Evening star., 1909-03-02
NUMBER Of: ADVANCES
Firm Stock Tone Followed
Early IrreguIarity.
BUSINESS VOLUME LESS
Broad Diversifcation Of Interest
Was Evident.
AMERICANS HEAVY IN LONDON
Local fractions More Active Than
for Some Time-Reading
Leading Feature Again.
AMERICANS HEAVY IN LONDON
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. March 2.-The stock mar
ket moved irregularly during the morn
ing session. but early In the afternoon
the dealings developed a firmer tone and
a number Of round advances were record
ed. The volume of business was upon
considerably reduced scale in comparison
with recent averages Of activity, but on
the other hand broad diversihcation of
interest was evident. The days news
comprised a number of matters upon
which conflicting constructions might be
placed.
Announcement of general cut in
wages by the Lackawanna Steel Company
was made previous to the opening of
business In the stock market and at
tracted no little interest. 1t could not
be learned whether the Lackawanna's
wage policy would be followed by the
0ther larger steel companies, but 1t was
considered doubtful that the Lackawanna
company would have elected to proceed
along this line.
1t was pointed out today that in the
event that q general reduction in wages
may be ordered by the steel and other
corporations the classical third stage of
q post-panic period will have been reach
ed. There first arrives the break In the
stock market, then the depression In gen.
eral business. both of which have al
stage is that in which. according to
precedent, the labor market must be
iouidated in line with the others
At any rate, the announcement in ques-
Ing readjustment of the wage scale in
the anthracite coal region. The present
agreement between the coal companies
and the miners will expire by limitation
Another important DEVELOPMENT OF tbe
gay was quite pronounced turn for the
better IN the metal market, although Wall
street was disposed to indulge in some
exasgeration OF this phase of the situa-
tion: The metal stocks were in fact only
1ndiherently steady
Railway Statements.
large number OF statements OF rail-
way earnings for the month of January
and for other periods were published and
were for the most part satisfactory ex-
hibits, including the returns of the Union
Pac1fic and Southern Pacific companies.
There was also much discussion with
regard to the general tenor Of President
Taft's inaugural speech. and, as is usually
the case, upon similar occasions. fore.
cesfs OF the address were freely dis
seminated.
American shares were rather heavy in
mere for foreign account. nevertheless,
showed small excess of purchases
Money market and foreign exchange
circumstances again showed no material
alteration. AS noted above, transactions
In the stock market. while in reduced
volume. showed a general distribution of
speculative intrest.
Steel Shares Quite Active.
The local traction shares were more
active than for soma tin,o and prooLI,r
Rapid Transit was decidedly firm,
The United States Steel shares were
quite active, but fuctuated within small
limits. A further sharp break took place
in the Central Leather stocks In connec-
tion with yesterdays decision Of the New
Jersey court. but part Of the loss was
later recovered
Pacific Mail was strong on the prospects
Tor the enactment Of the ocean ship sub
sidy BILL. Little news or gossip except
OF routine and technical character ac-
companied the transactions in the rail-
way hist. Leading features there were
Reading. Atchison. Union and Southern
Pacific and Wisconsin Central.