The Washington times., 1908-03-10
NEW YORK STOCKS
WEAK AFTER OPENING
Early Prices Were Higher,
Followed by Sharp De-
clineS and Partial Re-
coveries-Gossip of
Street.

NEW YORK. March 1O-Close The
rCsular Tuesday reaction materialized
and stocks closed from lzEt@4 OF from
yesterdays hnal figures. Baltimore and
Ohio made il IL points, Canadian Pa
ClfIc 252, Pennsylvania point. Northern
Pacific Ia, and a few other stocks a lit
Tie more than the average.
NEW YORK, March 1O.-Noon.-The
stock market started ont with a mod
crate head Of steam, and apparently
bound for higher prices. For a little
while this firmness was maintained and
some good gains We're made in many
OF the leading stocks. but there was
a little pressure Of down brakes and
the grinding continued, until the
strength of the market yielded and the
earlier advances were lost and some
additional declines made. Uptown sell
ing was credited with having broken
The up-turn, and added to the efforts
-Of the bear interest, Contending against
further gains. caused the development
along easier lines and lower prices.
The liquidation OF large lines Of short
stock in the last few days has very
/: largely reduced the short interest, the
support Of the market. a fact that has
stocks in the loan crowd
. While there is unquestiOnably a better
yelling. a better undertOne IN the whole
! financial situation. IL is evident that
conditions are still nervous and dan
gerous enough TO impress conservatism
on careful operators.
AT the noon hour the declines on the
leading active stocks ranged from n 10
a mill no oil
ings Of yesterday, but as a result the
early gains were of nearly the same
amount. so that the losses represent
both the gains and losses as compared
Great Northern, Loulsvllle and Nash
vile. and Illinois Central held better
than the average OF the list.
Steels moved up slightly, making a
new high record for 1905 but did not
hold. That there is anything In reason
TO cause these shares 70 reach new
highs Is generally related. but the fact
remains that the steel shares have come
TO be recognized as mighty dangerous
stocks Tor the bears TO fool with. The
corporation is a buyer OF its own Sc
CurirIes and has the ready WhereWith
10 take Up its stocks whenever il IS
deemed advisable To do so. II would he
" ell for other companies with surplus
cash IN their treasures TO do the same
There are number OF Industrial cor
ToTauOns that nave very large cash
-iallA4.llE55 WHO tOlltls DN DAN ing DbnAS Tor
retirement, or for treasury investment,
benefit their positions very materially.
il would seem nothing more than wis
dom 10 retire bonds that can be bought
at 80 TO % or 60
That the Steel Corporation has decided
10 extend its protection 10 its stock
holders Is mighty good thing fer tho
latter.
1870 p. m.-The market seemed to gain
strength in the first hour Of the after
Noon, but the renewed hrnluess was
lot accompanied with any great amount
OF activity. The advances averaged Il
ard y point and was due largely to the
ItOut taking on sales made Immediate
j. following the opening.
At l.31 this afternoon the leading
stocks, Ildustrials, and rails were !.
and Is above the low prices Cf the day.
Sales 70 / o'clock totaIed 342 Oe0 shares
At that time Reading was IU2Ia: New
York Central. 80. Great Northern. I2Ias:
Smelter. 65lz, 81. Paul il5a-: Sugar
llsis; Copper, 5e1s; steel preferred, g5Gt
and the common 32l-.
The general list showed about the
same recOveTies Observers noted
distribution of Northern Pacific and re-
marked on the weakness of the stock.
whereas 10 has heretofore shown
strength when others were weak. It
was off rs from Yesterdays close.