The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-03-06
Dayof Stead,
NO SPECIAL ACTIVITY IN STOCKS,
BUT PRICES GENERALLY
A LITTLE HIGHER.

NEW YORK. March 6.-CIose.-There
was just about the same volume OF
Business in the snort Two hours Of
business as on the morning session o.
yesterday. Communication with the out
side world 10y wire Is still OF the per
haps and maybe order wire every nj
teen minutes 10 the South. and occa-
Sionally 10 the West As a result the
market was again without It's quota
OF outside orders, aud the volume Of
local commissions was decidedly light
As a rule the range of prices showed
little irmer tone but the changes
were entirely inConSeluentia as a rllIe
but Denver and RIO Grande. Inter
borough Metropolitan, and a few %. her
stocks slight advances were scored.
While Railway Springs SCI the pace the
other way. brea king from 5Ni4 TO 81.
- compared with "A close at % yes
5crday, and considerably ABOVE a. a
lev days back. The passing or the
cause OF this decline, the most marked
movement Of the entire day
Steady Market Expected.
Traders do not expect the market 10
produce any pyrotechnics for some
weeks 20 come. a QUIZ steady market
~ predicted, and is the only thing that
viii be in harmony with the temper
Of the Street. Any advance to amount !
10 anything would develop the fact that
there we're stocks To sell on the bulge: !
indeed, this is perhaps the plainest out |
look al this time Any material recess !
sion would meet some buying orders /
and be checked. although il L. likely |
mat lower levels VIII be established !
cTddually- No one looks Tor A good &C
tive market In stocks so long as there |
Is any Generalization in the steel trade: !
80 long also, as the tariff conditions are |
unsettled.
Railroad Earnings.
Railroad earnings are beginning TO |
show more favorabIy. This is the story !
from all or the great raHroads-Ia4,2e I
GROSS increases, fair net, with surpris-
ingly small increases in operating eN-
penses, and this latter feature is in !
evidence everywhere indicating good
times in the steel and equipment trade, |
when the roads finally find II necessa y |
TO give the delayed maintenance orders |
The annual report OF the Railway
Springs Company showed that, after |
Payment or the preferred dividend. |
there was a deficiency OF $179.0 59 so
That the preferred dividend was no. |
earned. the common stock earned . !
pcr cent in 1901, I in 1893, IN 1896 in !
1907, and : IN i9oS-nothinE in 1909. Tne !
ret earnings were S915.6i9 during 1905 I
as compared with $3.50. l56 in 1897.
The steel and equipment socks We're !
generally Stes dy TODAY with The ex-
ception of the Railway Springs shares. |!
was SHADE higher. also the preferred |
Tennessee Coal added L p5int Lead
Vas better Copper was d bit easier. /
ara Smelling little tirmer.
Some Changes.
In he rails Reading made slight !
gain; Missouri, Kansas and Texas wa |
= higher: Missouri Pacific about y !
point up; Union Pacific a fraction firm |
er; Southern Pacific about steady: ST. J
Paul fraction better: Great Northern. I
strong at Z gain; Denver and Rio
Grande, IA higher and other rails rea-
sonably steady.
The known movements Of money Have
sJTensthened the resources OF The banks
of this city, about s. 600 Ling ADDED
10 through operations with the Treasury
Department.
There Is distinct improvement .
through the price cutting movement in /
steel, although the demand is vet below /
Inc capacity of the mills-far below. An
increase In production for February OF 4
10000 tons was reported over FEBRUARY
81 lSe, and March Will probab bly, snow
a larger increase.
The labor outlook is unsettled. Redac-
ZION OF wages by the L.aCka wanna Steel
COMPANY IS indicative Of what NAV he
expected elsewhere. Commenting on thu
situation. DR.. Henry Clews says:
Dr.. Clews' Views.
The stock market has been more
or less neglected owing TO the absence
Of many large operators. TO uncertainty
concerning tariff. and 10 the interest
attached 10 a change OF Administration.
A better undertone is observable. es-
pecially for desirable securities since
The reaction Of the past TWO or three
weeks. There is more confidence I'm {
values, and considerable amounts o.
high grade bonds and stocks have been .
withdrawn from the ma Tket hy perma-
nent investors Speculation is. Of
course. restrained by the dulInesS in
trade and the reacJionsry tendencies
in some OF the commodity markets. a
crop In steel exercised d temporarily
depressing effect, and the denoralized
condition Of the copper market does
likewise. Il is recognized, however. /
that these declines pave the way for
\ resumption OF business under health
Ter conditions, and however unweICOmP (
these changes may be 10 sellers they
are generally recognized as remedial
IN their effect Money IS easier and
this should encourage resumption Or
business. The outlook for the market
IS rather hopeful than otherwise. and