The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-03-20

NEW YORK, March 20.-Noon.-A lit
re of the belated strength Of yesterday
afternoon remained ia the market al
the GpenITg this morning. ana wiiiie
there was no wild ~ush TO bay, prices
moved up easily but for only fractional
gains There was no especial activity,
no well defined course outlined IN the
opening, and traders were nervous.
here were conflicting reports. in the
promise Of wholesale discharge OF labor,
cutting % expenses, and bad earnings
on one side. with easy money. the re-
sumption Of the Union Trust Company
OF Providence. releasing $3,5000O0 de-
posts, win an order from ths New
York Central for 40 locomotives, aud
a determination in the part of the iron
and steel men To maintain prices. as
TIE rather favorable influences, on the
Ctler.
Up TO aeon the great speculative fol
lowing IN the market had not made
up its mind which way the market was
going. although the Indications at that
time. as well as the quotations. showed
q decided tendency in the direction of
lower quotations.
Tie commission business was light.
and the rapid fluctuations on both sides
80 slow. and also TO take small profits
frequently on both sides.
Conlitions abroad ind c2te an absence
az any gold exporting move from this
side. Jle Bank OF England rae being
lower than at any time since 1875.
The action of the steel men in main
tanning prices is looked upon as an
influence of no small Importance. 1t
IS expected that the Steel Corporation 3
showing for the quarter might reveal a
deficit, but with prices maintained and
80 per cent employment OF the force,
the years deficit will be as nothing
compared with the great surplus that
the conservative, wise management laid
by during the times of prosperity
In the case Of Baltimore and Ohio
and also OF Missouri Pacific the loss
in gross earnings was miugated by the
fact that both companies we're able TO
accomplish a material reduction in Op-
Grating expenses. Other roads are do
ing the same thing. finding it necessary
10 conserve the best interests OF the
stockholders.
Nav . is the date set for the cut OF
10 per cent on y 600 Fail River opera
tives.
ed no drastic legislation is enacted be-
fore then, should mark a materially
better tone in stocks although the
Presidential contest will then jump
Going into the noon hour net declines
of about half-point marked the leading
rails with slight losses in the general
list
NEW YORK, March 2O.-Entering the
second hour Of the afternoon. the mar
ket had recovered most Of its slight de-
clines and a comparison of changes as
compa red with Thursdays closing
showed but the slightest changes. pTaC-
tically all the leaders being exactly at
the same price or within a small fraC-
tiOn OF H. A feature OF the market was
extreme dunness.
Room traders looked for a break. but
there was nothing in the situation in
dicative of either latent strength or
weakness, other than the fact that
stocks have advanced about 10 points,
with no material setback and the ac-
tual Improvement in business conditions
and manufacturing prospects have not
been important. other than in senti-
meut.
Still the banking interests control the
market and may advance il or break
prices according to their program.
NEW YORK, March 20 p. NAT
this time the market is just a shade
fTmer, probably not more than a to 4
point There is not much doing and
The indications are for a continuation Of
the narrow steady market,