Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-12
Biz Drop in Prices Marked the
Opening Today.
MANY STOP-L0SS ORDERS
Vigorous Rally After First Hour
Advanced Some
ABOVE YESTERDAYS CLOSING
London a Considerable Factor In the
Dealings-Governor's Message
Helped Reaction.
Special Dispatch to The Star.


NEW YORK. May 12.-The course OF
prices in today's stock market was dis
couraging. and during the first hour of
business decidedly disconcerting to those
belated SPECTATORS who were purchasers
during the excited rise of the past few
days. In the first hour of business quo
tations for nearly all of the active rail-
way shares fell from one to three points,
and, upon occasions. the dealings sho"eo
appearances of great unsettlement.
The execution of stop-loss orders was
reported in all directions. familiar phe-
nomenon in a speculative situation such
as is now prevailing Subsequently. how
ever prices rallied vigorously and num-
Der of stocks advanced we'll above yester-
days closing levels. although the trading
throughout the business session was of
nervous and feverish character.
London was more of factor in the
days market and more particularly In
the early dealings. than has been the
case for a long time past. The progress
of the fortnightly settlement upon the
London stock exchange was attended by
heavy profit realizing sales in the Ameri-
can department, and the early cabled
quotations showed declines there of
material proportions. These quotations
were followed up by sales here for for
eign account, chiefly of Union Pacific
and United States Steel amounting In
the aggregate to upward Of 10000
shares. London had a rumor that the
Rothschild firm had declined to partici-
pate in the new Union Pacific bond
issue. but this report was not substantial
ed during the day.
Americans in London,
In the New York market an idea pre-
vailed that the depression in American
stocks in London was the result of large
operations for the short account directed
from this side of the water. Excluding
the influence actually or apparently exer-
cised by London. there was little to be
cited in connection with the course OF the
stock market
A disagreable impression was, however,
created by that section Of the governors
special message to the legislature recon-
mending the appointment OF commission
to inquire into the methods with which
business is conducted In the securities
and commodity markets. This was re-
garded as a backward step in the let us
alone" campaign. and was held by some
observers to have factor in the reac-
in ouestion did not transcend limits which
mHBht have been regarded as perfectly
normal even in the absence of any incit-
ing cause.
ceedingly easy and small alteration was
noted In the rates for sterling.
No Surprise Over Railway Traffic.
The days returns Of railway traffic
comprised at least no great surprises
Fluctuations In such stocks as Chesa-
peake and Ohio and Ontario and Western,
which have recently enjoyed noteworthy
advances. were naturally particularly
wide. Chesapeake and Ohio fell three
points during the first hour Of business,
but later recovered the greater part of
its large loss with nothing definite to be
named in explanation of either the break
or the rally, except technical conditions.
Rumors relating to the stock were of
the same nature as those previously cur
rent. Southern railway preferred and
Southern Pacific preferred were singular
and striking exceptions to the general
course of the railway list, both stocks
making noteworthy advances
The industrial and miscellaneous issues
were comparatively firm and very pro-
nounced strength was shown by Amalga-
mated Copper and American Smelling
The traction shares and the bond
market likewise moved irreKuIarly.