The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-03-17
NEW YORK MARKET TURNS MORE
ACTIVE, WITH PRICES IN
NARROW RANGE.

NEW YORK, March 17-2 p. m--Since
noon the market has become much more
active than during the morning hours,
with a good prospect of something do
ing before the close In the first place
there is evidence of a big line of shorts
being laid in the hope of breaking the
market in the next day or two. In the
next place the trading, which is largely
professional, is of a character 10 indi-
cate that the market will have needed
support when the time comes for the
test.
At this hour several of the railroad
shares have become very active. Read
ing has been sold as lively as in the old
days. Union Pacific holds to it's strength.
Chesapeake and Ohio is active, and
other of the Hawley roads, but in all
gases the stocks are see-sawing within
fluctuations of about a point. up and
down, down and up, getting nowhere
into new territory.
The action of the market in the last
hour shows its professional character
Room traders are buying on dips and
selling on the bulges. and all the time
limits of fluctuation between the high
and low points are narrowing. This
usually indicates a broad swing Of the
market in one direction or the other,
and just at present moment most OBJ
servers believe it will be upward
The chief news on the floor today is
a report of what purports to be the
leading reductions to be made In the
forthcoming tariff bill. This led TO
mild reaction in the market which was
made up again in half an hour, by the
purchase of stocks on the dip.
NEW YORK. March I7.-Noon.-
Though some Irregularities are shown
the stock market at this hour is hang
ing around last nights closing level.
Prices are in the main firm, with trad
ing In small volume
During the morning stocks have pur-
sued a course which may be described
as a short excursion into new territory
and q hasty return for fear OF bad
weather Most issues made advances
under short covering from half to one
point and then settled back to about
the level OF the opening prices.
The strongest stock today has been
the Big Four. which on the morning
bulge advanced points and is holding
well UP to the high level. Union Paci-
fc is strong at the advance of yester-
day. The steel reports seem to have
strengthened rather than weakened the
steel shares and smelters. Reading is
fairly active and shows greater fiuctu-
atoms than the other railroad shares.
Wisconsin Central is today more active
than ordinary. Great Northern Ore and
Consolidated Gas have also been large
factors in the trading of the morning
hours.
The interesting feature OF the market
is the ease with which prices respond
TO the natural movements OF stocks.
For example, in the early trading to-
day. there was much short covering
and the active list of stocks scored from
half to q full point. This was followed
by a moderate amount OF profit-taking
sales at the higher levels by those who
bought yesterday for e turn, Under the
influence of which prices fell back to
the previous level. Yesterday also, or
favorable news from Washington the
market responded actively This con-
dition is regarded here as heaithful
sign, and traders find in il an argument
for higher prices in the near future,
when II shall become a little more clear
that Congress will act wisely upon me
tariff measure.