Evening star., 1909-05-24
REALIZING A DAMPER
Profit Taking Stops an Ad-
vancing Movement.
OPENING SHOWED PROMISE
U. S. Steel Common Reaches New
High Price Record.
AMERICANS FIRM IN LONDON
Cessation of Foreign Buying Starts
Reactionary Local Tendencies.
Railways Animated.
AMERICANS FIRM IN LONDON
Special Dispatch To The Star.

Special Dispatch Ia The Star.
NEW YORK, May 24.-After an early
display of quite pronounced strength.
during which period United States Steel
common advanced to a new high record
price. the stock market relapsed into If
regularity and there took place a marked
falling away in respect to activity. For
these changes in the general condition OF
the market there was no direct eXPlana-
tion, unless recourse should be had to
the technical character of the dealings.
There was little of Importance in the de-
velopments over Sunday or in the news
in the course of the day to which the
course of prices could be referred.
American shares were exceptionally firm
in the London stock market, and foreign
houses were fairly large buyers in the
local dealings. their purchases being esti-
mated In the neighborhood of n.ono
shares. 1t was upon the cessation of this
buying that the market assumed the ir-
regular and rather reactionary tendencies
previously mentioned.
Money market affairs i'm their various
aspects and agricultural conditions showed
no alterations of any consequence.
Railway List Active
News relating ii particular stocks was
as scant as that bearing upon the market
at large. In the railway share list Great
Northern preferred and Northern Pacific
were again strong and active, and in that
quarter the animation exhibited was ac-
companied by renewed reports that the
dividend on Burlington and Quincy would
soon be established upon a considerably
higher basis.
AT the same time the rumors did not
serve to prevent the stock in question
from participating in the irregular ten
denotes of the market at large. No little
n.oI
peculiar fluctuations in Reading and
Union Pacific. both stocks on large trans
actions moving within very small limits.
Elsewhere in the railway list the deal
ings were largest in Atchison, the Rock
Island stocks and the Erie shares The
last named were comparatively firm.
The local traction issues We're neglected
during the greater part of the day. with
comparative strength displayed by Brook
lyn Rapid Transit.
Some Strong Features.
The early strength in the United States
Steel issues, which later moved In common
with the general market. had no particu-
larry novel explanation. At the same
time 1t was noticed that the shares of the
other iron and steel properties, including
Republic Iron and Steel were fairly
steady. and she course of these stocks
might reasonably be referred to the con-
slant betterment in trade conditions.
Explanations of similarly prosac char
acter might be advanced in the instance
Of Amaigamated Copper and American
Smelling. but those stocks also failed to
retain the full extent of an early ma
terial advance. Other strong features of
the group of securities under discussion
were Pittsburg Coal and Mackay COM
panies.
Il was doubtless the case that the gem
eral drift of prices in the market might
be sufficiently accounted for by the dis
position TO realize profits by traders of
the professional class. in view of the ex-
tent of the rise i'm prices toward the close
of last week and the further gains re-
corded in this mornings early transac-
tionS.