Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-05-12
NO LIFE IN MARKET
Traders Show Disposition
Neither to Buy Nor Sell.
WALL STREET Is WAITING
Thinks Something Will Happen, but
Doesn't Know What.
BIG MOVEMENT ON TAPIS.
Guesses as to Which Direction Are
Not Backed by Orders to
Buy or Sell.

Special DISPATCH to the Star.

Special Dispatch to the Star
NEW YORK. May 1c-The stock mar
ket today was decidedly apathetic. and
the feeling OF hesitation which was ap-
parent in the closing hours of yesterday
gained in strength. Dealings were
practically professional. and prices
auctuated within a narrow range about
the opening figures, which were. as d
whole. fractionally below the closing
quotations of Wednesday,.
The belief has permeated the rank and
file of traders that securities are on the
edge of a decisive movement one way OF
the other but which way the swing VIII
90 fs what puzzles even the best versed IN
all street lore. So the tendency to wait
and watch developments is apparently
growing stronger, as the case seems 10
be In London also. now on the eve OF q
holiday and with possible political de-
Va]onments in view of the funeral of the
late king.
Demand for Pennsylvania.
The only feature of today's market
was the leap of Pennsylvania full
point upward on the opening sales.
gain that subsequent operations reduced
only very little during the morning ana
early afternoon. No cause for the sud-
den increase could be learned outside
of the fact that Berlin had been a heavy
buyer of the stock on the London ex-
change before the market opened here,
and also gathered in large blocks OF 1t
through local arbitrage houses during
the first half hour of business IN ne"
York.
II was estimated that 20.Gto shares were
bought by international houses.
Outside of PENNSYLVANIA. the leading
railroad and Industrial issues were heafy
- not
as time went on. The announcement that
the directors of Brooklyn Rapid Transit
had fulfilled buIlish prophecies by in
creasing the dividend rate from TO .
per cent failed to put any life In tnis
stock while further discouraging reports
on the iron and steel industry did not
depress United States Steel common ap,
preciably. In fact. the market appeared
in too lethargic a state during the great
err part of the day to respond TO any sort
Of news. either good or bad
Declare Usual DIVIDENDS.
Beside the 3. r. T. dividend announce
ed this morning. the directors of the
Hartman interests announced after their
annual meeting that the regular quarter
Iy dividend of liz per cent on Southern
Pacific and "a per cent ON Union Pacific
common had been declared.
I'm any other state of the stock market
than that of today it is probable that the
discouraging repors from some of the
whest regions would have had a bearish
effect on prices.
Tales of frost. cold and wet weather
from particular sections of the north
west eniived buying on distant wheat
months and sent many OF the May shorts
to cover in quick order. After a good
fractional rise the market held firm. Cot
ton opened several points up and con-
tinued steady and quiet.
Foreign exchange rates, following a
forty-peint break yesterday afternoon,
opened stronger today. with no particular
feature. Call money was quoted around
IS. Lenders reported that the demand
for time money was slightly increased.