The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-03-25


tIIc second hour of the afternoon Read
ing developed a firmer tone, advancing
10 1925. q net gain of Is, Rock Island
moving up a little, while Erie added IS
To the gains OF the earlier part Of the
day Alton touched 81 again
Southern Pacific and Union Pacific
were practically where they were at
The close Of business on Wednesday.
There was no Improvement in the
volume of business transacted.
NEW YORK. March 3, D. M
There was less character less positive
direction TO todays market than there
was 70 yesterdays. 1t took it longer
10 find itself and get under way; in
deed, up to this time there has been
no definite movement one way or the
other, though there have been strong
and weak spots. with moderate vol
ume trading and again duIlness. At
the opening the strength of Wednes-
days closing carried values on the
standard stocks TO higher range and
then the usual profit taking that comes
on advances in this market-the hard
spots that induced Observation-Disclosures
oped, and there was turn the other
way that went little further than the
gains
Some Bull Influences.
Where positive influences were at
work and in evidence positive changes
resulted. Thus Chicago and Alton
rose on a statement OF earnings that
showed that the road during the last
six months of 1908 had earned $780,
pa gross. s., 1852 net, and a surplus
OF S75e645.
Kansas City Southern moved up on
statement that the road had earned
the dividend on the preferred stock
and a surplus Of $4,000 for the com
mon in the same six months.
Erie shares were materially better on
The assurance that the directors would
accept the dictum OF the public service
board, secure the consent OF 90 per cent
OF the bondhOlders of the company.
and issue tltU much talked-of S30,UvO0o0
OF bonds
There were some other influences an
nounced, bnt they were not of the kind
TO have much more than a steadying
effect. Northern Pacific for the third
week in March showed an increase in
earnings of $1,000. Texas Pacific for
the saue week 81, SS4 increase, and this
caused a sharp advance in Texas Pacific
shares. Canadian Pacific for the third
week in March showed an increase Of
$4,000. The dividend disbursements for
The first quarter OF the current year
were given as about $i550te. GO. and this
ought % help some. although dividends
have been going largely into bonds II
late. Great Northern declared its reeu-
lar dividend of "a per cent quarterly.
payable MAY 10 shareholders Of record
April To- This announcement was with
out effect. as it had been fully expected.
Better Demand for Money.
The Bank of England made no
change in its discount rate, bat it
showed an increase in reserve
There is a slightly better demand
for both time and call money, and the
rate for the latter this morning was
= per cent Attention is directed 20
the withdrawal Of S30.000,000 Of gold
as likely 10 be having some effect.
Moreover. preparations are now being
made for the April disbursements, es-
timated at 1855, 0O0,0 600.
Steel business is not good and there
are rumors Of still further and more
radical price cutting Some of the
equipment stocks displayed a better
for various kinds of cars, locomotives,
etc
Fries Strongest.
The Fries advanced 3 on common, IL
on the first, and / point on the second
preferred stock They were the strong
est on the list. Chicago and Alton
started al 641z. point rise, rose 10 g.,
eased 10 50, and coming again turned
6594. This was purely on the statement
Of earnings given above. Rock Island
advanced from 6fs yesterdays closiTS
10 50 with slight reaction. Kansas City
Southern was q higher on the common
and a like fraction better ON the pre-
ferred. Toledo, Peoria and Western
we're a point higher. These with some
81 the equipment shares were the stror <
points Of the list, and there was rea-
son for IL
Baltimore and Ohio was barely steady.
Chesapeake and Ohio lost - Colorado
Southern issues were all very soft
Great Northern was Off fraction. Nip
per lost p and New York Central Il.
The leaders, the HaTrimans. started
out higher Union Pacific advancing =
Then this was lost ana = additional
with q point recovery Southern Pa
cifc steady and but little changed
Heading was = higher early. 10 just
barely steady.
InduStrials
In the industrials Steel. common. was
= and the preferred q off. Railway
Springs gained =. and Steel Car IA
Copper rose TO 7Oat and dropped TO 7GIs
Smelter was a shade off.
Despite this slight recession In prices
the stocks that showed the loss did not
appear 10 be al all weak.