The Washington herald., 1908-03-13
MARKET IN MEDLEY
Sharp Advances Give Way to
Declines in Many Lines.
SOME STOCKS IN BIG DEMAND
transactions Yesterday Total Only
About Half OF that of the Day
BefOre-BuyinE Orders Do Not Pro-
ceed from ProfessiOnaIs-Stren
Back of Many Purchases.

New York, March 12.-The course OF
the stock market to-day was very iv-
regular and uncertain. and was indeed
only a medley OF rapidly succeeding
periods of sharp declines and advances.
II was. in its net results. a market
that was quite open 20 two interpreta-
tions One Of these was that prices were
displaying noteworthy frmness after their
recent violent rise. and that the market
was one in which a strong undertone was
plainly apparent Another view. and one
that appeared 20 receive quite as many
adherents as the foregoing. was that
the market was being kept strong for
the purpose Of facilitating liquidation and
profit taking; that is 70 say, that while
certain stocks were bid up, others were
sold as unanimously as possible without
carrying the whole market down with
them.
Other Shares Backward.
There was no doubt to-day that while
certain stocks, including some Of the
most active shares. showed a manifest
advancing tendency. others were back
ward although dealings in them were
large. Thus. the Amalgamated Copper.
American Smelling and Refining. and the
Union Pacific shares were bought to-day.
a good deal more vigorously than they
have been recently. while on the other
hand it certainly seemed as if there
was an effort TO make distribution of
the Reading. United States Steel, and
Union Pacific stocks.
Total transactions in the market we-e
hTff
were yesterday. and nearly One-fourth OF
these were in Union Pacific stock alone.
At the same time it was a market in
which Spectators who ventured to make
contracts for the decline found that the
operation was not attended with any inn
mediate profit. and that buying orders
were present in plenty.
Buying Is Not Professional.
It became very plain. too. that what
ever might be the source OF these buying
orders. they did not proceed from or
dinary spectators, nor even from the
large professionals among the members
Of the stock exchange. The sudden in
crease IN the activity Of the market and
the immense turnover in certain stocks
Is, or has been. due 10 the appearance on
the scene Of other and more powerful
people. 1t is doubtful if the volume Of
rumor and gossip with which the usual
crop OF denials and contradictions is part
OF wall streets daily food. was in any
way influential to-day as a market factor.
Yesterday much was heard Of the old
story Of securities dividend on Union
Pacific stock; that is 10 say Of a dis
tribution among the Union Pacific stock
holders OF the shares Of a new company
formed to take over the Union Pacific's
so-called banking assets.
More Talk of Dividend.
To-day a tale OF an important extra
distribution on Union Pacific stock
was again heard Yesterday and
early in the week much was made
of the probability OF a general advance
in freight rates by the leading railway
companies. with the thcit permission of
the Interstate Commerce Commission.
To-day, the favorable effect of such an
occurrence was modified in speculative
Imagination by the realization that the
Interstate Commerce Commission would
have no power over the actions OF the
railway commissions in the different
States, even If its members should aB-
prove Of the advance in freight rates in
question. and there was a great disposi-
tion TO regard as important the recent ac-
ton Of the railroad commission In Kan
sas in ordering the railroads there to sub
nit 10 a reduction in freight rates OF %
per cent.
The railroads are, OF course. contesting
this order, as with earnings already re-
duced. as they have been. such an en-
forced cutting down of freight rates
would amount 10 utter cOnfiscatiOn