The Washington times., 1908-03-03

NEW YORK, March 3.-Close-As the
afternoon wore on the market gradual
Is eased OF, losing fractions, and here
and there a point or more. until near
the close, when the gains established
in the morning hours disappeared en-
tlrely, and the prices were just a little
lower than the closing figures % yes
Jcrday. This was a disappointment 10
The Street, as the earlier strength had
given hope for 4 frmer closing, DuI
The let-un In the demand and the Win
drawal OK shorts caused the change.
The volume Of business was extreme
y light, and the closing about as dull
as Il could be.
NEW YORK, March 3-Wal Street
may be grOggy, hut il still is possessed
OF q large amount Of resistance, stand
ing Up under continued untavorable
news with much nerve and with APP
parent determination 10 hold the fort
alcng present price lines at all hazards.
The Hepburn bill - tax all margin
trading. and TO tax stock transactions,
under normal conditions would nav e
caused much uneasincss on the street
II has caused much gossip, but the gem
eral feeling Is Jhat the lawmakers WI
not undertake 10 uDbuilu the LONDON
STOCK market at the expense Of the de
sJructiOn ut the New YORK STOCK
market.
Should this bin become law 1t viii
practically wipe out the American mar
ket for securities. il would impose a
tax Of 500, including commissions, on
tie purchase OF stock to the amount or
/ 90 shares. Counting all expenses, in
Surances postage. commission cables
etc. 1860 shares of stock bought M the
lonCCn market would cost the puf-
chaser Sis No investor or speculator
VIII take changes on d handicap OF SOU
On J Coo shares Of stock.
The market this morning was seTy
firm The strorg point was the annual
report OF the Pennsy wanna Ratlroad
Company. which surprised the Street
with earnings OF sufficient largentEs 10
pay l24S per cent on the stOck-thaU is,
The earnings eQualed 12-4S on the stock.
This was tonic 10 the Whole market.
There was another IN the OFeESulu con-
ditiCn IF the market. The shorts We're
easily scared. They have made more
or less severe attacks here and there
throughout the list, and have been I'M
able 10 make anything like n material
impression for some time. They have
obtained concessions, but tile minute
they tried TO buy they found the market
ready L. so up on them.
They are discourse gnd with the result
OF numerous raids on the Steels, which
have held despite all their efforts.
There IS always a dread on the part
Of investors that some longs who failed
60 take advantage Of the January rise
To liquidate may become Disguised and
look Tor the hard spots To unload on.
The Iudustrials led the market on
the upJUrn. National Lead, scarcely
mentioned a few days ago, scored an
advance of points and held u. Cop
per added p point net gain. although
nearly q point above The opening price.
Smelter was 3 better. and Sugar added
"a points for a net advance. the Steels
We're slightly firTEer.
lcTnsJ lYania made a point advance.
northern Pacific 3, Reading rs, and
Union Pacific q. Baltimore and Ohio
gained q point, Great Northern and Illi-
nois Central =, Missouri Pacific and
New York Central moved up =
$50 p. mater two hours of activity
the market became very duh, Orders
seemed to be filed and the shorts were
not buying, the result being a period OF
general duliness and just a fractional
recession from the highest prices of the
morning.
The tone was excellent. nor was there
any pressure Of stock for sale.