Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-03-08
PRICES IRREGULAR
Profit Taking Sales Feature
of Stock Market.
GENERAL UNDERTONE GOOD
Remarkable Activity Shown During
the First Hour.
LOCAL FRACTIONS ARE STRONG
Perpendicular Advance in Pacific
Mail Noted-Time Money Firmer
Than Last Week
special Dispatch 10 The star.

NEW YORK March STRENGTHENING
sales were indicated in todays stock mar
ket by the irregularity of the price move
ment There were some very strong is
sues and the general undertonc was good.
but, within the limits of the markets ca
pacity TO absorb them stocks seemed to
he supplied to 1t. There was good deal
of reluctance among the rank and file OF
the speculative community to follow
prices up. although the general avowal OF
willingness to make long commitments on
any material reaction was, from techni-
cal point of view. something of guaran-
tee against important setbacks
The two-sidedness of speculation was
clearly in evidence during the first half
hour. which was a period of very brisk
business Altogether the first hour was
more active than any corresponding hour
since the sharp advance began last week.
the total sales aSgregating almost 25O,oo0
shares. Some new buying seemed TO be
manifested in the markets absorpt1ve
capacity, and there was no doubt that
powerful support was extended In resist
ance OF the efforts OF bearish operators
working for a reaction.
Short Side Espoused.
Probably the professional element was
more disposed to espouse the short than
the long side, but until we'll into the
afternoon, at least short sales met with
about as little encouragement as at any
time within the last ten days. The cop
per stocks, as whole. seemed to be
rather heavy Nothing of the kind was
indicated in other quarters of the list,
and the local fractions, New York Cen
he stocks
and especially Northern Pacific and 81
Paul and Consolidated Gas, were marked
by vigorous strength. Among the special
ties the feature was a. perpendicular ad-
vance in Pacific Mail.
Most of the news of marketwise bear
ing capable of a favorable construction
was so construed. The strike situation
in Philadelphia seemed TO be improving.
at least in respect to the apparent lack
of success which rewarded the efforts
of the strike leaders to make the indus
trial tie-up in Philadelphia general.
Threat of. a boycott seemed TO show how
hard pressed the conspiratorS against
public order were.
As far as Washington was concerned.
the news that the merger provision has
oeen eliminated from the administra-
tion's railroad bill in Congress was re-
garded discounted development. This,
at all events. was inferential from the
testimony given by Mr.. Kahn yesterday
in the Union Pacific merger suit hear
ing. When ne SAID That the acquisition
Of more Southern Pacific stock had been
stopped early in January on an intima-
tion from Washington that the merger
provision would be stricken out.
Effect Of City Bonds Interest.
In some quarters the fact that it had
been decided to raise the interest rate
on the new issue of New York city
bonds to Az per cent was professed to
ne of bearish significance. more be-
cause OF it's possible relation to the
money market than for any other rea-
son. The fact is that the increased in
terest rate can only be interpreted by
considering not SO much monetary
prospects as the kind of q market that
New York city obligations have. Com
Parsons with Baltimore and other mu-
inequalities are In this respect as use
less as odious-
Call money ruled at rs per cent Time
money was rather more active and some
what firmer in tone than last week The
foreign exchange market was easier, on
less demand for remittance. In order TO
make gold exports imminent it would
have TO rise about a cent from this leve.