Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-21
Rallies and Declines Followed
the Days Dealings.
LIVELY TIME ON STREET
Irregular and Very Reactionary
Tendencies All Day.
RUNNING BREAK IN PRICES
Number of Stocks Carried Down.
ward From One to Nearly
Three Points.
Snecial DISPATCH to The Star.

Special Dispatch to The Star.
NEW YORK. May o1.-Irregular but
generally considered reactionary tenden-
cies again characterized the transactions
in today's stock market. At the same
time rallies and declines followed upon
one another so rapidly throughout the
business session that it was not until
the close of business that the net results
cf the days transactions could be de
fined
AS has been the case throughout the
week a good deal of attention was ac-
corded 10 the tone of the American de-
partment of the London stock market,
and as firm tendencies prevailed there the
initial quotations in the local dealings
were mainly higher than those which pre-
vailed at the close of business yesterday.
There took place almost Immediately.
however. a running break In prices
which carried a number IF stocks down.
ward from one to nearly three points.
Baltimore and Ohio was notably weak.
presumably on the theory that the
showing of earnings reported by the
company yesterday foreshadOwed a re-
duction in the semi-annual dividend.
In the industrial quarter the Republic
Iron and Steel shares were likewise
heavy. notably for the preferred stock,
and for the same reason that was ad-
vanced in the instance of the B. and o.
Some Dividend Announcements.
The dividend of Republic Iron and
Steel preferred has been fully earned.
but it is understood that the manage
ment are in doubt with regard to the
wisdom of declaring the dividend at
this time. although the question has not
been fully decided
On the other hand. the regular divi
dend was declared on National Lead
common. and the Atlantic Coast Line.
which at the last declaration period
paid scrip dividend. resumed cash
payments today. although at a slightly
reduced figure from the preceding rate
Another stock affected by dividend un-
certainties showed about the widest nue.
tuations which were noted in the day
market. namely. American smelling After
scoring further decline in the early
dealings. that stock scored rally OF
over three points. great part OF the gain
being retained. although there was little
change in the general character OF the
gossip upon the probable action Of tho
management
Very Striking Movements.
Another very striking movement In the
industrial and miscellaneous group was In
Consolidated Gas. although the final de-
cision in the eighty-cent decision will not
be handed down by the Supreme Court
at Washington next autumn.
The United States steel stocks were
somewhat heavy apparently on apprehen-
sions that an abrogaticn OF prevailing
working agreements would be announced
after todays general meeting Of the
larger companies in the steel trade.
4 further decline in Amalgamated Cop
per has no direct explanation, as the i'm
provement in the metal trade is daily be-
coming more clearly defined.
Little news and scarcely any gossip Of
interest except of the most professional
the railway list. Fluctuations there were
again. wide and erratic. with the dealings
largest in St. Paul. Reading and Union
Pacific.
The discount rate of the Bank of Eng
land was left unchanged. at per cent,
although the bank reported the unusually
large proportion of reserves to liabilities
of II 50 per cent.
Operations in the local market by the
arbitrage houses We're conducted upon
both sides of the account.