The Washington times., 1908-02-26
STOCKS VERY DULL.
BUT ALSO STEADY

NEW YORK, Feb. 26-Close-The
market continued duh right up to the
close Of the session. II was really re-
markable that a market so frightfully
dull should show as much strength as
il did. The bears were not pressing for
any advantage, being apparently con-
tent 10 wait some developments before
further increas sing their lines. In place
OF decline the market actually closed
with fairly good gains in some stocks
and practically no losses, although the
market generally was just a fraction
higher. Copper gained "a the Steels g.,
Smelter q, Delaware and Hudson q
full point, and other stocks either frac-
tiOEully higher OF az practically the
opening prices.
NEW YORK, Feb. 26.-Yesterday S
total business fell under SO0.UO0 shares.
This means nothing more than traders
market, scalping here and there tor
what there is in it. Wall Street is dis
gusted and full of discomfort. The nU-
nercus and continued roasts that the
Stock Exchange IS receiving the refusal
OF the critics to recognize the difference
between a legitimate exchange, where
every sale made involves a transfer OF
actual cash TO the full amount thereof,
and bucket shop, is tresoTne.
AT the opening this morning the trend
was unQuestiOnably 70 q lower range,
and for some little time there were con-
cessiOnS running from g 10 h point.
The gOsslpS expressed the opinion that
the lnduStrlals would show losses IS
a result of severe and continued iquida-
ton, but for Some reason they did not
present weak front in the early trad
ing and recovered their declines with
the rails and without more apparent
effort,
The hope OF the market lies IN the big
line Of shorts, for the low average OF
prices has shaken the confidence OF the
shorts and they appear TO be always
little profit, this accounting for tie
advances that come when they are
scaroet expected.
Reports OF railroad earnings continue
10 show decreases and the situation is
considered anything but optimistic.
Still the Interstate Commerce Commits
sion IL OF the belief that earnings are
increasing.
MONEY RACES hardened as a result OF
the call for Government deposits. The
stock market paid little attention TO the
cali understanding that the money
would rot remain idle in the Treasury.
but that 10 would come out before long.
The banking interests of the country
are IN a very strong condition and this
IS the proper time for the Treasury 10
reoOup.
Northern Pacific has ordered a cut OF
telegraphers OF s. TO $40 a month. and
IS likely 70 find a strike on its hands.
The noon prices showed some slight
gains, but with the exception OF one or
Two stocks the changes were within Il
End y point.
/ 80 .. m.-The changes during the
first half OF the afternoon were even less
consequential than those Of the morn
ing. The only notable changes were de-
clines Of Is on beading and Northern
Pacific. When these changes are termed
notable the extreme dizziness OF tho
situation may be recognized better than
with much talk.
The whole list was practically where
II was at the same time yesterday, and
there is no assurance one way or the
other for the last half OF the afternoon.
Less than 10000 shares marked the
mornings business. ana at this hour the
market is even more quiet than figures
indicate.