The Washington times., 1908-03-22
SHARES
LOSE DURING WEEK,
VAR SCARE OVER
Elimination of Short In
tereSt Removes Source
of Strength.
Observation-Disclosures
Better, But Railroads
Promise Wage Cut.

NEW YORK, March u.-The stock
market last week was vacillating, nerv-
Gus, and at times unusually duh. Time
and again it acted peculiarly. display
ing strength or weakness up to within
"a few minutes of the close of the mar
ket, and then turned completely about
face. to either weakness o. to strength.
On the whole. more prices are lower
than higher. and yet the final tone of
the market is just as good as it was a
weak ago. Just as good as two weeks
ago, when the turn for the better took
definite form.
All OF the week ended March IA the
turn was 10 a higher range. With the
current week the opening was in "a
flood of pr0fit-taking that caused a Sc
we're reaction, followed by q rally, lower
prices I'm the first half Of the week
some strength later, and then bad
break on the cutting Of the New York
Central dividend-the chief piece OF bear
news during the week. The fnal figures
on many of the leading stocks are below
last weeks closing, while some of the
minor stocks that have not shared in
the advance until in the closing session
are somewhat higher.
No Fear Of War Now.
The chief influence toward strength
was the decision Of the President OF the
United states 70 send the Atlantic fleet,
now in the Pacific, to Japan. It re-
moved the last possibility Of war be-
tween the two nations-the eventuality
that was most dreaded by the street
The declines earlier in the week were
due 10 shutdOWns here and there. TO
reports of decreased earnings, to cut
downs in wages. as a necessary econ
omy, TO curtailment by cotton mill and
factory districts, and TO the fear that
Mr. Roosevelt was preparing another
caustic message TO Congress.
Moreover, the railroad earnings have
kept up the discouraging pace, and the
short covering on the advances for the
week ended March Il eliminated that
element from the market, thereby re-
moving one OF the best possible sup
ports.
Looking on the brighter side, we find
Dun and Bradstreet more hopeful They
are promising better times, more opti-
nism. and Improvement here and there.
while the crop situation again promises
an encouraging feature. But for the
fact that the Presidential problem is,
in q measure handicapped by labor and
its demands, there would be less fear
of the outcome Of the November cleo
lions. and this factor would be removed
from the possible untavoraDle inlu-
ences.
Prices Rebound.
After the market had grounded there
was a rebound. Looking Tor the chief
reason OF the advance. one can but see
the hand Of the big men of New York
running in the shorts The bears have
made much morey. but they are just as
nervous and scary as II they had been
pounded instead of the bulls.
one observer believes that the polit-
zeal situation has bettered materially
IN the last Few days, promising favor
ably for the leading Republican Candi-
date. ana thus assuring the return OF
confidence 10 the country despite the
present dullness,' Perhaps this might
be right except for the new conditions
created by the labor situation
The leaders in Congress and the Pres
icsnt have finally agreed upon "A plan
Of action that viii take away 81 little
Of the stigma OF uleuess nom Con-
gress. OF more Importance so lar as
Wall Street is concerned viii be the
fact that 4 viii prevent the President
from having TO chid5 Congress IN a
IN tho late news Of an unfavorable
character, which was without effect on
the market, was the statement that
Pennsylvania and Reading viii reduce
wages not later than May. The Erie IS
waiting tOr an Improvement IN tTafilc.
If IL does not come, wages VIII De cut.
The Adams Express Company viii not
Fay the usual extra dividend Eighty
lour railroads for January show a loss
OF 27.l4 per cent III their net earnings.
Money Rates Low.
Money is very easy and plenty. lend
Fvra nF 1nuu fiUQn
The bank statement was excellent, this
fact helping in the final rally, which
was largely distributed through stocks
that had only shared spariugly in tnc
good advance OF the last two weeks.
Credit must be giVen the United
States steel Corporation for much OF
the scattering strength or the CLOSING
session. The showing of the corpora
ton for the year 1901. and the state
ment by the officials of the company
that business is beginning TO improve,
eNerted an effect on every Industrial on
the list. The passage of the ship sub
sidy bill in the Senate advanced Pacific
Mail
Forced LIQUIDATION is ut an end The
fiscal Institutions Of New York have
liquidated in SO far as is necessary
both the solvent and the insolvent
The general public is nibbling. That
is about all il could be called. a sus-
tanned market for week or two
would bring in many orders What Is
especially needed is recovery in bust
ness But for the election this might
be expected. Manufacturing bushes:
is on a low basis but slowly improv-
ing The first crop returns are promis-
ings and may encourage buying OF
stocks. Prices are very low-therein is
The strong position OF the market.
Prices Compared.
The following table shows the closing
prices on the leading stocks March .