The Washington herald., 1908-04-11
HEAVY At THE CLOSE
Transactions Large; Market
Uninteresting.
PACIFICs AND READING GAIN
Larger Advances Recorded in Some
of the Numerous SpeeiaIties-West-
inghOuse shows Improvement as
ReadJustment in Its Affairs Are
Made-Erie Reaches Higher Level.

New York, April 10.-Although transac-
tons in the stock market to-day were con-
slderably larger than they have been on
any previoues DAY during the week. the
market itself was thoroughly uninterest-
ing During the morning hours Of busi-
ness prices were generally firm and
strong, some OF the most active stocks
OF the Union Pacific and Reading class
making net gains Of point or more,
while larger advances occurred in the case
OF numerous specialties. such as Con-
solidated Gas. Westinghouse Electric, and
the Local Traction shares.
Reason for the rise In Consolidated Gas
was disclosed later in the application
made to the Upited States District Court
by the attorneys Of the company, asking
that there be released 10 the company the
nearly S.. .000.0O0 accumulated In the case
OF the courts representing the difference
between the SO-cent price Of gas as fixed
by the legislature and the 81 price con-
tinued 10 be charged under the permission
Of the courts, pending the results Of the
litigation to determine the constitution
ality Of the 50 cent figure.
Readjustment in Westinghouse.
The rise In Westinghouse stock was
commonly thought TO be in connection
with efforts making for the success Of
the new plan Of readjustment of the bus
mess affairs proposed by the principal
creditors OF the concern, while the
strength Of the local fractions. and par
ticulaTly OF the Interb0rough stocks and
bonds was due TO a prevailing impression
that as the upshot of the reorganization
Of the traction companies in the borough
of Manhattan, which must sooner or
later take place. it was possible that the
Interborough Company might resume its
old independent position
Nevertheless. taking the market as
whole. suspicion continued to gather as
the day progressed that the rise was
more or less manufactured affair, and
that with the short interest IN the stock
so largely extinguished it was doubtful
If the advance could be continued. The
Erie issues went on moving in the direc-
ton OF higher level. as was only TO be
expected in view of the weeks develop
ments. but, on the other hand. the gen
eral market effect OF the recent Erie
difficulty was almost universally held in
conservative circles to be adverse.
Period OF Hesitation.
All this led to a period of prolonged
hesitation in market operations around
midday, during which the volume Of trad
ing was reduced by one-half. and it was
succeeded in the closing two hours of
business by distinct heaviness and weak
ness in prices which brought in quota
tons back once more in the greater
number Of instances TO the opening level
Of the day and In not a few cases the
lowest.
There were really only two market in
fuences Of any definite bearing arising
to-day in the course of routine news.
The first of these was a further reduc-
ton ia the price Of copper metal It
appears to be the case that il is now
quite difficult 10 sell copper at price of
i rs cents per pound, as against a prjce
OF lSiz cents less than a fortnight ago.
The current explanation of the weak
ness OF the commodity is that agents
OF the Amalgamated interests are said
70 be Offering copper in the foreign mar
hCtS al CONSIDERABLY lower prices than
are quoted here. The other development
was rather sharp reversal of tone in
the wheat market. where prices have been
steadily falling for several days, by
reason OF the brilliant crop prospects.
To-day a multitude OF reports came TO
hand declaring that recent rains in Kan
sas and Nebraska did not beneht the
winter wheat crop TO the extent imagined.
ana that wheat was suffering from
drought in certain sections.