Evening star., 1909-05-27
STOCKS RALLY TODAY
More or Less Effort to Shake
Sagging Tendencies.
REACTIONS ARE FREQUENT
Business Continued in a Light
Volume.
LOCAL FRACTIONS ANIMATED
Vigorous Movement in Reading.
Marked Strength of Wabash
Securities.
LOCAL FRACTIONS ANIMATED
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, May o7-After three con-
secutive days of sagging tendencies, some
sort of a rally was more or less involved
in the mechanical circumstances of the
stock market, aand that appeared to be
the commonly accepted explanation for
today's upward movement in prices. The
movement in question was not, however.
particularly extensive. and in fact was
interrupted by frequent reactions. Neither
was 1t definitely accounted for by any
novel developments and indeed seemed to
be purely of technical description.
American shares were firm in the Lon
don stock market. but on balance the
operations here for foreign account
showed an excess of sales amounting TO
a bout 5000 shares.
Business continued in light volume in
comparison with the average transact
tions of the earlier part of the month, but
a general diversfcation of interest was
still displayed. The local traction shares,
which have been relatively oull for some
time past. showed today a considerable
degree of animation.
U. S. Steel Exceptionally Strong.
Transactions in the industrial and mis-
ttildHSOuS StOChS were upOn d ldHly ldI sc
scale and with few exceptions a very
firm tone prevailed in that quarter of the
market. United States Steel common. on
very large transactions. was exceptional
ly strong.
Other firm features were American Car
and Foundry. Amalgamated Copper, Gen.
eral Electric, Pressed Steel Car and Re-
public Iron and Steel. The gossip and
discussion accompanying the dealings in
the stocks in question comprised how
ever, no essential points of real novelty.
Quite vigorous rally in Reading was
commonly referred to as an effective
influence in the tone of the general
market. as the rather pronounced weak
ness in that stock yesterday had pro-
duced contrary effect. Reading was
likewise one of the conspicuous stocks
in point Of activity. Other conspicuous
Wabash issues, Rock Island. st. Louis
and Southwestern, Union and Southern
Pacific and Missouri Pacific.
Railway Rumora
The marked strength of the Wabash
securities served to revive the rumors
of the establishment of some close con-
nection with the Delaware, Lackawanna
and Western, but these reports had no
better degree Of substantiation than pre-
viously Discussion with regard to the
rate Of the forthcoming dividend on Read
ing continued active. but curiosity in that
respect was, of course. unsatisfied. Other
wise there was little except of a routine
character to be mentioned in connection
with the course Of particular stocks.
The grain market again moved irregu-
larly, and the fluctuations in that direc-
tion did not appear to cut much figure
In IA n
nical trade journal. to the reports Of
which a good deal of credence is always
accorded. placed the position of the win
ter crop in more favorable light than
those indicated by previous returns.
Little alteration appeared in money
market and foreign exchange conditions.
and the Bank of Englands rate of dis
count was left unchanged at 21a per cent.