The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-02-03

NEW YORK. Feb. 81 p. m.-There is
much about the sock market that is
puzzling. The closing yesterday save
evidence of considerable nrmness, and
undoubtedly the Hartman following
would like nothing better than steady,
firm, but inactive market. pending the
settlement of q number OF problems
now interesting Wall Street. The Har-
rinan hearings. the investigation by the
Senate OF the Tennessee Coal and Iron
purchase by the United States Steel
CORPORATION, and the outcome Of the
commodity clause" matter before the
Supreme Court of the United States.
ANY one of these things is liable TO
start a surprise party that the Street
would not like to have develop. Mr.
Morgan has taken his departure TO the
other side to sell Erie bonds. Mr.. Nor
gan is usually successful, but he has
travagance is setting a fearful pace. Inc
public is absolutely out Of the STOCK
market, out for good Worldwide waste
and extravaganza has not been checked.
Following in the wake of tne panic, eN-
rraVagance is setting Ieatul pace ne
United States Is facing d fIi2'VJy,v1o
deficit. and vet every MEMBER OF OoH-
press looks 10 the interest or MS con
stituents, and the demand Tor Ioootr
from the public crib was never more
disgusting. Antique claims are oellA
Maid daily. and the spirit OF COuoeINo-
zion of resources is advocated az one
end of the Avenue and unlimited eA-
penses advocated by pracucally every
one but Chairman IaWney at the otieI-
IT doesn't look ike q good uLle 20
bull stocks with prices grinding on the
highest levels Of the year, Iuily ais
counting all improvement many llIneS
over, while Improvement is delayed
Not a Room Traders Market.
And vet il is not a market that offers
much announcement to the professional
room traders. The scalping OF a few
speculative dollars requires constant
watching Of the ticker or the black
board. Admittedly the market bears
hard, but il also bulls hard. During
the greater part of the morning, Atchi-
son, Baltimore and Ohio, Brooklyn
Rapid Transit. Erie, Denver and Rio
CfFande, Southern PaClnc, ST Paul
Great Northern, Union Pacific, and IL
linois Central did not huctuate more
than a fraction or two remaining un-
usually duh but without material change
in values. New York Central started
higher, but il came back to dull
steady movement. Smelter and Steels
and many industrials displayed Che
same inanimate action. Northern Pa
cIfc moved up Is, Missouri Pacific 2.
te Il. ana Louisvil e and Nashville a
point, but this stock has not been In
the active list for some time.
In the industrial list Copper and Smell
ter were strong, the former at Is and
the latter at d point advance Consou-
dated Gas on the loss of the deposits
of consumers funds over so cents since
the original decision, dropped e. The
SteeIs were in the inactive list While
there was nothing to indicate bearisl
tendencies. the market has demonstrate
ed that il must move one way or the
other. It can not stand still
Traders are interested-they always
are.
This continued 6uuness continued
right up till the second hour of the af-
teTnCon- At that time most of the
gains other than in Chesapeake and
Ohio, Copper and Smelling, had been
lost. A study of the blackboard showed
that practically the whole market was
steady AID but little changed from last
nights close
Chesapeake and Ohio was S.. a rise OF
~, and il was the active leader OF the
list. Canadian Pacific was 5s higher
and NiDper a little rirneT.