The Washington times., 1909-03-26

~ r W lOtN ~. AhANl % r. AA--
this hour The market is very dull, unus-
ualIy narrow, uninteresting. devoid Of
feature, ana unchanged as 10 prices.
NEW YORK, March 26.-1 p. MO
days stock market up 10 the emo OF
the first hour of the afternoon was
tired appearing one. not moving one
way or the other sufficiently TO enable
moderate scalping operations. II acted
tired, and yet 81 was not especially soft.
indeed. there were hard spots here and
there-occasionaI spurts that gave prom
Use of something better and faded away,
without materializing.
The market can not remain suspend
ed. It must move one way or the other,
e,en if only backward and forward
again within a few points range. Just
now the indications are rather favor
able TO down turn. Prices have held
very well in the face of limited demand.
nor is it likely that there will be any
serious reaction. even though a down.
ward is started
Industrial Situation Unfavorable
The problems, the hard nuts of the
situation. are in the industrials and
not in the rails. Steel and Copper
arc in bad shape despite the persist
ence with which prices are held. Even
the cut prices in the steel trade are
not bringing in the orders and fur
ther cuts are necessary The pro-
tests that follow the debate on the
Payne bill indicate that it is to have
tempestous passage in the house Of
its friends and there is no telling just
what the Senate will do with il when
the measure reaches il. There has
been some talk by influential papers
of a veto unless certain objectiona BILE
schedules are revised and each Rep
Tesentative Is being besieged by his
constituents for relief from some sec
tiOn OF the famous measure. While
there is hope Of the bill becoming law,
members of the Ways and Means Com
mittec have expressed the opinion that
st would be mid-June before the bill
finally started on its way toward the
White House.
Taking Profits.
Professionals look To find considerable
proht-talxinE at the current level of the
InSr1et. The advance in a number of
stocks has been sufficient to encourage
selling and any further upward turn
would but make hard spots for more
Liquidation. Spectators seem TO be in
cllned TO take chance on Union Pa
cific, Reading, New York Central, and
alton claim TO believe that there is a
dormant short interest, but IL there is II
is reasonably well satisfied with its
position, and is not worrying much
about the future for il will necessitate
some good news to give the market any
impetus. The commodity clause y
when finally decided Will be sufficiently
effective 10 give the market impetus one
way or the other, according to the tenor
thereof.
Light Changes.
Union Pacific manged to stay around
1905 to iS1A, just as St. Paul managed
80 stay between 145d14515, and Southern
Pacific around 12O7s. At O'Clock there
was practically no Change IN either of
The three, as compared with the closing
yesterday. Missouri Pacific was one OF
1he strong stocks on the list. moving up
10 15s and easing to 10Is. as compared
with a close at 69% Thursday North
western moved up q. Reading at one
time was Eea higher but il did not
hold the entire gain. being lost I'm SELL
ing that followed the rise, and then
gained A more. Chesapeake & Ohio
was u better.
Most OF the rails were within "A Of 4
point OF yesterdays close The Indus
trials moved in the same narrow chan
nels- Steel was a bit better Conner
and Smelter unchanged in any important
eat