The Washington times., 1908-05-29
NORTHERN PACIFIC IS
n. !. MARKET LEADER
General List Firmer, With
Hills the Favorites-Steel
Holds Well.

NEW YORK, May 29-At the i'm
mediate opening the stock market was
nnmer and for some little time there
after the trend was in the direction of
higher prices. The reported end Of the
Hlbustering against the curT ncy meas
uTe was one of the factors given
strength and tone to the list and this
was accentuated by the covering of
some of the short stock Put out on the
weak spots yesterday. The Street be-
heves the Gould difficulties will fade
away before the millions at the com
mSnd Of George Gould and his asso-
Ciatvs. Some traders are inclined to
credit the story that much OF Missouri
Paclhc's recent bad break was due TO
some members of the pool unloading on
others. The hollowness Nof the recent
big advance has been exposed and Mis-
souri, Pacific is not likely to cut much
ice hereafter. The HnI stocks seemed
TO have been picked out today as lead
ers for an upward movement, based on
the theory that they We're held sufii-
GENTLY strongly 10 cause an advance on
moderate buying. Accompanying the
advance IN Northern Pacific was the
repetition Of that old story of cash
dividend coming in the near future, an
extra dividend
London rather helped the early move
ment in that il sent over slightly high
er quotations for an opening.
A statement from r. T. Jeffrey, as 20
the probable outcome of the Wabash
Pittsburg Terminal, is expected 20 be
forthcoming today.
Dividends were resumed on North
BuSe Mining at 81 a share. This Is
90 per cent cut
Advance Not Fully Held.
The advance was not maintained. as
there was a recession In the last hour
Of the morning. Tomorrow Will be
holiday in all markets, and, in view
of the two days adjournment, it is,
likely that stocks will close lower, as
there can not be much of a short in
terest, and many followers on the rise
VIII want 10 even up over the period
Of adjournment.
Dizziness was a feature of the market
at midday, dizziness and q loss OF half
OF the earlier advance, and with only
advances in few leading stocks.
The minor rails were asQ5s higher. the
big rails from y 10 19s higher. Copper
p, Smelling, Is, and Steels. 2s
There was a fair volume of business,
well IlSLA THROUGHOUT TIE ll5L4
well into the second hour of the after
noon. Prices showed comparatively
little change. save on Northern Pa
ciic, which was IL better than yester-
day, and Missouri Pacific "a. The in
GusJrials were generally ffrmer. Steel,
Copper ana Smelling being the leaders.
The Street takes il for granted that
Missouri Pacific viii cease 10 be div
idend payer. George Gould IS opti-
mistic. but traders have a memory and
recognize that in the past a boom talk
by Could was but a warning against
disaster.
The chances still favor something like
a reaction I'm the last hour
The expected slump materialized but
some little while before the close of the
session. II took nearly all the rails but
We're yesterday, and in some cases Il
little lower. Then the opportunity for
shorts covering and the evening up pro-
cess having been carried out, prices re-
covered Missouri Pacific, III, ST. Paul
a point: Chesapeake and Ohio and Bal
timOTe and Ohio and Great Northern
3. 10 a point Union Pacific dropped 20
139 and recovered to 14Ola. Reading was
Is higher. Northern Pacific fell from
1865 10 l34la s net gain.
The industrials We're generally firm
er. Steel a point on preferred, = on
common. All other industrials, with few
exceptions were higher.