The Washington times., 1908-03-02
NEW YORK STOCKS
CLOSE VERY FIRM
Toneand Activity Develops
Under Lead of AmaIga-
mated Copper.

NEW YORK, March 2-CIosing-The
market during the afternoon seemed to
gain in strength. led by Copper and
Smelling, and the final closing showed
q strong tone, with prices from one-hsIf
10 a full point better than the closing
figures OF Saturday.
There was no pressure on the part of
the holders Of securities to market
them, and the light Offering seemed TO
inspire some little anxiety on tho part
OF shorts They started TO cover con-
tracts here and there throughout the
list with the result that prices moved
Up TO the hest figures Of the day and
the closing was near the outside of the
range.
The better tone was largely due to
official announcement of the opening Of
Amalgamated mines, and the fact that
the bears were rather inclined TO cover.
NEW YORK, March AT the open
Ing the market was decidedly soft and
declines Of an average Of = point fire.
-Quently reduced TO = point were in
order. This was the condition of the
market UP TO II o'clock. when there
was a change for the better throughout
the list. led by industrials. with Copper
and Smelling blazing the way. The
metal stocks proved to be the backbone
OF the stock market. turning the weak
ness into strength and giving the
market a much better tone.
The announcement that the mines Of
the Analgamated Copper Company at
Butte would be opened today was
bun argument The statement was also
made that AInalgamated had found a
IN ar "A
pound.
A decision by the public service com-
mission that script dividends are IL
legal. makes il impossible for the Erie
10 make the payment declared some
months ago. This decision will have q
bad effect on the Gould shares. although /
the State OF New York has no jUrisdic-
tion over Missouri Pacific. but prece- ]
dent has been established against the
script practice.
The second preferred stock Of the |
Erie broke 2 points on the decision.
Expected litigation between Hartman
and his railroads failed 10 make its ap-
pcaranCe and this has had something
OF q quleting effect giving little more
confidence TO the bull side OF the mar
ket. American stocks in London were
heavy, with the exception OF Hartman |
shares, which showed fair degree Of /
strength.
were S in Atchison, = on s.. Paul, 8 !
on shelter, and Is or 4 on the general
list.
They turned stronger as the session
advanced at the noon hour Northern
EICirC hod made q net gain Of ., Union !
PACING a small fraction. St. Paul had /
recovered its closing on Saturday, and
Pleading vas Is higher Pennsylvania !
advanced 81 SmelJeT was stronger; the /
Steels were also hrmer, the preferred /
gaining a.
Sugar Wastlle weakling OF the market, |
losing points without recovery.
lis D. mas she afternoon advanced
the market settled down into its usual 4
dullness With not enough doing to keep /
the tiCkeFs busy
The changes were moderate, save IN 1
Copper. which held the = net gam into j
the second hour OF the afternoon, and /
the break In Sugar. which extended TO I
points net. Northern Pacific added 8 1
net as the sum OF its Improvement. |
Lead, pa. and New Yorb Central, q
On the other side Reading lost its ]
Improvement Canadian Pacific was off /
=. and the general list was slow and 1
Slightly easier
The volume Of business was light