The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-02-05

New York, Feb. 4-The volume OF
transactions in the stock market to-day
was smaller than for any day since the
beginning Of the year. but the trend of
prices was upward, and at the end OF
the session. fair advances were shown
in all the active issues, the whole list dis
playing ar the time strong tone.
Quotations at the opening were. as a
rule. above last nights closing figures.
and further fractional gains were made
during the first hour After that. there
was slight reaction followed by ex-
treme dullness, relieved somewhat in the
afternoon by the fact that the prices
hardened 20 a notable degree, notwlth-
standing a total absence Of any apparent
effort 10 put them up. Indeed, the most
notable feature of the market was the
absence Of manipulation on either side.
the specialists in some OF the active
Issues being without a single order, allow
ing the market to act in a natural way.
Sentiment More Cheerful.
This gave a significance 70 the improve
ment in quotations not often possessed by
the movements of prices on such an in
active day, and the result was that sent-
ment at the end of the session was some
what more cheerful than # had been for
some days past.
The Rock Island issues scored a con
siderable recovery from yesterday 3
break, the cause Of the heavy decline re-
naming. however as much of a mystery
as ever. The theory that certain large
insiders having sold the stocks consider
ably higher up, helped to bring about the
decline In order that they might buy bacl,
TO advantage. received wide acceptance.
Union Pacific was strong and Reading,
Gidcd to some extent by the seasonable
weather which had stimulated the de
mand for anthracite. was not only the
most active stock but at all times held
rank among the strongest.
The United States Steel issues were de-
cIcedIy firm and there was an active Dor
rowing demand for the preferred which
was not easily filed, partly, no doubt
for the reason that the transfer books
VIII close tomorrow for payment Of the
dividend on this issue. Northern Pacific
was also prominent on the side of adj
vance, although no special reason for its
strength was heard in any quarter,
Foreign Outlook Good.
Abroad the markets were cheerful
British Consols scoring a further advance
until they are now six points higher than
tie low level touched last fall and are
actually higher than at any other time in
about a year and q half Il was said
the outlook for the success Of the Inter
borough financing was good and the ap-
pOlntment of receiver for a number of out
of town corporations and firms attracted
little attention, most of them being unim-
poItant and the others not unexpected.
The same kind Of sinister rum0rs that
had been In circulation since Saturday
continued 10 circulate, and undoubtedly
had some effect in lettering purchases OF
stocks bat the money market took no
notice of them, funds being abundant
both on call and time at easy rates. while
even the more Teassuring circumstances
was brought 90 light that the banks were
retiring circulation as fast as the law
allows, or al the full rate Of 100000 "a
month, something they would not do if
there was any degree of apprehension
Of "a recurrence Of disturbance I'm the
financial situation.