The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-03-24
RAID ON FRACTIONS
Pressure on Them Fails to
Affect General Market.
BUYING OF HARTMAN ISSUES
Sharp Raid on All Stocks at Closing
Hour Unsettles Market Somewhat.
hut Strength Is ShOwn-GOId Move
uaent 10 Europe Is SIackeninE.
Rock island 10 Pay on Notes.

New York. March 23-Throughout to-
day, even when in the late afternoon. by
reason of one particular development the
market displayed signs of weakness. the
inherent tendency OF the market was,
nevertheless. toward an advance. The par
ticular development referred TO was an
Increasing pressure to sell the shares OF
the traction stocks located on Manhat-
tan Island. which was carried to such
an extent that shortly before the close
OF business gross declines had occurred
OF points in Third Avenue stock and
OF 5-S and 5-S points in the INTERIOR
metropolitan common and preferred
shares
During the greater part OF the day the
standard stocks stoutly resisted what
ever sympathetic influence might have
been traced TO the fall in the traction
shares. Prices at the outset Of business
were. except IN the one quarter which
has been named. universally higher than
those made at the close Of the market
yesterday, and there was no abatement
Of the decidedly more cheerful feeling
generally expressed. and for substantial
reasons on the day before.
Brooklyn Not Affected.
Even Brooklyn Rapid Transit stock re-
manned impervious as other issues 10
the drop IN other fractions. although. Of
course, such frmness was wholly logical
inasmuch as the Brooklyn street railway
properties are no more connected with
the traction tangle in this city than are
fhoga Of the civ NJ Piston
Toward the end OF the day. however,
the violence OF Lne drop in the fractions
led TO what seemed TO be very clearly
on its face a sharp raid upon the gen
eral market OF the kind not infrequently
witnessed IN the final hour OF stock ex-
change business on many occasions re-
Gently. This unsettled the market a lit
lie, but not much, and although final
prices were common at declines they
were fnconsiderable except in the Third
Avenue and Metropolitan
issue.
Large buying went on in the Union Pa
cifc, Southern Pacific. and Hill stocks,
and 81 was the consensus among Observ-
ers Of the character Of the trading that
the short interest in the market as a
whole had been increased as the result OF
the days operations.
Bear Selling Of fractions.
The explanation Is here offered for what
It is worth that to-day's decline IN the
local fractions was Que 10 the more OF
less Involuntary liquidation, assisted by a
good deal Of bear selling of holdings Of
a speculative pool in these stocks that
has been in existence for quite a little
period.
OF broad financial interest to-day the
most important development vas indlca-
tons Of slackening gold mOvemeht to
Europe from this side. Discount rates IN
London fell 20 per cent or per cent
below the official rate Of the Bank OF
England.
Late IN the day Official announcement
was made Of the fact that the Chicago,
Rock Island and Pacific Railway Com
pany would pay of on April ! our OF sdr-
plus funds IN its treasury 10000 % re
short term notes Of the company matur-
ing on that day.