The Washington herald., 1908-03-07
MARKET HOLDS FIRM
Rise in the Early Hours Not
Followed by Declines.
PLACE LARGE BUYING ORDERS
Investors Ready to Take Standard
Issues, but Many Orders Remain
UnfuIhIled-GouIdstO Weak Fol-
lowing Western Maryland Receiv-
ership-Pacifics Lose I'm Earnings.

New York, March 6.-What seemed to
differentiate the stock market to-day
from its immediate predecessors was that
for the first time during the last few
weeks in which the hardening tendency
of the market has been evident there was
no recession in prices following the days
advance.
Early In the day. Just as previously dur
ing the week. the quotations for the active
stocks rose generally, the gain in certain
instances amounting to more than point.
What seemed 10 be the case was that
the buying power that had become eX-
cited In the market was at last sufficient
TO withstand the usual profit-taking sales
Of day-to-day spectators.
Traders Are SkepticaI.
Although the market to-day gained uh-
mistakably in breadth there Is, OF course,
no assurance that the buying movement is
Of a permanent sort; indeed the larger
number Of market operators appear TO be
skeptical of the advance and 70 hold the
opinion that the underlying cause Of it
is purchases made by professional trad
ers who are either retiring their con-
tracts for the fall. or who are az work
for moderate upturn in values.
1t is cOntrawise apparent that the mar
ket is in far different condition than il
was a little time ago. To-day from one
end Of the stock exchange session 10 the
other, large buying orders were placed
fer the purchase Of many Of the principal
stocks AT prices very slightly below the
prevailing level Of quotations, and as the
market advanced these orders were ad-
Vanced also, the greater number Of them
being untitled at the close Of business.
The strength Of the market was again
more noteworthy in that the rising tide
had to contend with one or two specific
ally unfavorable developments that could
not be said TO be OF small Importance.
Will Conserve It's Rights.
A receivership was Unexpectedly an
nouneed this morning for the Western
Maryland Railroad Company, one Of the
Gould properties. No doubt the Western
Maryland Railroad Company is not what
could be called a strong corporation in
trinsicaily, even although its ability to
meet its bond charges is unquestionable.
and now that the property of the COM
pany mas been placed under the protec-
ton Of the courts. II will be interesting
TO see what measures a Federal judge will
take TO preserve the legal rights OF the
stockholders that have been committed 10
his care.
Again the Southern Pacific and Union
Pacific roads to-day published poor earn
ings statements for January. the South
ern Pacific's net revenue decreasing
Sl,4G0.0o0 and the Union PaCific's $4,000.
But spectators for the fall did not
seem at all anxious to-day to sell the
Union Pacific and Southern Pacific stocks.
and although the news OF the Western
Maryland receiveTship led 10 natural
weakness in the securities OF the road. in
tho Wabash and Pittsburg terminal is
sues. and in some of the other Gould
securities the declines here we're abso-
lutely without sympathetic influence else
where.