Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-30
Some Extensive Declines Fea-
tured Today's Dealings.
REACTIONARY TENDENCIES
Trading Continued Along Technical
Lines.
"PENNSY" AFFAIRS PROMINENT
Railway Statements Discussed.
Price Movements Fairly
Uniform.
REAcTI0NARY TENDENCIE:
"PENNsY" AFFAIRS PROMINENT

Special Dispatch to The Star.
NEW YORK. April 3O.-Todays deal
ings in securities again reflected. as was
the case yesterday. the dual effects of
the reduction in the short interest and of
the general distribution of securities.
Such declines as were scored were In
few cases really extensive. although the
tendency of the market at large was dis
tinctly reactionary. Trading continued to
be conducted along technical lines and
there was renewed uneasiness with re-
gard to the position of the short interest
in the market. Up to this time the adj
vance in prices has not had the effect OF
exciting a considerably increased outside
interest In the speculation. and conse-
quently attempts to realize profits pro-
duced more effect marketwise than would
ordinarily be the case.
There was little or nothing In the de-
velopments over night or in the news
with the course of the day calculated
to shape speculative sentiment strongly
in one direction or another. The Bank
Of Englands rate of discount was left
unchanged at per cent. and the bank
weekly showing made strong exhibit,
but the London stock market was COM
monty heavy, and foreign houses were
sellers on balance in the local dealings
II the extent of about 5000 shares.
Money market circumstances were un-
ruffied by either the exports of gold or
resting in the national banks. although
on account of the latter circumstance the
sGbtreasury reported a gain in Its opera
tions with the banks since last FRIDAY
OF more than $3OOO.0OO. The commodity
markets were featureless. aside from a
further sharp recovery In cotton.
Railways Conspicuous.
Throughout the day interest and discus
sion were greatly occupied with Pennsyl-
Pot nlrpAf inc "a fOrt n.
coming dividend on the stock and the al
lotment of the new per cent bonds. At
me timoPennsylvania was not not
ably conspicuous in the transactions.
Routine news comprised q number OF
earning statements for the month OF
March. including the returns OF the Union
Pacific and Southern Pacific companies
The report of the Southern Pacific showed
that SUFFICIENT reduction In operating ex-
penses had been accomplished as to con-
vert q large decrease In gross earnings
into q net gain.
Price movements in the railway share
list woro however. fairly uniform. Initial
quotations were generally below yester-
days nal prices and after brief rally
the market resumed a sagging tendency.
The most conspicuous movement In any
particular stock took place in Westing-
house Electric, which broke In sensa-
tional fashion on account OF this morn
ing's intelligence Of the unsatisfactory
progress of the readjustment plan.
q. s. Steel Heavy.
The United States Steel shares were
heavy and the railway equipment issues
lost good part Of the recent advance in
those securities. The local traction is
sues were also generally heavy. with ex-
ception Of the marlborough Metropolitan
stock,
Reactionary tendencies were apparent
in the bond market also. including the
new Pennsylvania 4 per cent bonds. Lit
tie OF special interest developed from the
transactions in the railway. list where
the most active stocks were Union Pa
cific, Reading, st. Paul and Northern Pa
cifc. The decrease in activity in connec-
ton with the regular course Of prices was
a matter Of much comment.