Evening star., 1909-04-14
CHANGE IN TACTICS
Shift of Bull interests Causes a
Setback.
DROP FOR SOME LEADERS
Gould Group Among the Notable
Exceptions.
MISSOURI PACIFIC FEATURES
Pessimistic Opinion From the West
Over the Railway Situation and
the Tariff Schedule.
MISSOURI PACIFIC FEATURES
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 14.-For an hour
after the opening Of the stock market
this morning it looked as though the
usual Tuesday reaction would be followed
by a steady advance in prices such as
has been going on for the last two weeks,
but before noon the market experienced
a setback a result of some OF the
larger speculative interests changing their
. technical position and working for at least
a temporary reaction in the present bull
movement
As q result OF these bulls turning to the
bear side Of the market many Of the most
active securities lost about a point from
their high prices of the morning. which
at one time showed considerable gains
over yesterdays closing figures.
The opening Of the market was some
what irregular, as London was slightly
down upon further reports of trouble
Constantinople, and Americans naturally
shared in the declines occasioned by this
European timidity. There was. however,
a noticeable improvement in the London
market later in the day after reports to
the effect that the sultan had practically
regained control of the political situation.
Most noticeable among the advances
made in the early dealings upon the New
i OK StOCk EXCHANGE were luUSS TcCOFu-
ed in the Gould group. including Missouri
Pacific, Denver and Rio Grande the Wa
Dashes, Western Maryland and even
Western Union. the continued rise In this
group being attributed to report in Wall
street that the Missouri Pacific refunding
plan will be launched shortly, some ru-
mors placing the announcement as early
as next week.
Predict Advance for Gould Group.
Although all the Gould group Of stocks
have been keeping pace with the general
advancing movement and have made in
the last two days home gains, while the
market in general was recedinE. the pre-
dictions were in circulation for another
advance I'm those securities.
Operators for the fall. however, includ-
ing some sold-out bulls who changed
their tactics today for the first time In
several weeks. were not favorably Inn
pressed with the railroad reports Of earn
inss. especially the reports of the trafhc
men in charge of western railway enter
prises.
The reports from the west. it is true,
continue to show Improvement over last
year, and all the railway officers agree
that the worst portion of the depression
has been passed. but some OF them are
not as optimistic for the immediate future
as to justify q much further rise In the
value Of securities until after the enact
chants and manufacturers q permanent
basis upon which to figure their business
development.
Money Continues Easy.
Money, both here and In London, con-
tinued to be 50 easy as to excite the
suspicion that the purchase OF standard
dividend earning railroad shares was
being very largely encouraged by the
banks as means OF utilizing much of
their surplus funds until the full revival
OF trade shall make 1t more profitable
TO lend money for the extension of mis-
cellaneous mercantile enterprises. Two
constructions are being placed upon this
ease OF the money market by traders In
Wall street.
Operators for the fall maintain that
the mere presence of so much easy
money means that business has not Inn
proved az rapidly as some OF the en-
thusiasts would have us believe. On the
other hand, the bulls point to a condi-
cheapness Of money enables them to buy
high-classed railway and industrial Sc
curities at such advantageous figures;
that they can easily figure out a hand
some net profit upon their transactions
and still have the stocks at q lower fig
ure than they could buy them after the
revival In trade becomes so noisy that
every one can hear 1t.
AZ regards today's slight setback in
the early dealings, opinion was natural
ly divided as to whether the bull move
ment had actually eliminated Monday
of this week or whether the big mar
ket interests were quietly marking time
and getting their bearings for q con-
tinuation Of the advance.