Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-13
Shifting of Interest From
Stocks Into New Quarters.
LOCAL FRACTIONS FEATURE
Manhattan Enjoyed Virtual Mo.
nopoly of Strength.
FURTHER EXTENSIVE GAINS
General Market Exhibited Sag
ging Tendency-U. S. Steel
Heavy-Money Unchanged.
Special Dispatch TO The Star.

Special Dispatch TO The Star
NEW YORK. April 13.-Monday. April
IL. was not particularly noteworthy
date in the history of the current year i'll
the stock market. Neither were the de-
velopments in outside and fundamental
conditions of any great or significant
bearing. In the stock market the most
striking feature was. perhaps, the con-
1inued shifting of interests from the
stocks which have been conspicuous for
so long into new quarters. Thus in to-
days transactions the local traction
shares and moro particularly those of
Manhattan borough enjoyed virtual
monopoly of such strength as was dis
played by the market at large.
Brooklyn Rapid Transit was Indeed Ut
tie Influenced by the course of the Man
haitian borough securities and moved In
line with the general market. On inc
other hand, there were further extensive
gains scored by Third Avenue. Manhat-
tan Railway and all of the lnterborough
Metropolitan issues.
The special animation in the laSt-named
group was again based upon the same line
Uf reasoning which was advanced last
week in connection with the strength OF
1heee securties-namely, that the partial
abolition of the transfer system would
result in greatly increased net earnings
for all the lines concerned.
While this particular group and one or
two of the industrial stocks advanced
materially, the general stock market ex-
hibited a sagSng tendency during the
larger part Of the business session. Novel
and satisfactory reasons for the course
OF prices were wanting.
While the current tendencies of the
London stock market. so far as they re-
late to the dealings upon the New York
Stock Exchange. are almost wholly de-
void of significance. the declines reported
there this morning were vaguely referred
to in connection with the fractional losses
displayed in the local dealings at the
opening OF business
Many Extensive Declines.
The serious confiagration in a suburb Of
the city of Boston yesterday was another
ostensible factor in the sagging course of
the market, but. after all, this explana-
ton appeared to be proffered in the alb
renee Of any better reasons. further
and quite sharp reduction In the selling
prices for copper metal might logically
be mentioned in connection with the
weakness OF Amalgamated Copper stock.
but. on the other hand, a number Of other
securities showed equally extensive de-
TO Be named In connection with their
coursa.
The United States Steel shares were
heavy. although not notably So and there
was increasing discussion with regard 10
the probable showing of earnings which
Who corporation will make for the March
quarter. Estimates of the figures again
6an9ed from under 100000 to the
sfeighborhood of $1s.0o0.O00.
Finally, 90 far as the general market
kvas concerned. efforts apparent to excite
Interest and uneasiness in the outlook for
The presidential campaign seemed to fall
a. nat a. the other superficial influences
In the speculation.
The commodity markets moved irregu-
Harry, weakness showing in cotton, while
grain prices were held steadily.
Money market quotations showed little
alteration, but 1t was not improbable that
n further rise In the rates for sterling ex-
change might have been effective In some
degree In such pressure as was apparent
In the dealings in securities.