The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-05-04
DAYS GAINS

NEW YORK, May 4-There was con-
siderable uncertainty in the opening of
the stock market and in its course up
TO the first hour of the afternoon. The
advance has reached the hesitating
point, the point where 1t is dangerous
and where a reaction of considera BILE
proportions is nearly due, although there
are many who believe that the time
IS still ripe for purchases on all r5css-
siOns- 1t will be recalled that the gain
on the closing day OF last week was
in other than the leaders. Today the
leaders turned the other way, going
down, while the majority of minor
shares were held comparatively steady
or eased of in fractions while some
few were actually higher.
The short interest has been practl-
cally eliminated and in this lies the
danger OF the market at this time. 1t
must be held up by the financial in
terests or it will go back ard nothing
can stop it. London came in weak and
lower
The financial plan of the Union Pacific
viii be made public tomorrow. This
fact leads 10 the belief that the mar
ket may be maintained IN order 20 aid
this movement.
At the Immediate opening there was a
decline of a fraction and then a sharp
up turn that lasted for an hour or so,
when he leaders turned from a three
fourths TO a point loss. COnsOls were
lower and some uneasiness was shown
over Indian affairs.
The breaks extended 70 = in New
York Central. Northwestern. Reading.
Great Northern, Union Pacific, and to
* in ST. Paul
Steels were off =, Copper and Shelter
were steady, Locomotive, Ice, and Lead
hrmer.
IL was an uncertain market as it en-
tered tie afternoon. with Indications
Of a lower range, but possibilities OF
anything.
Entering the second hour Of the af-
ternoon the market displayed q better
tone under the leadership OF the South
ern Pacific, which advanced a good
point Evidently the insiders on the
Hartman lines were giving this stock
good support for the effect that il
would nave in Steadying the whole list
and preventing any further decline
This plan Of action has been useful
again and again. one leader carving
the market. This advance carried Read
Ing, Union Pacific, and st. Paul nearly
10 the closing prices Of Saturday the
only heavy stocks among the leaders
being the Hi shares which did not
recover their decline
No one could give any reason for the
better tone other than the fact that
Southern Pacinc had set the pace. and
the leaders We're following along on its
trail.
The industrials were steady, with
slight changes, other than the con-
ttnued weakness in the Steels.
The advancing tendency continued for
q hour, when the higher prices met a
large amount of offerings, and down
went values 70 the loss OF the advance
and an additional decline averaging
nearly a point in the leaders, Jka5s in
the general list and 13sG1& In Union
Pacific and St. Paul the two high-grade
leaders of the rise. There was no sense
IN the rise. and the reaction was very
natural Southern Pacific, the CIuse of
the rally went back over Point but
managed 10 hold Saturdays closing fig
ures fairly well Some OF the industTfals,
in fact, the majority Of them were
very steady.
The closing was soft and grinding on
the bottom.