Evening star., 1909-05-26
VARYING MOVEMENTS
Reactionary Tendencies Mark
the Dealings Today.
DUE TECHNICAL REASONS
Reading One of the Most Active
Features.
SHARP BREAK IN THAT STOCK
Reaction Fairly General and Quite
Extensive in Number of
Instances.
SHARP BREAK IN THAT STOCK
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. May 26.-Irregular and
generally speaking reactionary tendencies
characterized the transactions in today's
stock market during the larger part of the
BUSINESS session. So far as the course OF
prices was concerned, there was little OF
particular importance to be named in eX-
PLANTATION thereof, and the common drift
Of the discussion in Wall street was to the
effect that technical reasons were ac-
countable for the varying movements in
prices
A very sharp break in Reading follow
ing upon the decline scored yesterday was
pne factor mentioned in connection with
such unsettlement as was shown by the
general market, chiefly because of the
recent prominence of that particular
stock. Reading was also one of the most
active features of the market, but even
in that special instance no specific in
.eligence could be adduced to account
for the course of the stock.
Most of the gossip current In connec-
lion with the dealings in Reading was of
4 personal nature. 1t might be said. how
ever, that movements elsewhere in the
market were unaccompanied by even such
modifying comment as that mentioned.
The reaction in prices was fairly general
and quite extensive in number of In
stances.
Steady Tone at the Opening.
AT the opening of business a fairly
steady tone commonly prevailed, but be-
tore the close of the first hour declines
amounting to and in excess of one point
we're scored in a number of stocks. Trans
actions were in larger volume than those
recorded yesterday. but were largely of a
professional character, and, indeed, there
vas general complaint on the part of COM
mission houses that they had little par
icipation in the apparent activity of the
market.
The London stock market moved irreg-
ularly. but American shares were COM
paratively firm, and foreign houses were
buyers in the local dealings of about
1900 shares of stocks, chiefly of United
States Steel and Amalgamated Copper.
The United States Steel shares and
Amalgamated Copper participated in the
uncertain movement of the general mar
ket. but showed fairly steady under
tone and greater degree Of resiliency
than was exhibited In other quarters. A
turther advance in the quotations for all
grades OF copper metal was announced.
Interest in Grain Markets.
Fluctuations in the grain market were
less sensational than of late. but it ap-
oeared to be the case that the course of
,rices there has begun to attract more
attention than has been previously ac-
.orded to that feature of the situation,
probably on account of the new approach
II the governments crop report.
Money market and foreign exchange
circumstances showed no material altera-
ions. nor were there any striking
changes in the other more or less routine
eatures of the situation at large.
Aside from Reading, the most extern
tive movements in the railway ust were
Chesapeake and Ohio and Erie stocks,
Rock Island and the Southern railway
shares. Neither Union Pacific nor the
Hill stocks were materially affected by
he announcement of the settlement of
he differences between those properties
II the dispute over the Oregon gateway.