The Washington herald., 1908-03-28
LONDON is BUOYANT
New York MarketAlso Shows
an Upward Tendency.
UNION PACIFIC IS ADVANCING
Buying Movement Not Fully Ex-
planned, but Traders Are Hopeful
of COntinuatiOn-SensatiOnaI yu-
kon Gold Stock Advertising BE-
IIeved TO Have Had Good Effect.

New York. March 27.-Despite the rela-
tive activity Of the stock market to-day
the fluctuations OF prices in II and its
course as a whole could not have been
other than tedious to the great majority
OF people in the financial district, and
the market was of the same sort entirely
as that which has prevailed throughout
the week
There was the same concentration Of in
terests on a few particular issues and a
rapid movement back and forth in many
Of these stocks without materially ad-
vancing or lowering quotations for them.
During most Of the day. the market in
spite Of this manipulation was dull As
has recently been the case the general
tendency of prices was left considerably
in doubt until the latter part of the aft
ernoon. when the familiar spectacle Of a
final rushing buying movement set in.
which lifted values to the highest level
OF the day; but the causes for the buying
that took place were only vaguely, If at
all, revealed.
London shows Strength.
For the first time in a long period the
London market to-day gave signs of real
strength. and was at one time almost
buoyant The reason assigned for this
was the satisfactory ending OF the fort
nightly settlement and the fact that ac-
cording to precedent, the period Of great
est ease in money in London seen for any
two or three weeks period during the
year was approaching. Foreign arbitrage
houses We're therefore heavy buyers Of
stock to-day, although 1t was said that
their purchases had more or less refer
ence 10 sales of options in American
stocks made by the London dealers in
such contracts.
The one Overshadowing feature Of the
market to-day was Union Pacific stock.
in which transactions constituted an
entirely disproportionate share of the total
general dealings. while the price of the
stock rose to the highest point yet touch
ed in the current movement An advance
seemingly of the kind engendered on
countless occasions IN the past, occurred
in Canadian Pacific stock, while other
strong stocks were Amalgamated Cop
per and American Smelling and Refining
common.
The rise in Amalgamated Copper was
regarded as it has been for some time, as
extremely peculiar, especially as the
=
dend payer. and conditions in the copper
trade. although slightly improved. are
still in no such shape as TO justify any
expectation OF an increase in the divi-
dends OF copper producing companies for
long while in the future.
Advertising Has Good Effect.
The view commonly prevailed that the
advance here was content with the ex-
ket the Yukon gold stock in the curb
market which was the subject Of sensa-
tional newspaper advertising to-day An
other peculiar aspect Of the affair was
the connection with 1t indicated in this
advertisement of the well-known Guggen-
helm mining interests.
II wac stoutly asserted that the Gug-
genheim people were in no way concerned
in the scheme. and that their sole rela-
ton TO it was that they had sold a block
OF 10000 shares Of the stock 10 a mining
promoter, who was disposing Of his stock
in manner that he considered best suit
ed TO his purpose, and Il was officially
declared by the Guggenheim party that
they had made the sale in the manner de-
scribed while still retaining their con-
troll of the Yukon property. Altogether
sentiment in Wall street regarding the
matter in its various bearings was not d
little confused.
There was utterly no news to-day bear
ing upon the security market. No one
paid any attention to forecasts Of the
weekly bank statement, which were 10
the effect that the banks had gained about
Sl-50O,0OO from the subtreasury, although
1t was realized that to-morrows return
would be more or less complicated, or. at
least. unduly affected by the transactions
incident 70 the reopening on Thursday of
the KnickerbOcker Trust Company.