The Washington times., 1909-03-10

NEW YORK. March .1O-2 p. m.-The
general tone Of the market was a Dit
better in the beginning Of the second
hour of the afternoon. with Reading
holding at 1885, Little Steel at 1875, and
Union Pacific firm at 175. Rails, as a
rule. were about 4 of a point above the
I O'Clock quotations. There was lit
tie better demand, but nothing ap-
preaching activity.
NEW YORK, March 10 p. NAT
the immediate opening and for an hour
thereafter the chances for a better mar
ket seemed very promising The de-
1nar1d seemed TO Indicate a desire on the
part of short sellers of yesterday TO
cover their contracts and there was an
advance of about y point on the aver
age in the leading rails and some little
betterment in the industrials. The mar
ket, however, was not an hour old be-
fore the situation showed different
complexion, the higher prices inviting
some sales, while the list weakened I'M
der the leadership of Reading in the
rails and Steel, common, In the indus
trials
When the break came Reading was
selling at 1885 an advance of over a
81 from the closing of yesterday. For
some reason or other gossip centered
on the probable disposition of the
commodity clause" by the Supreme
Court Although a decision is some days
of at best, the discussion led TO selling
and in less time than 1t requires TO tell
the story the stock was down to 122h4,
a net loss for the two hours of a point.
From this II recovered to 122Ss-
At times the market scarcely moved
1t acted very much like tired market,
weary from its exertion in the opening
hour and resting. simply resting. In
this ouisscent form II passed into the
second hour of the afternoon.
Many stocks attracted but the slight
est attention, quotation-making, SEEM
ing TO be rather tiresome for the tenn
per Of the list.
Weak After First Hour
After the fluctuations of the morning
ST. Paul stood at 81 net decline, Read
.rg. 81: Union Pacific, 31z; Baltimore
and Ohio, IS Atlantic Coast. Y; Erie.
"A: Great Northern, q; number of
stocks about y point. Wisconsin Cen
trsl common was about the weakest
point In the rails, breaking to IS. or over
a point.
In the Industrials Steel common sold
at 435s TO 1875, then rallied TO 1885, end
touched 45L. The gossip was indicative
of a belief that the low of the last
break, 41lb might be again reached The
preferred shares were firm early at 1l0]:
then dropped to 1875. From this Quota
ton there was little deviation. Repub-
lie preferred acted well early, but later
lost a point, with an additional y point
still later on. Copper moved off q II
the second and third hours. Smelling
lost a like fraction Tennessee copper
caired a point, strong spot In the
weak market.
Turns Firmer Again.
And then. lust after midday, when the
market presented its most unpromisini
appearance. it turned very firm again
Looking for a cause, one could but nn'
II in the desire of the sellers In th'
second hour Of the day TO take TN
limited Fronts offered by the concession
in values. The Reading shorts appear
ed TO be excessively nervous, for the'
covered so freely as to cause recover!
70 1235s, net gain 1or lhe session t I
this time Of * Of a point. The rest o
the list felt the impulse OF Redding
advance and Joined in Union Pacin
recovered all it's loss; so did St Paul
Southern Pacific, Northern PACING, Grea
Northern and Illinois Central In IN
industrials Steel common rose TO within
3 fraction of it's close yesterday, and IN
preferred 10 10. Locomotive gained :
and Smelling n The market then be
came very dull and passed into tn
second hour OF the afternoon with in
activity very generally prevalent