The morning journal-courier., 1908-06-04
WALL STREET NOTES Price Movement Irregular, With Violent Break at the
 Close.
c. 80. STRONG THROUGHOUT

Now York Central Makes Surprisingly
 Good Showing for Month
 of April.
 Price movements were very irregu' lar all of the morning, but in a general way the tendency was to recover af- ter the first few minutes Around one o'clock two-thIrds of the early losses had been made up, and few stocks, such as Chesapeake X Ohio, were higher than yesterday. There was resumption of the .manipulative tactics at midday by the men who were cred tied with managing" the last sharp rise. Around two o'clock stocks began to display much strength with Union Pacific leading It was l49 Is at that time, Suddenly large buying orders came in and gradually 1t rose to li9 1-2 and by 2:2O o'clock 1t had again reach cd l5O, the top price of the year. At that figure 5000 shares changed hands. Reading, St, Paul and other active is- sues rose in sympathy. shortly before the close, stocks broke violently under the lead of Northern Pacific It looked as If much of the selling represented rroflt-taking on the belief that all the \ news was out on the announcement that bonds had been sold Another reason for the setback In the market was the belief that there would be ttn. tn,p tn The version of the Union Pacific bond issue was that 1t had already been completed so far as the railroad company and the banking syndicate was concerned. It was announced late in the afternoon that the Issue of $io- 1000 would be offered this week at 95 l-2 to 96 This sent the stock up to i5,.
 The reductions in certain steel prices were mainly responsible for the early break in stocks. But of all stocks on the list United States Steel acted fair ly well. being well taken on the de- cline.
 Chesapeake & Ohio was one of the strongest stocks on the list all day. Wall street seemed satisfied that change of control Is about to pass, but Hething definite developed to establish the identity Of the buyer. Those skep- tically inclined thought that the price was put up for the purpose of liquidat- Ga. t,, .f, fy, market. Reference was made to the Pennsylvania holdings,
 The declaration of the usual quarter ly dividend of one per cent. on Ameri can Smelling common, after weeks of gossip as to whether the rate would be reduced, had been fully discounted by recent market movements. There had been an early break of 3-4 points to 7i near the opening, but this was merely in sympathy with the weak ness elsewhere, and 1t was regarded as. in the nature of a "shakeout," The wonder in Wall street was chiefly why Amalgamated Copper stock, which re- ceives only two per cent. in annual dividends, shoud sell less than 10 points below American Smelling common, which pays twice as much.
 London sold 10000 shares, a good part of which was for the continent, especially, for Germany. The cut in the price of steel products had a dis turbng effect, as it raised again possi- hility of American goods flooding Eu' ropean markets.
 The feature of the days railroad re- ports of earnings was that of the New York Central lines for April, That the New York Central proper was able to turn gross decrease for April o' 007 into a net gain of sf3, 209, was regarded as very unusual and it faavr ably affected sentiment The net de- crease since January 1 was cut down to Sl4s, ,S32, for the New York Central proper. All lines showed a gross de- crease for April of S3,4sSs47, but the net showed a decrease of only S390,073
 Wabash preferred was one of the frmest of the Gould stocks rehectine confidence that a satisfactory financial adjustment of these properties would be made.