The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-03-08

NEW YORK. March 81 p. NAT
the Immediate opening and for little
over an hour there was a decidedly bet
ter tone TO the market Latent strength
developed in the leading rails-Reading,
Union Pacific. Missouri Pacific. and the
leading industrIals acting better and
making y TO a point Improvement.
Despite the fact that the world is again
connected with Wall Street by wire the
volume OF business was not large. / {
seemed 10 be A case OF shorts covering.
taking but little chance OF the market
turning on them. but despite the better
action OF the list the activity did not in
crease.
And then the expected happened. The
higher prices offered a market for SELL
ing, and just about midway in the
second nour OF the morning the selling
movement started and got under way
in short hour. In less time than it
takes 10 tell II the advances of the first
ninety minutes had been wiped out, and
still the trend was toward lower figures.
And with The downward turn the volume
of business reached large proportions.
The bears took turn at selling, but
the most of the business was in the
nature of unloading stock.
Reading led the way in this liquidation
movement. The eyes OF the Street were
directed toward Washington and the
ears also. The expected decision in the
commodity clause was the one thing
thst excited interest.
For a time the action of Reading sug
Eested a leak, and yet such a contin-
gency is scarcely a possibility. Indeed
there was no decision today. Reading
lad risen from 123S4 to 1242t, but in a
jlhy it was down to 10 with - re-
coVery and very large sales. Southern
Pacific lost Is, st. Paul Z, Union Pacific
fun point Shelter 13s, Copper g,
Missouri, Kansas and Texas dropped
from as to 407s and Missouri Pacific,
which had sold TO 20, was off to 6S24
In the earlier dealings the favorite
GOulds had shown good tone. but in
the slump they lost their advance with
the rest of the list. This slump was
in evidence in practically everything on
the list 1t was not due to the failure
+, 10 decide the commodities clause as II
came half an hour before the postpone
ilent was announced, but with the very
1iTSt indications of let-up the whole
list seemed TO melt away, a veritable
rush Of selling being Immediately Incl
dent thereto
Immediately the market assumed a
better tone, and the recoVerieS in
stocks during the next hour practically
eQUdleQ a little more IMAM LuIee-IOUllnS
of the loss on the selling movement.
The beiated decision was but an ex-
cuse for giving the market a, better turn.
Moreover there was some proft-taking
on the sales of the morning, but the
real rea son was foufic in the with
drawal of offerings on the low range.
Thereafter, while prices recovered
partially, the volume of business lessen
ed materially, was in fact but little bet
Ter than a slow dragging market into
the first hour Of the AFTERNOON. All adj
Vances are likely TO meet with just
such liquidation as met today's rise
flush and hard. The big men who have
been holdings stocks for months win
have * for sale on these healthy spots,
land the result viii probably be huctu-
latine uncertain market. Another week
of waiting for the decision in the COM
modify clause viii not nelp matters
much.
on The subsequent rise, Southern Paci-
5ic rose 20 1IT34. Union Pacific to 115S
St Paul TO 1922, Copper TO 6S9s- Smelt-
ing 10 S2ts. Reading rose to 1857. Mis-
souri, Pacific to 691s, Missouri, Kansas
and Texas to 4ss, and New York Cen
trail. a net quarter point Hills were
weak Steel and Lead = bettSr. Rail-
way Springs IL of.
The budget for 1909 OF New York Cen
4ral lines is not definitely made up, bur
II is stated II will be between So. coo 000
aid 100000 Of which 100000 Will go
tor steel rails and 100000 for equip
rnent. About s1,j00 COS Will be spent in
Puffalo alone for elimination OF grade
crossings The Grand Central terminal
IMPROVEMENTS call for appropriations
that will approximate 100000.