Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-05-06
MARKET TONE FIRM
Resists Selling Pressure Based
on King Edwards Illness.
HIGH LEVELS ARE REACHED
Reaction Following Early Declines
Is Most Pronounced.
VIEW OF TRADERS CHEERFUL
Conditions in This Country Regarded
As Favorable to Bull
Movement.
HIGH LEVELS ARE REACHED
VIEW OF TRADERS CHEERFUL
Special Dispatch to The Star

Special Dispatch to The Star.
NEW YORK, May 6.-The entire
stock list weakened at the opening of
tine market today in sympathy with the
considerable drop in all American is
sues on the London exchange. due to
the reported gravity of King Edward
illness. Heavy selling, especially in
United States Steel common and the
Hartman Pacifics, occurred within the
first few minutes, for the most part in
large blocks
Cables from the British capital
brought large liquidation orders to the
local arbitrage houses. with the result
that initial sales forced prices down
more than a point in the stocks which
have been the most active both in Lon
don end on the New York exchange
during the past week.
The general recession. however, soon
ceased. showing that the undertone of
the market is as firm as the bull'sh inter
ests have been stating lately. and before
the first hour was over not only had a
greater part of the losses been recovered.
but in some stocks figure was reached
above last nights close.
Rapid Transit Strong.
Brooklyn Rapid Transit was particularly
noted in this respect. From an opening
fall of half point the quotations leaped
forward a full point to the highest mark
this week.
The persistent run,or that Brooklyn
Rapid Transit is to be placed on a per
cent dividend basis at the next meeting
of the directors was responsible for the
buoyancy. Chesapeake and Ohio also
showed exceptional strength from like
cause
In the midforenoon' alleged reports
from buckingham Palace that King Ed
ward was growing worse sent the market
into a wobbly condition. similar TO the
state into which 1t fell April Monday
mornings when Supreme Court decisions
on the Standard Oil and American To-
baccO cases were expected.
Many stocks which had reacted sharply
cidedly heavy again and continued so
during the early afternoon Prominent
among these were the big railroads, New
York Central, st. Paul. Northern Pacific.
Rock Island and the Hartman Pacifics.
Apparently the large interests which have
been accredited with extensive buying in
these stocks during the past few days
decided to lay by until either more favor
able news or the worst has been received
from England.
Material for the Bears.
The kings illness was by far the
strongest bearish asset of the day in view
Of probable British political crisis if
the outcome should be fatal. Nothing had
occurred at nome since yesterdays close
Of the stock market to be used as capital
by either side and the bulls continued to
rely upon the generally optimistic senti-
nient which has peryaded Wall street for
several days past.
The commodity markets presented an
undisturbed 'front.' with slight price
changes in either cotton or wheat. Ster-
ling rates opened quiet and on the same
level with yesterdays close while money
continued easy. with rates for call swing
Ing from 3ls to per cent. The negotia-
tons for. the sale of large bond issues
In Paris. as reported and affirmed yester-
day. apparently had not proceeded to the
point today where either the foreign ex-
change market or local money conditions
could be materially affected.