The Washington herald., 1908-04-14
MARKET IS DRIFTING
Obvious Tendency on Change
Toward DuIlness.
TRACTION SHARES MOVE UP
Rise Accompanied by sharp Advance
in Chicago Stocks-Hammering Of
Prices May BE 0verdone-Business
said to Be Showing Signs of slack
ening-COtton Prices Down.

New York, April 1S-To-days stock
market was OF a drifting and noneommit-
tai sort, that was generally unsatisfac-
tory to both sides of the speculative ac-
count,
Il was distinctly heavy however, sad
prices throughout the day remained be-
low Saturdays closing figures. The
obvious tendency of affairs, too, was to-
ward dullness. the total volume OF trans
actions showing relatively a large falling
of.
The center of what speculative interest
existed continued to be the local trac-
ton issues. Interborough-M Metropolitan ~
per cent bonds and common and pre-
ferred stock. and Third Avenue Railroad
stock. making large gains, which, in ad-
ditlon to those scored last week, renders
il obvious that a movement of something
more than passing dimension is current
IN these securities.
The rise to-day was accompanied by a
sharp advance in the Chicago Union
Traction stocks, which have long been
almost utterly dormant The technical
cause of the rapid advance in the issues
has no doubt been the old-fashioned phe-
nomenon Of the discovery that the stocks
and bonds IN question are in compara-
lively scarce supply in the market.
Quotations Too Low.
It not infreQuently happens in the case
Of a security or a group Of securities that
have long suffered a series of hardships
that the hammering prices TO which they
are subjected gets overdone, or that for
variety Of reasons. quotations for the
securities get TO be lower in the market
than real conditions justify. Whether
this is true in the. case of the issues at
present under discussion is a matter
upon which there may he a diversity Of
opniOn but one thing is manifest, and
that is that no violent amount of buying
has been found. as regards some of them.
10 advance their price. This was, per-
haps particularly noticeable in the case
Of the shares Of the Chicago Union Trac-
ton Company, where the work OF reOr-
ganization OF the concern is on the verge
Of being successfully completed II
must be said also that there is very little
uht regarding traction interests in our
gn city that the coming abolition OF the
creasing the gross revenues Of these
ampanies and in an absolutely justified
Ianner, 10 a large extent. Presumably,
owever, a reorganization of these COM
anies viii sull be necessary.
Fails to Share Strength.
The rest of The market to-day was not
Inclined to share with the strength dis
5layed in the traction group. An im-
preston has become widely prevalent that
business throughout the country is again
showing signs of slackening, and this is
accompanied by more uneasiness in high
financial circles than has been exhibited
a. any previous time regarding the upshot
Of the political situation.
The fnsuTaEces losses and the general
destruction of capital arising from the
Chelsea fire also measurably figured To-
day as stock market factor though, as
usual ~ such occasions, Il is probable
that the tendency was to exaggerate the
drain OF cash that the insurance compa-
MES VIII be called upon to undergo. II
is ket manifest that this viii be cOnsid-
cradle and that it viii serve TO increase
the reluctance which so many of these
companies have recently exhibited in the
matter Of buying bonds
The value of exports fell off SO. 500 COO
as compared With February and was even
Sl6500oo0 below that of March last year,
most Of the decrease resulting from re-
duced exports Of cotton. The true signif-
ieanee OF the occurrence is, Of course,
that foreign countries, Ike our own. are
beginning 10 exhibit at least the effects
of the universal business depression and
that their power TO buy American COM
mOdities is growing less.
Viewed in this light to-days sensational
further break in the price of cotton, bring
ing quotations for the staple down 10 the
lowest price of the year. was altogether
gratifying, since obviously the matter will
help to place our foreign trade relations
on an improving basis.