Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-03-19
Much IrreguIarity Marked the
Dealings Today.
CONFLICTING INFLUENCES
Shorts Were Covered Freely for Yes
terday's Decline.
VERY HEAVY LIQUIDATION
Reading, Union Pacific and the
SHELTERS Were Leaders in Point
of Strength.
VERY HEAVY LIQUIDATION
Special Dispatch to The Star.

NEW YORK, March 19-Confiictins in
f1uences In the news and auasi-news de-
velopments of the day in the stock mar
ket were responsible for considerable 1r-
regularity in the course of prices. AL
though for the ma jor portion of the SEES
sion the tone was strong and moderate
gains were made in most of the standard
stocks. AT times shorts were covered
freely. apparently by the operators for
the decline of yesterday. but all along
considerable liquidation of long stock was
in evidence. that the upward move
ment proceeded haltingly. Reading.
Union Pacific and SHELTERS were the lead
ers i'm point of strength. and gave the
market it's tone. Atchison Baltimore and
Ohio and Missouri Pacific and in a meas
ure. the steel shares Jagged behind and
were under considerable selling pressure.
Baltimore and Ohio continued to feel
the effects of its poor statement of earn
ings for the month of February, which
has raised the question of the possibility
of it's maintaining its dividends.
The same question was responsible for
the weakness of Atchison. while the Jan
uary report of the Missouri Pacific, pub
liShed today. showing loss in net earn
ings of over 20 per cent was responsible
for the heavy tone of that stock.
In the case of the steel shares their
followers apparently preferred to await
the outcome of the steel conference in
this city today before making commit
ments for the long side. great deal
of interest attached to this meeting.
which. 1t was said. would last for day
or two The matter of maintaining or
reducing prices is to be thoroughly dis
cussed. but the general impression seems
to be that the present scale will not be
altered.
Steel Interests at Standstill.
The steel trade is however, somewhat
quieter now than it was few weeks
ago. and. while business is not decreas-
ing, II is said by competent authorities
that ii is not increasing. There has been
considerable falling off in railroad pur-
chases. according to one of the principal
trade periodicals
Texas and Pacific declined on the news
received from Texas that the road had
refused to comply with the orders of the
railroad commission of that state to
place Immediately improvements on its
property. Some doubts were cast upon
the authenticity of the dispatches but if
they prove to be true the attitude of the
commission will be watched with interest
The Texas Pacific annual report gives
ample reason for not complying with the
orders, and II the commission should car
~ out It's threat of court proceedings no
clearer example of legislative persecution
Will have been presented
An advance in Brooklyn Rapid Transit
was accompanied by a persistent rumor
that that corporation had obtained the
Steinway tunnel.
British Bank Rate Reduction.
The reduction of the Bank of England's
rate to per cent was fully expected, and
was given little attention, either here or
in the London markets. Similarly the cut
In the Rio Tinto dividend had been dis
counted and had no influence upon our
copper shares.
The situation at Washington just at
present Is in comparatively quiet state.
although the impression continues to pre-
vail IN Wall street that there will soon be
legislative developments in both the Sen
ate and the House by the way of intro
duction of bills which will reflect a more
conciiatory attitude on the part of the
administration.
The Hepburn stock tax bill according
to today's dispatches, seems to have re-
ceived it's quietus. Reports as to the
progress of the wheat crop are highly
encouraging. The banks have been gain
ing steadily from the subtreasury since
Friday. the latter's intebt edness yesterday
amounting to $1.713,000