The Washington herald., 1908-04-22
MARKET TONESTRONG
Prices Advance Toward Close
of LiStless Day.
BEARS ALL TURN ABOUT FACE
begin Buying After Trying TO Make
Money Specializing for a FaII-PrO-
fess TO See Improvement In PoIit-
zeal as Well as Industrial Affairs.
fractions Not So Weak.

New York. April n.-Most Of the time
to-day the stock market remained in the
same inert and apathetic state as that in
which It had continued for so many DAYS
past, and, indeed, stock exchange trans.
actions in the morning to-day were less
than in the corresponding time at the
preceding session.
Business on the floor OF the exchange
seemed TO be confined to the dealings OF
so small a number Of operators that Il
was commonly said that only half a
dozen people were conducting the entire
market, and that the names Of a like
number Of commission firms were con,
stantly reported as alternating buyers
and sellers.
In the main, during the first two hours
OF business, the market exhibited the
same relatively depressed tone that it did
yesterday, although in few instances did
quotations for stocks fall below the last
prices Of Monday As much Of an in
nuenee as anything In the trading ap-
peared 20 be the common anticipation
that the Pennsylvania Railroad Company
would, In the course Of the next fort
night reduce its semi-annual dividend
from Sls to 5 per cent
bears Use Argument.
The argument used by spectators for
the decline was that this determination
on the part of the Pennsylvania directors
would indicate a definite conclusion on
their part that no speedy resumption Of
general business was 70 be looked for.
On the other hand, the contention was
advanced that action of this sort had
been long foreshad0Wed and discounted
in the price Of the Pennsylvania shares.
Ihe recent order Of the public-service
commission compelling many of the local
street car lines to so enlarge their faciIi-
ties 70 provide seats for all passengers
coupled with further indications looking
toward the possibility of the enforcement
Of a scent fare on the Brooklyn lines To
Coney Island, served TO weaken. although
not IN any very decided way, all the
traction stocks.
Prices IN general derived no help to-day
from the resumption of business I'm the
London and continental markets values
abroad inclining TO heaviness under. pre-
financial affairs in Germany, particularly
as regards the demand of the Berlin mar
ket for gold.
Market slowly Receivers.
After midday, however the market
slowly strengthened. and in the last hour
Of the day advanced in a comparatively
rapid manner under the lead of the
United States Steel shares. Causes for
this movement seemed in the main to
partake Of no greater potency than the
mere resuessness of the professional
speculative element who are perpetuaIly
selling for the decline or buying for the
advance. Processing to discover that the
market developed a hard undertone and
became very dun on a slight recession in
prices, operators Of the class described
made a turn about face and bought
stocks
Those Of them who made any effort 10
give any substantial reason for their
change Of front referred in a vague way
10 an improved condition Of political af-
fairs, 10 talk Of an advance I'm railway
freight rates. and TO supposed indications
that current plans for railway borrowing
were being satisfactorily conducted.