The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-05-03
CONDITIONS POOR
IN WALL Street
Moderate Activity of Week
Due to Unnatural
Pressure.
St Paul Leads All Stocks,
With Gain of Nearly
10 Points.

NEW YORK. May Stocks have
been moderately active during the great
Pr part OF the week. and the trend has
generally been in the direction of high
er prices with occasional recessions
that have taken the temper out Of the
market, Temporarily IL has been a
rase OF the professionals and the finan-
cial interests al The Jacks. Every little
while they would lay on their weight
and force the market 10 a higher level
by sheer power All the natural in
Huences, II one may except the pros
.ects Of grand crop, were opposed TO
any rally in the market.
Conditions are not favorable. The
railroads have more idle cars than ever
before in theIr history The April earn
ings will show a condition in keeping
with the statements Of January Feb
ruary and March, and perhaps a little
more so. The belief is that Congress
will make a test case of separating
mines and railroads from each other
IN the immediate future General bust
ness is growing worse in the Western
country. where il has been holding its
own heretofore, and It is not improving
in the East and Middle Western sec
tons.
The Pennsylvania Railroad Company
Followed its announcement Of a big
bond issue with a cut i'm the dividend
from to 8 per cent. This action was
referred 10 by some of the Wall Street
Eossips as sufficient 10. account for a
rise in the price of the stock.
Inc TACT of\the whole matter is that
there is no good reason for any ad-
vance In the stock market. except the
desire on the part of the interests that
TOOK on thousands OF shares during the
panic, and in stopping the second big
break IN stocks in the early DAYS OF
March 10 advance the market in order
mat they may distribute their holdings
Few Untitled Orders.
The quarterly report Of the steel cor
poration showed but a light volume OF
unified orders. and more or less gen
eral depression in the trade. but the
manufacturers are holding prices
against all attempts TO cut them. The
same power that is holding the products
or the steel mills is standing back OF
the stock Of the Steel corporation. and
holding it steady and firm. irrespectiv,
o. earnings.
This artificial condition is found an
through the market. 10 the neutralizine
OF the usual market influences Pertains
one OF the chief reasons for this con
dition IS the easy money market. the
reserves pilinE up in New York banks
70 such an extent that threats Of gold
export and a draft of S5OOOoO0 for the
Government, does not cause any rise
IN rates.
The only bull influence on the horizon
nj this time is found IN croD prospects.
When this is said and done. II is diff
flcult to ind anything else to encourage
the buying of stocks. except the fact
that they are low. and that there Is a
good demand for bonds by people who
have money to invest and do not care
tc put it into stocks, even though they
ere cheap.
Financial Interests Busy.
The financial interests responsible for
the sharp advance OF the week are
Unquestonably seeking an outler Cor
stocks bought on the inception Of The
March rise That they are buying
stocks to carry over into the political
campaign, hedged in by uncertainties
as II Is. is not complimentary 20 their
judgment. and the followers on the up
turn who do not take their profits viii
find II expensive business. Profit-tak-
ing is in evidence every day or two,
when without cause other than there
- for the advance. the market goes off
a point or two. And when the market
wcakeus and tho followers on the up
turn eschew it with a unaniuity that
Is surprising Tire short interest has
been eliminated, and at the close the
market was almost entirely dependent
on the insiders for the strength it
showed.
The peculiar feature Of the closing
day or the week was the Capitalization
of the strength of tire market in The
minor rails TO the exclusion Of the usual
leaders OF the week. ST Paul came 10
:1e front very early rs the strongest
stock in the list II opened the week at
123. and 1t never stopped un-H it touch
ed 1929. this being the best gain Of the
week In anything Delaware and Lack
awanna added u points % is price. but
not being one OF the active leaders Il
doesn't count with the active list. IN
the general list the advances varied
from X 70 SIS points.
Industrials Inactive.
Tie Industrials showed very ut.le
change during the week. barely holding
their own. which they were enabled %
do because OF the light offerings. The
prospects of the stock list FOR the week
depend on the whims of the fnanci,
interests Of New York II they are IA
vorable for further gains. Ia viii be A
case Of advance: if otherwise. lower
prices viii prevail.