Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-05-05
FAILS TO RESPOND
Market Here Not Affected by
& Conditions in London.
J.
PRICES ARE IRREGULAR
Dealing in First Stages Compare
lively Light, But Later More Active
!.
CLOSING DECIDEDLY STEADY
r
Marked Strength Shown in a Num-
5 Der of Railroads in the
Z Final Hour.
PRICES ARE IRREGULAR
CLOSING DECIDEDLY STEADY

NEW YORK, May Am the two
hours of todays session on the stock
exchange there was additional evidence
that the market continues to suffer
from surfeit of manipula ton and ILL
advised speculation. Prices were ir-
regular at the outset. failing in this
particular TO respond to London's
close, which recorded majority of
gains for our securities. Dealings in
the early stages here were compare
lively light, but became more active
fn the course of the first hour, at the
expense of quoted values Reading and
Emitted States Steel were again the
main objects of attention on the part
of the bear party, and signs of liquida-
. ton of long stock were not altogether
lacking. support during the early
period was only half hearted at best.
:. The movement became more normal
in the second hour. but before that
almost a score of stocks. ranging from
The important to the Insignificant, had
yielded from / to almost points. APP
parently the professional bears were
indisposed to press their advantage of
the previous day, a condition which
gonduced to more or less general re-
eoveries The closing was decidedly
steady. with marked strength in Union
Pacific Lehigh Valley, Canadian Pacific
and several special issues.
=. No Bearing on Stocks.
!. There was little in the days news that
bore very directly on the movement in
stocks. Further details from the south
attest the increasing seriousness of the
floods along the Mississippi, which now
extend from Arkansas to the gulf. Word
from Washington. intimating a revival of
antitrust activities by the Department OF
Justice, this time directed against the
so-called coffee trust, failed to excite the
financial district. ON the credit side or
the account it was asserted in Pittsburgh
dispatches that April booking by the
Emitted States Steel Corporation was ex,
pected to show a healthy increase. and
that operations by mills at that center
are close to full capacity.
: The situation with regard to the coal
miners and the eastern railway engineers
and firemen remained unchanged.
' The bank statement upset all calcula-
: lions as to the cash movement, the actual
loss being slightly more than $4,OOO,OOO,
where gain of as much had been ex-
pected Actual loans increased by over
zN2.ooo.0oo. with a decrease IN the re-
serves of $5,4OO,OO0. In the main, the
Statement was reflection of the un-
certainties which attended the May
settlements in all parts OF the country.
:: Some reason for the recent rise In
American Beet Sugar was furnished by
the company's annual report, issued to-
day, which showed an increase in the
.ha lance for dividends on the common
Stock much in excess OF the preceding
year.
Z Today's bond market was easy. Total
sales par value aggregated 1851, 900.
- United States coupon Is advanced p,
Che IS registered y, and Panama IS cou-
bon declined Il per cent on call during
The week.