The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-03-31
STOCK PRICES REACT
RecessiOns Are Small, How
ever, and Scattered.
PRcFTT-TAKING SALES HEAVY
Tendency TO Decline Is Noted for
the First Time in n Week-ViGOr-
in Evidence-New Life Prevails
After Dizziness of Recent Period.

New York. March S0.-For the first time
in the last six business days the stock
market to-day displayed some signs of
that reactionary tendency, whose coming
has been snxiously looked for during this
period by a great many Wall street
Spectators. as well as by prospective In
vestment intfrests.
Reeessions' in prices. however. were
small and irregularIy scattered. and the
broad feature OF the market was, no less
than II had been at any other time, its
vigorous residence and the undoubted
presence Of new life after its intense dull
ness during recent weeks.
Although profit-taking sales were heavy
In the forepart OF the day, the market
Forged through these. reaching before
noon new high levels for most stocks on
the present movement; but it was notice
able that the important Union Pacific
shares were relatively backward. and that
more or less weakness also prevailed IN
American Smelling and Refining. New
fork Central. ana one or two other
prominent stocks.
On the other hand, distant strength was
manifested by the Erie. United States
Steei. and Brooklyn Rapid Transit shares.
Aho other issues Of equally leading char
aeteri and the ease in particular with
which United States Steel common. stock
rose after the large transactions in Il at
single figure On the preceding day af-
IoFoed grounds for the presumption that
Hesh buying power of no inconsiderable
volume was making its presence felt in
the market.
Ine specific cause of the accumulation
OF Steel stock to-day was. perhaps. the
knowledge that became public yesterday
OF the great increase in the number of
contracts entered into in the last fort
night for the purchase OF structural iron
and wire products. the quantity OF these
SURPRISING any previously known in the
history OF the trade
Better Steel Outlook.
The inference may not be sound that
The creation Of new business Of this sort
in one branch Of the steel industry means
a starting up Of activity in the steel bus
mess all along the line; but It is usually
the case that an enliyening OF trade
AFTER a long period OF apathy starts in
just the manner described
The strength OF the Steel stocks was
also accompanied by an advance in the
AIlis-Chalmers common and preferred.
Pressed steel Car, and not a few other
stocks OF similar nature. In the case of
Brooklyn Rapid Transit, attention rested
upon the reports OF large increases in
the current earnings OF the company.
The rise in the various Erie stocks was
based largely upon the Erie's surpris-
ingly favorable earnings statement for
February. issued last evening. showing
an increase in the net revenues Of the
company OF $75s,O00.
Probably as much specific cause as
anything OF the decline or the market in
the late afternoon, was a resumption OF
that liquidation in the Manhattan Trac-
ton stocks which was suspended a few
days ago. These stocks. however. con-
stitute such a separate class by them
selves that advances and declines in their
price rarely have a material or prolonged
effect on values in general