The Washington herald., 1908-03-14
MARKET TONE HARD
Stocks Show Stubborn Re-
siStance to Decline.
SPECULATORs BUYING BACK
Attempt To Sell at High Prices, So
as 60 Bay Back After Fall, FniIs
SignnlIy-BnOyAncy Maintained I'm
til Close of Days transactions.
PennsyIvania Denies story.

New York. March 13.-If surface indi-
cations are any guide TO the facts. the
larger number OF the general ran of
Wall street spectators who have recent
ly been carrying stocks for the advance,
sold them yesterday and the day before
upon the belief that in consideration OF
the recent rapid rise in prices. some re-
action in the stock market was in order
and that. therefore. they would have an
opportunity to get back at a lower level
the stocks sold.
Even buying indicated that this view OF
the market was at least premature. The
shifting and irregular tendencies pre-
vailing yesterday, which admittedly az
forded fair ground for the suspicion of
market manipulation and that the market
was being kept strong in certain quar-
ters in order to allow profit taking in
the majority of the active stocks, gave
place throughout most OF the days stock
market session TO a dull and steady mar
ket IN which, although a great amount Of
liquidation WAS openly conducted, there
was yet displayed the presence Of such
vigorous buying power that the stocks
parted with were readily and almost
eagerly absorbed.
Up and Down Movements.
There were rapid up and down move
ments in prices Just as there were yes
terday, but with this difference fuctua-
tions were in a much narrower range
than in the day before and the general
undertone of the market was decidedly
harder In the early trading. the Ameri-
can Smelling and Refining and Brooklyn
Rapid Transit stocks were especially
strong.
The market. as a whole however, did
not exhibit any other prominent feature
than a stubborn resistance TO any at
tempt TO put prices down until the last
three-quarters Of an hour OF the stock
exchange session, when il again became
exceedingly buoyant.
The Reading. Union Pacific. United
States Steel common. Amalgamated Cop
per- and all the other leading stocks rose
10 new high record quotations on the
present movement and the whole market
closed at the best prices OF the day and
AT what were in most instances con
siderable net advances
This demonstration was undoubtedly
caused in part by the recovery Of stocks
by spectators for the fall, who confessed
themselves at fault in their recent dag
nOsis OF market conditions, but it was
probably due mostly 10 the renewed buy
ing of stocks by the extremely powerful
interests, whoever they are, who are be-
hind the present advance.
PennsyIvnnia Road Denies.
The Pennsylvania Railroad Company is
sued to-day an official denial Of a story
printed in the morning newspapers to the
effect that there was friction between
the company and the United States Steel
Corporation on the question Of new steel
rail- specifications. and declaring especially
that the statement that the Pennsylvania
Railroad Company had addressed COM
munications to other railway lines on the
subject, was without foundation.
The directors of the Southern Railway
Company, at their regular meeting 10
day. took no action regarding the COM
pany's preferred stock dividend. this be-
ing entirely in accordance with previous
indications as 10 what the policy OF the
directors would be.
Most Of the days gossip in the financial
district was centered upon the rumors
that certain statements or announcements
were likely soon TO be made in Washington
regarding the policy Of the government
in regard 10 the corporate matters which
would be construed as being very bene-
fetal TO prices OF securities.
One such announcement was made dur
ing the day. I'm a statement emanating
from the Secretary of the Interior. that
investigation Of stock markets did not re-
fer to any general investigation of stock
exchanges. but only to the so-called buck
et shops.