The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-03-12

NEW YORK STOCKS ARE STRONG.
WITH GAINS VERY GENERAL.
DESPITE DIZZINESS.

NEW YORK, March 12.-2 p. m.-The
market in the last half of the second
hour of the afternoon sold off A little
the reaction being due to profit taking
on early purchases About 9sd1z point
covered the extent Of the decline in
the average Of the market. while Fries
were = from high. With the easier
feeling the volume of business increas-
ed somewhat.
NEW YORK. March Z. D. m.-While
there was a decidedly firmer undertOne
10 the stock market today, the volume
Of business was not much greater than
on Thursday There were times when
there were spurts of activity, but then
the market would settle back into the
same old channels. and yet the bears
did not dare to take liberties with the
list
The mailing OF one or two fake rumors
appeared to restore confidence of the
traders who are making a few transc-
lions, while the confidence of the big
holders Of stock Is shown in the firm
prices and dullness that a year ago
would have encouraged tho bulls TO hit
the line here, there. and elsewhere.
Fakes Exploded.
The report OF the receivership for Erie
was knocked in the head and the very
people who sold Erie down a couple Of
points yesterday ran it I'D on themselves
Ifylng TO buy back today. The common
STOCK was ~ better request than the
preferred issues. making las gain, and
holding II well into the afternoon. The
second preferred was point higher and
tho first preferred a fraction
The Union Pacific bond issue. another
yellow fake. was also nailed.
Day by day evidences multiply of the
intent of the big meE of the Street 10
NnrnN
sible pending the developments of the
tariff revision session Therefore II
does not seem within the probabilities
Jhat there will be more tifan a moderate
movement in either direction, that the
declines OF today or the gains may be
reversed in tomorrow's session, and vice
versa.
Support in Steel.
There were evidences of support IA
the common shares or the Steel Cor
pOration- That the STOCK should be
held as firmly in the face of the re-
ports as 10 what the tariff session will
40 TO steel and iron, is believed to rep
resent d belief that the big corporation
can stand the cut better than the indie
pendents.
Developments in connection with Gov
eminent prosecutions have been in the
natuIe of a relief to some corporations.
The story of free ore had its effect
today If it did not yesterday. Great
Northern Ore certificates declined a
point, and were rather weak at that
Louisville and Nashville surprised the
Street with another of its Seni-sensa-
uonal advances, this time but ia
points, with a star.
Reading Higher.
Reading, because Of the belief that
there will be no coal strike and on buy
ing by shorts, rose from an opening at
l231z to 1854. Union Pacific was in de-
mand at an advance Of LOS, rising to
1l9Ss. St Paul and Southern Pacific,
24G1z better. Northern Pacific, New
York Central, and many other stocks,
3.Ql2 higher Hill stocks developed a
slightly better tone.
In the industrial list Copper was
steady, Colorado Fuel, y higher; Ten
nessee Copper, ~ better: Steel, com
mon, and preferred, 4, and Smelter a
shade better.
The failure Of the bears 10 make any
impression on the market in its quiet
Gess and entirely lacking in any organ
1zed effort at support, is responsible for
the theory that the bears dare not make
much play against the list. The loan
crowd does not indicate a large short
interest, but private borrowings may
cover up existing shorts.
Just before noon there was a spur OF
activity that continued until midway
tn the noon hour. then the market aga in
settled back to its accustomed dullness.
but prices held strongly