regard to the f1otation of
the new Union Pacific bonds. but except
in point of activity that stock was much
less conspicuous than many others. The
further exceptionally extensive rise in
Chesapeake and Ohio was commonly as
sumed to mean that the banking firm
which last year took over the Pennsyl-
yania's holdings of that stock had con-
eluded arrangements for its disposition in
s.other quarters
Technical Reasons for Advances.
Such advances as took place. however,
in stocks of the character of New York
Central, Ontario and Western. Norfolk
and Western and others were wholly un-
accounted Tor. except upon the ordinary
technical lines.
4 very large total of transactions was
rolled up with the course of the business
session and the aggregate was great
enough to comprise heavy dealings in q
number of the industrial issues.
The conspicuous shares in that group
were United States Steel Amalgamated
the less active stocks substantial gains
were scored by National Lead, Cen
eral Electric and Consolidated Gas. The
local traction shares were relatively slug
Sish during the greater part of the bust
ness session, and some diminutiOn in ami
nation was noticeable in the bond mar
ket. Dealings at large were not dis
tinctly Influenced by any novel develop
ments in any direction.
Wall street seemed to be affected by the
same spirit of unreckOning optimism
which was displayed last week. but this
feeling was based mainly upon the simple
fact Of the rise In prices. and assuredly
was not the chief cause of the latter.
Commission houses for the most part re-
ported small increase in the volume OF
their business. and. i'm fact as has been
the market, manipulative orders appear
to have been cOnfided to the care o. a
small number of firms.
London Dull and Irregular.
The London stock market was dull and
irregular during the greater part of the
day, but closed firm.
Transactions for local account were up
on such large scale that little attention
was accorded to the dealings of the ar
bitrage houses.
Except for the strength of sterling eX-
change there was no feature of interest
in the various aspects of the general
money market. Quoted rates there were
at all events little Influenced by the heavy
loss made by the banks to the subtreasury
since Friday. the amount being nearly
S,i. 10000 This balance reflected, 81