The Washington times., 1909-03-21
NEW YORK STOCKS
HOLD VERY STEADY
Few Show Radical Changes
Either One Way or the
Other.
INDICATIONS FAVOR
INACTIVE MARKET
Business Interests Gradually Work
ing for Better Trade
Conditions

NEW YORK. March 2l.-slow prog
fess was made in the stock market dur
sng The past week, and there Is no rea-
son to look for much acceleration of
speed in the current week II is the
same old market, aweary at times. and
then coming rather strong the few
shorts try to cover, coming a little
sirmer again with the execution OF
commissions, backing, filing, lacking,
and finally ending session after session
without sufficiently radical change to
give room traders and professionals de-
sired action A few stocks do the NOV
ing within moderate ranges. and the
rest trail along.
AS it is prices have not been moving
except within the narrowest Of ranges
for months, and one influence after an
other, predicted as likely to start
ruction of some kind. has come and
gone and still the effect is Of no i'm
Tariff Bill No Shock.
The tariff bill has emerged from COM
Inittee and will be launched on its
stormy career in the House tomorrow.
IT was expected to give the market
something of a shock, favorable or I'M
favorable. but it has been as disap-
pointing as the inauguration of Presi-
dent Taft in its effect as a bull docu-
ment. Perhaps the Street doesn't look
for the enactment of the bill into a
law while in its present shape.
Even the statement of Hartman IN
5ention TO retire from business did not
wake up the market, nor did the denial.
which came promptly, rouse 1t from
She normal
Week after week the market has
waited for the opinion of the United
States Supreme Court for the ending OF
the famous commodity clause" case,
and week after week the highest judicial
body has disappointed by its delay
Should a decision be made tomorrow -
SIS likely 10 be very effective in its &C
zion on the coal roads, and perhaps in
g sympathetic way on the whole list
Same Conditions May Prevail.
All things considered it is more than
likely that the same conditions that
have prevailed la the market for months
past will still continue Stocks seem to
he held very firmly, and the fact that nc
great amount of stock is offered foI
sale. save on the toppy spots, seems To
indicate that the holders are contenteo
10 bear the burden, which is not ex-
pensive with money as easy as it is
until there is such a radical change IN
business as to warrant "A higher leVel
or TO at least induce the investment
acquisition of the stocks now carried
by market manipOlatorS and by IN
Nestors who were associated with Harri-
man and his allies in the campaign that
made high values for rails and indus
trials during 1905, the year OF depression
e. The one thing greatly desired is a bis
harvest This assured, II IS likely ina
stocks viii move TO q little higher leve
and remain rather steady.
Railroad earnings are now compared
with those Of the depressed period o.
March. 1908. when the full effect of th'
panic and industrial depression was cyl
der ced. Therefore they are beginning
10 show increases but the chief thini
That they prove is the determination O
officials 20 make q fairly good statemen
"a the expense Of keeping UP the va
lioUs systems. The cost Of UpkeeJ
ktlows very material reduction, due q
lower prices Tor material and also .
lower wage schedule.
Hill Shares Favorites.
Great Northern and Northern Pacific
the old Hin favorites. have made fsirI.
good Roadway, much better than East
ern roads, and this is accounted for b!
The fact that there has been mucl
greater Improvement in general bushes
IN the West than elsewhere. and thi
condition i likely TO be reflected Il
the immediate future. Therefore som
careful investors have been aCcumU
lating these shares.
The industrial situation is not en-
couraging- The adjustment TO new
conditions, the lowering OF the wag
schedules, reduced prices for manu-
Sactured products and incident depres
sion are felt strongly in the varie'
cred as fairly satisfactory with tn
stimulus Of practical certainty tina
amendments that may De made tneret
will be in the nature OF upiifts rattle
than down cuts
Adjustment Being Worked Out
After all the readjustment from IN
panic is gradually working out in
SLOW, steady way that promises al
the more soIidity when once recov
erles are finally established The fl
Iure Of this country can not be dis
couraEing, the big men IN all lines
financial, railroading, manufacturin
and retailing. are working along cor
EeTvauve lines for "A recovery, lettin
matters move along without forcing
and in this respect acting a little dif
feTentIy from what they did in IN
early weeks Of 1905 with much boor
talk and hurrah.
Ana the stock market is acting j
q harmony with this healthy plan. Fee
stocks have changed materially Read
ing rose sharply on the prospects of
peaceful settlement Of labor troubles
AtchisOn went OF little on "A IS
10000 bond issue, not because none
was needed, but because the preseu
IS a good time 20 borrow for futur
needs. Local fractions have decline
- rev points on competitive cond
lions and the Steel shares are a littl
lower on the poor earnings Of tn
company Incident 10 the depression
the trade But even in the steel an
iron business there is prospect c
a change.
Plenty of Cash
Gold exports continue 10 Europe wit
considerable freedom. but with "A hand
some reduction ia the loan item &
me banks last week ana for the prf
ceeding week, and money l5zd2 pc
cent, this Is exciting no Uneasinesi
The laXity in the demand for cash "a
business purposes increases loanabl
funds and the stock Of money in IN
country is 800 coo, 600 more today tina
in the boom year following PTesideT
McKinley's election.
CURB PRICES FOR The WEEI