The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-03-07
NEW YORK STOCKS
MAY REMAIN DULL
Offerings on All Strong Spots
Check Upward Move
mentS Quickly.
LIQUIDATION SHOWN
BY REDUCED LOANS
Dull, Reasonably Steady Market
Would Suit Temper of
Street.

Enthusiastically feels somewhat relieved
at the passing of Roosevelt, but 1t has
found small comfort in the advent OF
Taft, as his inaugural address indicates
an intent TO continue the policy of MAX
ing corporations toe the mark and walk
straight-when they neeG fear no law.
The Street had no good reason TO eN-
pect anything else. The old days Of I'M
bridled license are over. ana the sooner
corporations come 10 recognize this fact
and remember it the better.
The rise predicted ror March did
not materialize. Perhaps there vas
some reason for it in the fact that most
of the cities were cut off from New
York through interruption OF Geographic
communication; perhaps the sharp aq-
vances of Monday and earlier days IN
The week had, In measure, dlscounIeu
the change in National Executives
Stocks for Sale on Strong Spots.
And yet there is yet another and
stronger reason. found in the fact that
every time stocks advance there is stock
for sale Evidently some of the big
people of the Street have stocks to
market. Sometimes Iney sell via Lon
don: sometimes direct, but with every
advance the offerings seem TO increase
This selling is Likely 10 continue, ana
the natural trend of the market seems
10 be toward little lower range. 1t
is in line with the reimbursement OF trade
conditions, in line with the open market
in the metal stocks. an abandonment OF
s.,a attempt TO controI supply and de-
Hand that may improve general bust
ness
Prices are. even now, not very far
away from the highest point OF the year
ON the leading rails
Public Indifferent.
The public is Indifferent TO the course
Of the stock market, although giving II
moro attention as observers Of Its &C
ton on the weak developments than at
snv time on the upgrade. Therein is
another reason for q turn DOWNWARD
that the public. so far Indifferent to
advances for nearly an entire year, cah
be interested, and may be induced 10
purchase stocks on rover levels
The fact that there has been actual
lioujdation during The last week or two
&c shown by the associated bank state
Tnent of Yesterday there being -. 900, 90
reduction in loans and a loss OF u, w.
Coo I'm cash The trust companies SHOW
ting made the tcta' loan reducloh ~;
10000 The surplus reserve Is a httle
over eleven millions Sterling exchanse
has developed great strength and the
accumulation of gold abroad continues.
Europe Timid.
Furope is tirnid. very much so. The
xmolderinE fires in the Balkans are
still far from extinct. while an attempt
10 maintain the concert pitch "ithou1
discord is being made by the great
mowers. the danger of general hla-
rsination Is such that confidence returns
hut slowly, frequently waivers, ana
again doubts
Tomorrow may spring another sur
mvrjse on Wall street. It is believed that
he supreme Court will hand down its
%decision in the famous commodity
clause" case No one has the slightest
idea of the nature OF the decision. Per
haps the dread Of another slump sucn
as was shown in Consolidated Gas. has
been responsible fo- the enormous Ilqui-
dalton in Reading for some weeks past
May Have Prepared for 1t.
1t is possible that this selling has so
cleared the atmosphere that there may
be 10 dumping OF stocks even though
an unfavorabIe decision is handed down,
while a favorable verdict would give
The coalers a HIT End might inspire a
temporary bull movement on which the
holders OF stocks would unload freely.
And in the meantime the country
waits on tariff revision. II is a hand
to-mOuth market in. practically every
thing but textiles and edibles Natur-
ally railroad earnings are far from sat
isfactory and only by the most drastic
cuts ia maintenance can the rallro&1
companies make anything like a decent
Ahcwing.
Some improvement.
And yet there are Unmistakable signs
of Improvement in business. brought
about by the abandonment Of the effort
20 control prices irrespective OF supply
and demand in the open market revoiu-
ton, which inspires better trade. Or
ders for 100000 tons of rails, better de-
mand for structural shapes. as builders
take advantage of cheaper material An
increase Of 100 per cent in bank clear
ings outside Of New York city is an
Eradication Of real betterment While
Materially ahead Of the clearinGs Of a
year ago they are suh below those OF
1897 or 1906
In the readiustnent there are some
indications Of wages being considered
with a view to reductions and therein
is danger Of troubles OF an unpleasant
character.
One finds little encouragement in the
gain o. u per cent gross earnings fOy
three weeks In February by American
railroads. More seasOnable weather has
and the reports from California are
favorable as TO crop conditions.
Apathy Likely to Prevail.
AS 10 the immediate future OF the
stock market the chances are greatly II
favor Of a continuation Of the present
unusually dull condition. with nuctua-
tions within small range. unless SONS
influence OF positive character de-
velops that will cause changes Of :
radical character.
Otherwise apathy will continue to al
tend the market with the professional
element scalping now and then. and
the public out Of the market entirely.
THE WEEKS STOCK TRADING
Daily transactions on the. New York
Stock Exchange during the week have
been as follows, compared with one and
two years ago:
- shares res sb are SHARES II;;
Monday .-..-. So 80 2g97 14Ss, US
Tuesday $1,000 55S Y 81, 394 l,445,6Jl
Wednesday w 1905 395,304 2.357, 0j0
Thursday - 46S 80 2g6 g26 3S8 4OC
T-rf5,-r 5O0 %, I So7 scr