The Washington herald., 1908-03-04
FALL FOLLOWS RISE
Upward Movement in Stocks
Checked at Midday.
LEAD COMMON HEADS ADVANCE
Steel and Smelling Also show
Strength, with Buying of PennsyI-
vania Feature of the Dny-FOr-
eign Markets Heavy, Owing 10
Dizziness In Diamond Trade.

New York, March 3.-Up to midday on
the stock exchange to-day there was a
continuation OF that steady and sustained.
II slow and hesitating. upward movement
in prices that has in general been the
dominant Characteristic OF the stock mar
ket for a couple Of weeks past and in
this forenoons business the activity Of
the trading was relatively greater than
it has been for a considerable time. even
II the days market. as a whole, was
dull
After midday the market lapsed for a
couple of hours into almost complete iner-
tia, prices. however, betraying a tendency
TO sag and the shipping away of values
became naturally enough under the cir
cumstances somewhat more pronounced
as the end of business drew near
The net result Of the days transactions
was that in the afternoon the markets
advance and something more was lost.
Certain amount of the speculative short
interest IN the market has been elm
mated, but buying for the rise is still
not strong enough 10 carry forward a
general advance with any particular
vigor; and at times, under such conditions
profit taking and selling OF stocks by
bear operators. even if the sales from
both these sources in the aggregate reach
trining amount. is sufficient TO place
the quotation upon lower level.
Lead Common iH Rise.
In the early dealings the spectacular rise
IN National Lead common stock again
went on. but the gossip Of Wall street
had no reason to advance. for the move
ment beyond that which was commonly
talked of yesterday that the Lead COM
mon shares as a security paying an an
rual 8 per cent dividend. had been unduly
depressed in prices in comparison with
the American Smelling and Refining COM
mon stock and other securities OF like
sort. 1t. however. maintained in various
quarters that lead-producing products are
suffering from the current trade depres-
sion.
Other stocks IN which strength was
also especially notable We're the United
States Steel common. American Smelling
and Refining common. and in general sew
eral among the best known Industrial
shares.
The very favorable annual report of
the Pennsylvania Railroad Company also
led 10 a little buying Of PENNSYLVANIA
stock, based upon the proof afforded in
the report Of the extraordinary ability
displayed by the company TO curtail its
operating expenses when necessity calls
upon il 70 do so.
The foreign markets were IN the main
heavy to-day. being more or less affected
by liquidation in Paris. All over Europe
and particularly in the French capital. the
profits OF those engaged in the business OF
selling diamonds at wholesale or retail.
as well as the earnings OF the great dia-
mond producing mines in South Africa
have been enormously reduced by the i'm
mense and sudden falling away Of the
American trade as the result Of last years
financial trouble.
Little Selling to Europe
To-day's developments made it appear
that the adverse influence Of these dis
turbances is still exerting itself in the
directions named. At the same time. sell
ing OF stocks here for foreign account
to-day was in volume so small as 10 be
hardly worthy Of notice.
News matter to-day bearing upon the
market except as heretofore outlined were
very scarce. of perhaps the most impor-
tant one from a strictly Wall street point
of view, being what happened 10 be a
trustworthy report from Washington Of
a statement by the Attorney General. in
which he declared that the government
had no intention. as has been persistently
rumored of late. OF asking for a tenn
porary injunction to restrain the payment
or dividends on the Southern Pacific COM
mon shares held by the Union Pacific
Railroad COr1Danv