The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-04-01

NEW YORK, April THE market
closed with good show Of activity
RJ9d with a very firm tone. While not
6 the top prices, nearly everything
closed at substantial advances over the
closing prices OF Monday. The AtChi-
Rnn directors reduced their dividend rate
from TO . per cent, and the Street
approved of the action TO the extent Of
closing the market for the stock over
points better than on Tuesday.
Il was a good. 1lTm closing
NEW YORK, April during the first
hour OF the morning session of the stock
exchange business was decidedly lively,
and prices advanced with rapid strides
II turned out that the selling of Erie
issues yesterday was not by insiders or
holders Of the stock, but by the bears
for the eQect that the big decline forced
there would have on the rest Of tEc
list.
1t became evident by the desire II
take in these shorts this morning that
such wa& the case. also that some plan
for financing the Erie indebtedness and
evading a reCeiVeTShip had been either
agreed upon or progress IN that direC-
ton made. The first and second pre-
ferred stocks of the Erie company WeT.
leaders in the recovery The stock sold
at is advance, first preferred advanced
four points, and second preferred recoV-
cred SIS points right off the reel, tmme-
diately following the opening While
these advances were not fully main
tanned. tWo-DOint reactions being re-
ported in first and second preferred, yet
the boom here was sufficient 10 start
the shorts in other rails and give the
market decidedly good opening.
Into the second hour the market
maintained good strength until near the
noon hour, when there were reacIlohs
as the shorts closed their contracts and
the buying demand let up.
There was nothing in the general
situation 10 turn stocks into a channel
for higher prices. the coal SITUATION pc
ing in an extremely tender position.
railroad earnings bad and the cutting
of the Atchison dividend to per cent
basis being considered as an absolute
certainty; OF course. botE these' IN
fact all these. influences have been dis
counted and are no longer effective, un-
less the coal situation should develop
more serious conditions
But the sharp advance of the morn
ing was, perhaps unreasonable, when
considering any other theory than that
OF the anxiety Of shorts.
The gains were extended to practically
all the leading rails, and varied from II
TO 23s points, other than as specified in
the matter OF the Erie issues
Atchison advanced rs, Baltimore and
Ohio =, St. Paul ~, Canadian Pacific
Pacific /, Union Pacific IL, Great North
eTn =, Steel common = and preferred *.
and Reading rs. other stocks generally
higher or steady
Prices were slightly below high.
NEW YORK, April 1-1:15 p. m.-Dur-
ing the noon hour the market gradually
sold down, losing about One-haIf of the
gains. This was the rule rather than
the exception. 1t was foreshadowed in
the cessation Of the demand from shorts
earlier in the day and was accentuated
by the efforts of longs to turn some of
the paper profits to bank accounts.
The market also became much less &C
tive, some of the stocks moving slug
gishly. The indications at this time
favor a soft close, with gains seriously
cut down
NEW YORK, April 1.-2 p. m.-The
market was very dull, but prices showed
little change from the figures of an
hour ago.