The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-03-11
NOTHING DOING IN STOCK MARKET
WITH PRICE MOVEMENT
UNIMPORTANT.

NEW YORK. March IL p. m.-The
market continued dull and uninterest-
ing. There was scarcely an eight or a
quarter point change in the last hour.
end the market gives promise Of max
ing this the dullest day of the year.
NEW YORK, March Iii p. m.-The
actual strength or the stock market, in
view of the inordinate dullness, was re
nlarkable- II was also the only remark
able thing about the market. At times
the ticker gave out no tick The usual
crowd OF room traders watching the
boards gave forth no orders, except sn
occasional feeler, taking small loss
or gain on the next fuctuation. while
the majority of the Semi-professionals
found more interest in the columns of
the daily papers than in the figures on
thS boards.
That the bears did not dare to make
a concerted raid on the market. that
they did not at least attempt to break
the list, is but an evidence of the man
ner in which stocks are held, with no
especial need of distributing them just
at present il was an inviting market
for raid-invitinS through its very
dizziness, inviting through the limited
range of fluctuations.
Erie the Weakling.
The only stock on the list that showed
anything like positive weakness was
Erie, and here there were rumors OF a
receivership and some actual liquida-
ton The rumors were denied as being
unfounded. One authority declared that
Erie was earning its interest charges
and a fair balance thereafter; therefore,
Il was safe. Erie. so runs the story,
has no intention of refusing the terms
set forth by the Public Service Commits
sion in the matter OF the issue of $780,
100000 convertible bonds, but, on The
contrary. is going ahead in the full ex-
pectation Of complying herewith, TO wit,
that not less than 20 per cent of in
terest coupons of such general Hen and
convertible bonds accruing during the
next FIVE years shall be exchanged for
new bonds.
Rumors Plentiful
Pending the publication of the pro-
posed tariff revision schedules there
will be many rumors that are calcu-
lated 10 scare. but they are but ru-
mors. 1t Is not believed that the Re-
publican members Of the Ways and
Means Committee of the House trainers
Of the revised schedule. have the slight
way of labor
There Is some compensation for re-
duced profits in the iron and steel trade
unfortunately from the reduction in la
bors wage, but IL is 10 be hoped that
the increased employment of labor will
more than equalize the loss by reduced
wages.
While there were some changes in the
quotations during the morning hours
they were usually Of the backing and
Filing character.
Very Steady.
For q time the list turned down, then
changed and rose, then became inor-
dinately dull AT ! o'clock practically
all the industriaIs except Sugar were
within 4 OF a point of yesterdays clos
ing, and sugar IL higher. Copper was
steady at 675s to 6S1z. Smelter was 4
higher at S. Union Pacific was 4 bet
ter, St Paul, u lower; Southern Paci-
fc, steady; Reading, steady and un-
changed after "a decline fully recov-
cred, and so Il was throughout the list
changes Insignificant Erie. common
broke to 23iz from a close yesterday al
3519 and the preferred 10 8, or IA points
Then there was rally extending {
1ad1z point, but the stock was still
weak
Grows More Quiet.
These prices were maintained through
the noon hour and well into the second
hour OF the afternoon with only nov
end then price change, and with ever
a decreasing volume OF business. Prices
seemed inclined TO go off a shade, bu
not mere than = fraction or two. Tht
increasing dulluSss but again called at
te1sion to the Indifferent manner OF the
bears, WHO, while they looked long1ngl1
ard evidently were anxious TO test the
fCne OF the list. did not have he cOUTa e
Of their convictions.