The Washington herald., 1908-05-08
MARKET NOT SETTLED
Dizziness Rather Than Weak
ness Manifest in Street.
COED DEAL OF LIQUIDATION
London Sells Stocks in Small Way,
While Boston DispOses Of Large
Blocks, but No Signs of Disturb
anee Are Evident-DIscuss Forth
coming Bond Issue of Union Pacific.

New York. May 7.-Prices of stocks
moved to-day in an irregular and to a
greater or less extent unsettled way. The
tendency was plainly. even if only tenn
pOrarily, toward lower values. but on this
decline dullness rather than weakness in
the market developed just as it has done
on so many occasions previously in the
year. leaving the general situation in as
strong a position apparently as it was
before.
In the main sentiment on Wall street
was rather more unfavorable than it was
earlier this week to a further immediate
advance, skepticism being more commonly
expressed as to the length of time that
more professional manipulation could sus-
tain a rising movement unassisted by the
entrance OF public buyers, and there were
those critics of the market to-day who
asserted that affairs had now reached a
pass where the conduct Of this manipu-
lation was becoming more arduous than il
had been, and that efforts to maintain
interests in the trading were more openly
OF the main force description.
It was at any rate manifest that a good
deal of liquidation went on to-day in the
Union Pacific, Southern Pacific, Northern
Pacific, st. Paul and other stocks that
have recently been the leaders in the rise
under cover of a large increase in the
volume Of transactions in the Reading
common shares and one or two other
stocks that have hitherto been relatively
dormant.
Some stocks show Advances.
Atchison, Topeka and Santa Fe COM
mon stock resisted the falling movement
in a notable way, and there were especial
advances in the Colorado Fuel and Iron,
General Electric, American Locomotive
common, and United States Rubber
stocks. most of these being for unex-
planned reasons.
London marketed stocks in a small
way, and stock-exchange gossip had it
too that houses with Boston connec-
tiOns were comparatively large sellers.
but If this latter statement was true. it
was unaccompanied with any signs of
disturbance IN the Boston market proper.
Neither was the supposed selling for
the account of foreigners due 20 any
weaker tone upon the English and Euro
pean exchanges. Affairs abroad showed
improvement, If anything, and both the
Bank of England and the Bank Of France
in their weekly statements reported
stronger conditions. the Bank of France
exhibiting in an unusual degree both an
enlargement Of gold holdings and a re-
duction of loans
The general position Of the Bank of
France is now in a more intrenched
-ArA
back, and it was probably on account
OF this disclosure that discount rates in
Paris weakened to-day very decidedly,
the circumstances also, of course, mili-
tating against further gold exports from
this side.
Discuss Bond Issue.
If there was anything in the news Of
the day that could be construed as at
all accounting for the heaviness in the
market. it was the fact that an expected
announcement was not made concerning
the details Of the Union Pacific Railroad
Company for the coming bond issue, and
moreover, that it became known that at
a meeting OF the presidents of the trunk
lines. held to-day, for the purpose Of con-
sideTing an advance in railway freight
AdtCos uD LtlLb DppOoitiuA 70 lllE SCuc4Ic
was expressed, and that all the iudica-
tions are that such an advance would not
take place until a rather later period
than has been commonly expected.
As concerns the Union Pacifie's affairs,
1t is altogether likely that the company
is still haggIing with bankers as to the
terms Of the new loan. the effort on the
one side being naturally to sell as many
bonds as possible, and al a low price,
while the banking syndicates whom it is
sought TO interest are presumably taking
thought of various prudential cosidera-
Tfous