The Washington herald., 1908-05-09
NERVOUS, BUTSTRONG.
Market Shows Irregularity
Despite Strength.
ADVANCE IN THE COAL STOCKS
Copper, Smelling, and Steel Heavy,
but Other IndustriaIs Follow the
Rails, Especially the Anthracite
Carriers, I'm Upward Movement.
Wage Situation May Come Up.

New York, May s.-Throughout to-day
the stock market was nervously and ir-
regularly strong. There was some trace
in the early dealings Of the doubtful
feeling regarding the market that was
more or less evident yesterday, but the
period Of hesitation was brief and prices
soon resumed their upward march under
the lead OF the two old favorites, the
Union Pacific and Southern Pacific
shares.
In varying way. but with little dimin-
ishment, this strength was continued
until the end of business. although the
feature OF the market in the afternoon
was the advance in the Reading, Della
ware, Lackawanna and Western, Della
ware and Hudson. and in general the
stocks Of the leading anthracite rail-
road companies.
Actions IN Reading stock formed much
more than one-third OF the DAYS total
volume OF dealing, and the quotation Of
the stock closed at its highest point at
an advance of 81 points. Delaware and
Lackawanna stock rose at one time 4
points, but lost half its gain, the ad-
vance in this security being notable. as
1t always is, when a buying movement
starts on account OF the exceedingly
small floating supply OF the stock in the
market
Explain Rise in Coal Stocks.
The rise in the coal stocks was accom-
panied with rumors of a supposed
squeezing Of the short interest in Read
ing common, and, of course, by the
hacknied stories Of a segregation of coal
lands. Under the rise of the hard coal
shares. there appeared to be more or less
distribution of other railroad stocks
which have hitherto been the leaders IN
tne trading, and the advance in the
Union Pacific particularly was not in
very satisfactory proportion 10 the vol
uIne OF transactions in them.
Amalgamated Copper. American smait-
Ing and Refining, United States Steel
and as rule, all the metal stocks were
relatively heavy either advancing very
little or remaining unchanged from yes
terday's prices. Taken altogether. how
ever, the market was. even If of entirely
professional and manipulative character.
still such as to suggest that the advanc-
ing movement in prices had not yet cul-
minated.
Hardly any reference was made to-day
IN Wall street comment to DEVELOPMENTS
in financial or business conditions having
an interest bearing upon market valua-
tons in so far as they seemed to figure
as actual stock market factors.
May Advance Freight Rates.
Nothing was heard OF yesterdays half
way disappointment over the failure of
the Union Pacific Railroad Company TO
announce the details Of its borrowing
plan, or because of. general indications
that the railway managers of the cOun-
Try are not agreed as to the policy 70
be followed IN advancing freight rates.
Deterring considerations in this latter
respect are undoubtedly the protest al
ready made against such proposed reduc-
tions OF rates by so many commercial or
ganizations over the land, and a view
commonly expressed In railroad circles
is that before higher charges for trans
portation Of freights are demanded, the
high railway pay schedules established
a year ago ought to suffer a reduction.
Copper prices were reported to-day as
being slightly lower. which. taken with
the still unsettled state of the iron and
steel trade, may have accounted for the
lack Of animation displayed by the va
rious metal stocks.