The Washington herald., 1908-05-23

New York May 22-To-day's stock mar
ket comprised such a rapidly alternating
series of advances and declines as 10
make It an unusually erratic and con-
fused affair; but .aken through and
through. the general tendency was to-
ward a lower range Of values. The rally
that was in progress at the close Of the
market yesterday was continued in an
advance that placed many of the leading
stocks once more at. or a little below.
their highest prices on the currency
movement
But after this a recession set in. in
the course of which substantial pressure
10 sell stocks was visible. Quotations
often rallied only to fall again with a
somewhat greater increase in the volume
of selling, and closing prices were gem
orally at declines Of more than a point.
The days volume of transactions was
but little below the million share mark,
but over half Of this entire quantity of
dealings was in the Reading and Union
Pacific shares alone. and the up and
down movements in the course Of these
two stocks admittedly impaired char
acter to al the trading that occurred.
London Continues Cheerful,
There was a continuation Of the more
: cheerful feeling recently exhibited in
London. which was again accounted for
by another weakening in English and
European discount rates. save, of course.
In Berlin, where the financial situation
still is in state OF strain. There was,
however, little if any real foreign par
tieipations IN to-day's stock market here
The course of the market to-day to
those who looked at 1t merely as OBJ
servers Of the quotations as these con
stantly rose and fell was fairly open to
any one Of three interpretations.
One, that a short interest in the mar
ket was being encouraged; a second that
the recent active supporter of the mar
ket had withdrawn considerable portion
OF his forces from the field. leaving
the market 10 the care Of itself as best
II could and third. that the distribution
OF stock was taking place.
The quick subsistence of the market
aitef each successive rise at least an
tielpated that the speculation had come
10 assume TWO sides, and that if there
was large buying Of stocks there was
large selling also.
StH Unable to Absorb,
Al Of these views OF the situation to-
day found strong adherents. but there
was consensus regarding one fact and
that was that apparently the market had
not yet become broad enough and strong
enough TO absorb any great amount Of
real liquidation, and that this phase Of
the case should be carefully borne in
mind in estimating the probable attitude
toward the future course of values on
the part OF the large spectators Tor
the rise who have so much st stake.
These operators may think It is best
TO endeavor to sustain prices at the ex-
isting level. hoping that the Frightening
prospects Of the business situation will
increase with the resultant enlarged pub
lie buying OF stocks. or on the other hand
that they may conclude that they have
advanced prices for the time being some
what beyond a point that proves at
tractive to public purchasers, and that
the wise thing to do VIII be 70 lower
prices 10 quotations that viii induce q
more general public interest in securities.
There was as usual little if any news to-
day that figured at all as a market fac
4 tor