Evening star., 1909-05-06
SPECULATION SHIFTS
Price Movements Are Featur-
ed in New Quarters.
u. S. STEEL CONSPICUOUS
Extensive Swings in Industrials and
Miscellaneous.
AMERICANS STEADY IN LONDON
Western Maryland One of the Active
Railway Features and Scored
Extensive Advance.
AMERICANS STEADY IN LONDON
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, May 6.-In today's stock
market transactions there was a well de-
fined shifting of speculative interest into
new quarters. although it would. oil
course, be premature to assert that the
change in this respect possesses qualities
of permanency. Most of the days more
extensive movements took place in the
industrial and miscellaneous shares, and
these. with few insignificant exceptions
were toward higher levels.
The United States Steel stocks Were
again particularly conspicuous in the
days transactions, although naturally the
movements in those issues were exceeded
ny those in a number of other stocks In
the same general department. The con-
spicuous features of the industrial group
were Virginia Carolina Chemical. Ameri-
can Cotton on, American Agricultural
Chemical and the railway equipment
shares.
The securities of the metal-producing
and manufacturing companies were like
wise prominent. with substantial ad-
yances scored by American Smelling, An
aconda and Amalgamated Copper. For
eign houses were quite heavy buyers of
the copper stocks, and on the present in
slant, at all events. the improvement In
those securities may be referred to as a
distinct betterment in trade conditions.
The strength of the United States Steel
securities was based upon considerations
of general character. although one
specific factor might be named in the
placing of very large order for steel
rails by the Chicago. Milwaukee and st.
Paul Railway Company.
Railway Equipments Active.
The further movement in the railway
equipment shares could naturally be as
ISOLATED with the strength of United
States Steel. Other strong features of
this general quarter of the market were
American Tobacco preferred and Corn
Products.
During the greater part of the business
session transactions in the local traction
shares We're in light volume and price
movements were comparatively small.
The already mentioned shifting in spec
ulative interests was quite pronounced
in the railway list. 1t was true, to be
sure, that such stocks as Union and
Southern Pacific. Atchison. st. Paul and
Reading furnished their usual proportion
of the total dealings. but price move
ments were much more extensive in other
directions. Western Maryland was in
fact, one of the most active features OF
the railway list and scored the most ex-
tensfve advance registered there The
Wabash securities were also prominent,
as was Denver and Rio Grande.
London Market Irregular.
American stocks were steady In the
London market. while other departments
there showed no little irregularity. The
discount rate of the Bank Of England
was left unchanged at 21s per cent, and
the banks weekly statement made a
fairly satisfactory showing. Aside from
the metal stocks operations here for
foreign account were not upon a large
scale.
Little further attention appeared to be
paid TO the course Of the grain market.
probably on account of the advent of
more seasonable weather conditions here
and in the grain belt.
Money market and foreign exchange
circumstances remained upon a fairly
even keel. Transactions in the bond
market were maintained upon an active
scale. and the volume of business in
stocks measured well up to recent aver
ages.