The Washington herald., 1908-04-16
FEWER TRADES MADE
Stock Market, WhileStrong,
Is Not Busy.
ONLY 23s,2oo SHARES SOLD
Number OF transactions Smaller
Than Any Day In Past, but One.
No Dealings in Many of the Lead
ing StOeks-sag Comes in Last
HOur-Movement Is Extended.

New York. April I5.-rransactions in
to-day's stock market were, in round
numbers, for each Of the successive five
hours OF business $780, $780, 23,OO0 10000.
and 1000 making a total turnover of
rs. 600 shares. or the smallest days busi-
ness but one for the entire year
Indeed. had it not been for an enlarge
ment in the last half hour of the stock
exchange dealings. i would have been
record Of the kind for the year very con-
siderably below the lowest There were
no dealings whatever in the Texas Pa
cife. Pacific Mail, Louisville and Nash
vile, Rock Island common, Manhattan,
Delaware and Hudson. Ontario and " est
ern. Canada Southern. Denver and Rio
Grande common, and United States Rubber
shares. and this is taken in connection
with the fact that the transactions in
many other well-known stocks were lin
tied to but 100 or 200 shares each is a
sufficient commentary upon the character
Of the days market
During the major portion of the day
the market, despite this inertia, presented
d singularly strong undertone. There ap-
peared 10 be absolutely no pressure TO
sell the standard stocks, and this move
ment Of values in this quarter so far
as there was any. appeared to be inclined
toward a higher level. although by Infinite
small degrees.
Says In Final Hour.
In the final hour. however, the market
began 10 sag visibly. and more or less
liquidation took place Closing prices
We're as a rule at or very near the low
est of the day. ard such as TO make gen
orally smaller declines.
good share Of the tOrpor of the mar
ket may properly be accounted for as be
ing due 10 that natural suspension of
speculative operations that often takes
place just before the advent Of a stock
exchange holiday that is 50 be longer
than usual. But tho real cause of the
dullness was the great diversity Of opin-
ion in the minds Of trading market opera
tors over the many conflicting clements
in the immediate financial situation.
Strong forces uphOlding the prices are
the current Cheapness of money. and the
fact that there seems TO be small desire,
either as the result Of voluntary wish or
compulsion, to liquidate high-grade
stocks.
On the other hand business reports are
not as encouraging as they were. and
political considerations by no means as
clearly defined as little time ago. The
market too, has been injured in the
opinion Of most Of the conservative peo-
PIE in the financial district by the evil
dent efforts recently TO advance so many
low-pTiced stocks of doubtful value.
Movement Is Extended.
A rapid glance over the record OF the
daily transactions in the market through /
out the present week shows how extended I
this movement has become. and what an |
pears TO have taken place at last in the /
matter is that the marking up Of securi-
ties Of this class has disclosed large
willingness on the part of actual holders
TO sell
Presumably, too, to-day, the market /
was influenced by the larger estimates J
of the insurance losses as the result OF |
the Chelsea fire, aggregating, according |
TO semi-ofilcial calculations. more than
$000000. ana by one OF two minor de-
velopments, such as the export Of 81, 600 0o0 |
in gold. and the publication Of statistics /
showing that the amount of idle freight ]
cars in the country had increased in the
last fortnight
The beginning OF the gold export move /
ment was not at all unexpected and was /
directly brought about to-day by a slight 4
advance IN sterling. coupled with a sim
ilar slight decline IN the Paris cheoue.
Interest, of course, centers in the GUAM /
tity OF gold that will go out before the
movement ceases, and it IS the consensus
among bankers that the sum exported
may reach a pretty large total If in the /
meantime there is not rise in money /
rates on this side; but such a rise might /
be wild If the government should make /
further heavy withdrawals Of public |