The Washington times., 1909-03-14
STOCK OPERATIONS
CONTINUE LIMITED
Number of UnfavorabIe
Possibilities Hanging
Over the Market.
SOME COMPENSATION
IN PRICE FIRMNESS
Future Considered-Tariff Revis-
ion-Harvest of 1909
. Important.

NEW YORK, March I4.-Unless all
Indications fail We are TO have a con-
tluuation of the present dull and unsat-
ssfactory conditions on Wall Street for
some time to come. And yet there is
some satisfaction to the holders of Sc
curities in this very dizziness. A wild
rush of prices toward a higher range
is 20 be discouraged so long as the
Improvement in industrial conditions
makes such slow progresses long as
the fun effect of tariff revision are
unknown and the metal markets demon
allied.
1t is also fit that speculation should
be checked pending the final settlement
of troubles in the growing Balkans.
Another uncertainty surrounds Su-
preme Court decision in the matter Of
The now famous commodity clause"
case. Anthracite coal miners are at
odds with operatives and this is yet
another reason why operations should
be restricted.
Some Encouragement.
There is encouragement in the ac-
sion Of the stock market for holders OF
securities. That prices can be main
the face of the influences mentioned Il
an evidence of the timidity of the beaIs
and the latent strength of the market.
1t has been months since the movement
tn the market for a week has been as
restricted as Il hos been during the
week Just closed. A glance at the table
OF price changes viii indicate better
than any comment, the really limited
character of the net changes With the
exceptions of Erie, Reading, Colorado
Southern, l. & N. Denver, Texas Pa
cific and a few other stocks the gains
and losses have been limited 70 frac-
ton. Even the metal shares have held
better than expected.
Erie and Heading rose on denial of
PENDING receivership as TO the former
and on the delay in commodity clause
decision as TO Reading There were
many orders for Reading. traced TO
New York banking house
An Unusual Market
There has rarely been a market like
the present. Such inactivity. such mar
row fluctuations and such Indifference
to their fsvorits conditions on the part
Of the bears is seldom seen on Wall
Street. Heretofore the presence of these
symptoms has been taken advantage OF
by the bears TO play for q reaction,
but this year they seem TO dread the
game and be willing 10 let things Sc
N,ereIy alone The plentitude OF stocks
ip the loan crowd and the limited de-
Snand therefor seemed to give credence
70 the belief that the short interest IN
the market is inconsiderable.
market with such limited huctus-
tons has no temptation for the average
room trader looking for action: there
fore. the mi-1rofessionsls were doing
hut little other than a scalping bust
ness. That stocks nave conferred in
strong hands seems nothing more than
q reasonable conclusion in view OF the
apparent strength in Inactivity.
The strength in sterling exchange and
the exports Of couple Of millions In
gold. was another feature that might
have affected the market at another
time but was Ineffective al this time.
The discussion incident 10 the Dingiey
bill was not especially favorable 20 the
stock market. Its pssss ge. followed by
a hountiful harvest, turned loose a bull
market or generous proportions. The
Wilson bill did not boom stocks. but At
was in a sense OvershadOwCd by other
cCnditions-the Debs diversion being
perhaps the feature OF 81, with loss
Of gold reserve and the rise OF free sill
Yer as secondary. but none the less i'm
portant conditions.
Future of Market
The future Of the market will be In
feresting. Az that it will not be espe-
ciaily inviting TO conservative specuIa-
tors Prices on the rails are not far
from the high point on rally from the
panic. The strong holdings by Harri-
man and his friends have not been lia-
Undated TO any great extent: every
strong spot seems but to invite iiquida-
ton, while weak spots do not tempt the
bears 70 get busy Such conditions are
not normal. but they do indicate that
fhere viii be support whenever neces-
Eary. and therefore the bears fear TO
1zke liberties with the market
Railroad earnings are showing much
better and idle cars are Tess numerous.
The railroads have acquired the art OF
reducing expenses, but unfortunately.
largely al the expense Of maintenance.
The StndaTd Oil decision. victory is
perhaps n better word, has caused A
feeling OF more security and less fear
big trust was over 100 points lower al
rhe time OF the mountain fine than
now Railroad legislation in Western
or granger States is bothering railroad
companies. but much Of il will not stand
the legality test
The public is out Of stocks-it is in
grain speculation 10 moderate extent.
Need of Big Haryests.
What this country needs more than
anything else this year OF grace 1903
- bountiful harvest. great harvest
that we may feed the world or do our
share Of it--Rith resultant balance o.
trade in our favor. handsome increases
IN railroad earnings and further recov-
cry from panic. There is no reason TO
dread tariff reVision--the control is too
strong 10 permit drastic cuts. Money
viii be cheap and plenty for six months
10 come-till the harvests PERHAPS
longer, but the hope is that crop NOV
ing may tighten money
CURB PRICES FOR THE WEEK.