Evening star., 1909-05-05
CONFUSED SENTIMENT
Profit-Realizing Sales on a
Very Large Scale.
REACTIONS ARE FREQUENT
Foreign Houses Sellers to Extent Of
$1,000 Shares.
AMERICANS FIRM IN LONDON
Little Alteration in Money Condi-
tions-Sharp Advance in q. S.
Steel Stimulates Market.
AMERICANS FIRM IN LONDON
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, May $50 far as the
superficial fluctuations in the prices in to-
days dealings upon the stock exchange
were concerned. they appeared to indi-
cate no little confusion of speculative sem
timent. In view however of the exten-
sive and protracted advance in prices
such reactions as were shown from time
to time did not actually possess much
significance.
In the early part of the business session
profit-realizing sales upon a very large
scale were conducted in all quarters of
the market, and accordingly number of
the active issues showed declines in the
neighborhood and in excess of one point.
The professional element Of the board
room was quite vociferous in proclaiming
the necessity for a reaction, in view of
the extent of the preceding advance: but
the selling appeared to be confined to op-
eratons for the short account and profit
taking transactions
The London stock market was generally
steady, and American shares were excep-
tionally firm there. but. acting perhaps on
the theories which prevailed in the local
speculative transactions. foreign houses
were sellers here to the extent of about
$1,000 shares.
Interest in Crop Conditions.
Throughout the day keen interest was
expressed in the progress of the crops,
and the grain market continued generally
strong. The days advices with regard to
weather circumstances in the were were,
indeed, for the most part discourag ging,
although 1t appears to be recognized that
the strength of the grain market is by
no means based altogether upon domestic
agricultural conditions
Money market circumstances showed
little alteration aside from slight
hardening In the rates for loans on
time. 1t Is understood that a consid-
erable number of large lending insti-
tutions have retired altogether, even
market. and explain their position on
the theory that they consider the pre-
ya1ling comparison for the rates for
demand and time loans to be illogical
Otherwise, there was very little in
the days routine situation calculated
to shape speculative sentiment strong
ly In one direction or another. There
was. of course, continuing discussion
with regard to the general import Of
the Supreme Courts decision in the
commodities case. and without regard
to the rather irregular fluctuations in
the stock market that matter might
be cited as the chief factor in the deal
lngs. that is, in serious sense.
Striking Comparison Of Stocks.
In the early part of the afternoon the
whole market was stimulated to con-
siderable extent by sharp advance on
largely increased transactions In the COM
mon and preferred shares of the United
States Steel Corporation.
1t goes without saying that there was
nothing of actual novelty to be cited in
connection with the animation in these
securities. but attention was again direct
ed toward the comparatively low level at
which the preferred stock is quoted in
comparison with other securities of the
same class and in the light of the cor
poration's history.
The industrial and miscellaneous issues
were indeed generally firm with a few
insignificant exceptions. The railway
equipment stocks were particularly strong.
Transactions in the railway list presented
few points of particular interest.
The greater part of the dealings in that
department were furnished by Reading
Chesapeake and Ohio. which was excep-
tionally strong. and Union and Southern
Pacific. The traction issues were less
conspicuous in the dealings than for some
days past