The Washington times., 1910-03-07
NEW YORK STOCKS SHOW STRONG,
BUT MARKET SEEMS VERY
UNSETTLED.

NEW YORK, March THE stock
market today is following about the
same course which marked IT in the
closing days of last week. The tone of
the market is fairly strong, pressure
TO sell is light and while the general
movement is upward it is very slow
and uncertain.
AT the opening today prices were
mixed, many stocks showing fractional
losses and others slight gains. Immedi-
Rtely some little buying power developed
which carried the market slowly up
ward until some Of the leaders had
gained a point above the opening. In
the rise Union Pacific sold up from 1S7lt
10 1921, and before noon declined TO 1SS.
Reading gained more than point in
the early trading and lost a portion OF
the advance.
Labor Troubles Disturbing.
Labor troubles in Philadelphia and
elsewhere are the all-absOrbins topic,
and the market IS considerably in
nuenced thereby The news this morn
ing that Samuel Gompers might, through
The Federation Of Labor, car out the
railroad men in other cities. especially
IN Cleveland, Omaha. Pittsburg. and San
Francisco, in which cities il is said the
Philadelphia Traction Company has
large holdings Of stock in the operating
street railways, was received with much
concern.
A dispatch from South Bethlehem.
Pa. asserting that Charles NJ. Schwab
has refused to deal with the strikers at
the companys plant. had d tendency 10
hold back purchases of Steel stocks. In
his refusal 10 treat with the men Mr..
Schwab takes the ground that no at
tention can be given TO the strikers de
mands because they do not emanate
from men working in the plant
Shorts Become Discouraged.
Evidence is quite clear today that
the market has a large short interest
outstanding on which many OF the bears
are inclined TO think It Is impossible 10
realize under present market conditions.
and the rise today in such stocks as
Southern and Union Pacific may be at
tributed 70 short covering. The shorts
do not seem to like the way the mar
ket responds TO any buying either from
outside commission houses or small COW
ering operations.
Since the morning hour the market
has pursued a sort Of whip-Saw course.
up and down, with a tendency 70 re-
main at the top after each recession.
For example, Smelters, which closed
last Saturday at Silt, opened at 651z,
sold up TO IS, declined al S6ls, and has
since rallied to SI9s.
Steel common closing at s5Ss on Satur-
day opened today at S57s, declined under
the influence Of the labor news TO S52t,
and has again rallied to the high point
Of the day.
American Rubber has been one Of the
strongest stocks on the board, gaining
from Saturdays close about three
points. The advance is attributed 10
the excellent earnings of the company
since the beginning of the year.
Reading this afternoon Il close up 10
1TO and mas gained about two points
from the opening.
The market is so easily responsive 70
influences which send il in either dlrec-
ton that many traders are growing
nervous over the situation, fearful that
something unexpected VIII happen sud
denly that will find them mapping. The
market today has been more active than
at the close of the week and is on the
whole higher. but Somewhat unsteady