Evening star., 1909-05-20
PRICES REACT|0NARY
Uncertain Tendencies Follow
a Strong Opening.
SOME EARLY HIGH RECORDS
American Shares Reported Firm in
London.
u. S. STEEL IN LEAD OF ISSUES
Reading Was Exceedingly Active
and Reached High Figure-Rail-
way Transactions Large.
U. S. STEEL IN LEAD OF ISSUES
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. May oO.-After rolling gem
orally strong during the forenoon session.
during which time, indeed. some new
high prices of record were established
the stock market developed uncertain and
reacuonary tendencies. Price movements
in neither direction were explicitly ac-
counted for through the days develop
ments. The professional element of wall
street was disposed to lay the blame for
such reaction as the market shoWeo
upon the fact that the dividends on Union
and Southern Pacific stocks were un-
changed but II is doubtful whether any
body outside. of the tipster class had
looked for any alterations in the rates.
On the other hand, the dividend on At
lantic Coast Line stock was advanced
from per cent to s per cent annual
basis and a quarterly dividend Of 1 per
cent was declared upon Chesapeake and
Ohio.
Another theory advanced to explain the
irregular course of prices after the first
hour of business was that the stocks
which may have been bought yesterday to
death of III. II. Rogers were being lfqui-
dated. Gossip of this and correspond
ing description comprised the bulk of the
discussion of the days dealings in Securi-
ties and are mentioned only for what
they are worth and as illustrating the
general nature of the days mcr.et sit
uation.
London Market Steady.
American shares were firm in the Lon
don stock market, which was also steady
in it's other departments. The discount
rate of the Bank of England was left un-
changed at 2k per cent, and the weekly
statement of that institution was a satis-
factory exhibit. Foreign houses were
buyers in the local market upon quite
large scale.
The volume of business in the stock
market was maintained upon the large
scale of activity recently witnessed and
continued to reflect a general diversified
tion of speculative interest. Transactions
in the bond market were likewise upon an
active scale.
Additional engagements of gold for ex-
port appeared to play little part in shap-
ing speculative sentiment, nor did tine
fluctuations in the grain market seem to
cut much figure in the speculation In Sc
curities.
Steel Commons Record.
The United States Steel stocks were no.
tably CONSPICUOUS In the early part Of the
day. the common stock being among the
issues to advance to a new high record,
while the same result was achieved by
tHS pIeIefIeUs dI1eT MAKING dHOWduCt
for the fact that the security in ques-
tion Is selling ex-dividend.
Other firm features of the industrial
and miscellaneous group were the Re-
public Iron and Steel shares, Mercantile
Marine and American Can
Price movements in that quarter of the
market were, however, for the most part
in line with those elsewhere marked in
tionary tendencies were quite marked in
the instances Of Consolidated Gas and
Amalgamated Copper. presumably on the
theories previously mentioned in connec-
tion with the death of Mr.. H. H. Rogers.
Railways Active.
In the railway share list Reading was
exceedingly active and in the early part
of the day advanced to the highest figure
At which 1t has sold on the recent up
ward movement. Transactions in this de-
partment were H-ry large also in Chesa-
peake and Ohio, Union and Southern Pa
CHIC, st. Paul and Atchison.
The advance In the dividend on At
lantic Coast Line was accompanied by re-
ports that the dividend on Louisville and
Nashville would likewise be advanced
within short time. One of the more
conspicuous movements in the railway list
was a rapid decline in Western Maryland,
which was, of course. based upon the ex-
2ectations that the security would be
subjected to heavy assessment in the
process of reorgd dnizat tion.