The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-04-24
WALL STREET NOTES
Market Shows Tendency to
Start on Upward Path.
UNION PACIFIC HEADS LIST
AEgressiveness in First Part of Ses-
sion Feature Of the Day-Charf
"Friends' Unable 10 Predict Which
Way 10 Trade-Harriman Predicts
20 Per Cent Earnings for Lines.

New York April 2s.-There was more
fight in the market to-day than has been
displayed in several weeks. While last
week. few appeared to have an opinion
as TO the future OF the market, and
fewer still the courage to back their
opinion, to-day there was an abundance
Of both assertiveness and cash. The trad
ers appeared to have decided that it was
more agreeable 10 take position than TO
look on. and the same sort Of difference
of opinion that makes horse race made
a good trade market.
The first few minutes gave the impress
sion that there was to be but one side 20
the days transactions. II was in this
brief period that the greatest gains of the
day were recorded. The average at the
close Of this quarter hour compared close
ly with the high average reached since
the March slump, and showed gains rang
ing from 1 to points over Mondays
closing figures. The chart fieuds came
cut with the assertion that the market
had double topped" and proclaimed with
great assurance that the day marked
critical period IN the markets career for
several months 10 come. If the closing
maintained the high price, IT was declared.
prices would continue to improve; other
wise there must be another duh, sagging
recession toward the low level of panic
days.
II is a matter of wonder that many
traders have taken the chart system more
seriously in recent weeks than ever before
in their careers. A few have relied upon
it as implicitly as some gamblers on their
systems in faro or roulette. They followed
the charts with success through the panic
rally ana the reaction from the panic
rally, and have endeavored TO find prece-
dents for market commitments since that
time. The great trouble latteriy is that
there has been a superabundance Of
precedents. some pointing to one position
and others TO another, with the result
that the man with the chart has come
to be nuisance and the cilart-piayer a
person apparently affected with dementia
Up 20 q certain point. the course Of trad
ing after panic undoubtedly closely fol
lows its course In prior panics for the
same general after-effects are left by all
Beyond this point which was reached
long ago, prices are. as usual. subject
to change without notice.
At the high point OF the days trading.
though there was still considerable
short interest all extensive short cover
Ing appeared 10 be over for the time
being. and the market was vulnerable
under bear attacks and weakened further
by proft-taking salFs. Traders who re-
membered the decrease in the range OF
fluctuations last week. seemed well salts
fed with "a pront OF 10 points and
unwilling 10 follow the rise farther Prin-
cipally from these impulses, seemingly.
the market refrigerated as brlskly as il
had advanced. and reached the low point
Of the day almost as rapidly as it had
advanced 10 the high point. From that
time there was succession Of rallies and
reaction until the last hour. when what
seemed 10 be a more determined and CON
certed buying movement brought prices
to about the level Of Mondays closing.
Union Pacific was the strongest stock OF
the day There was a prediction of favor
able March earnings, but optimism in re-
gard 20 il was created to a greater ex-
tent by a report that f. H. Hartman pre-
dicted earnings Of % per cent for the cur
rent fiscal year Mr.. Hartman was said
to have made the prediction TO a man
who was much closer TO the Hartman
party's inside circles than was anyone i'm
the ill-fated social circle. and this asser-
ton gave the story a standing it would
not otherwise have had
In many quarters IL was doubted that
Mr.. Hartman made the reported predie-
thar 10 h. al
lied, but operators who said they had
confidence in both the making and the
fulfllment Of the prophecy. bought Union
and others followed in their wake. The
stock was altogether the most active on
the list. It's closing price showed a gain
of Y point, and was unique in that it
equalled the high price Of the day.
Not only on the street generally was
sentiment mixed. but there We're many
cases in which there We're sharp differ
ences of opinion between members of the
same house. AS for many days past it
was no unusual thing to find partners in
this house or that about equally divided
in views on the future of the market
Bullish sentiment. however, was believed
by many TO predominate, and SEINE of
those brokers who have latterv contented
themselves with the time-worn advice 10
buy on the reactions and sell on the
bulges showed a disposition to modify this
very ancient adage. II their customers
follow this modification, they will buy
freely on a slight reaction and be chary
of selling except on very pronounced
bulge
The half dozen most active issues con
tinued to absorb the attention Of traders
the market continuing TO move in a mar
row groove and duilness prevailing fnNthe