The daily morning journal and courier., 1907-02-27
STOCK MARKET FEATURES
QUITE 4 FAIR RALLY AFTER 4
 BREAK.

&GAAG 4 HA1R IL8 LIK AFTER |
 BREAK.
 But There is Fifteen Point Decline Since January to Reckon With Rally Was Partly Due to Shorts and Partly to LiquidatiOn--The Hartman Investigati0n--GOsslp of the Day. The stock market followed its bad break of Monday with a further but slight break yesterday at the opening, and then started to rally, and rallied well until about the close of the day. Weakness occurred in various stocks like Missouri Pacific, which went to IS, but the general tone was only moder- ately soft. Heavy liquidation took place. This was supplemented by liber- al selling for the short account.
 The low prices occurred before noon. By midday many shares had recovered their loss and showed a small net gain. 1nethe last hour the whole market ex- cept Rock Island, which went under A, was semi-bouyant. Closing was ir- regular.
 News from Washington shortly be- fore the closethat the Aldrich bill had again been taken up by the senate in- duced some little buying of stocks. It also made the bears nervous and many of them covered.
 Stocks were entitled to a recovery after such an extreme fall as the past week has produced It was this tech nical situation as much as anything else that made the change. The liqui- dation has loosened up considerable short-term funds, so that the supply of call money yesterday at reasonable rates was larger than for some weeks. The Hartman investigation continu- ed the chief influencing factor. Some unpleasant personalities were indulged in which caused apprehension in Wall street lest it might go a good deal far ther.
 The testimony of MT. Hartman be- fore the interstate commerce commits sion yesterday was not of the sort to disturb the street after it had passed safely through the shock of the day before.
 Much of the buying of the Union Pa cific on the midday rally was attribut- ed to brokers who are closely atfiliat- ed with MT. Hartman, as if to make it appear that he was supporting his own favorite stock. But this may have been nothing more than a concerted move against the shorts.
 Liquidation occurred soon after the opening. The supply of stocks was so great that shorts made no effort to cover even with the large profits to their credit. Margined accounts were tumbled over, and to these were offer ed stocks bought on the last decline, which now show 8 loss. There was much of what seemed to be inside li- quidation.
 The 4 point break in Missouri Pacific, of 5 1-2 in Virginia Coal, after Mon days 10 point drop, and of 2 in Colo rado Fuel, were few instances of the urgent liquidation.
 The absence of support in the Gould stocks, which has been noted from time to time recently, was well illus trated by the way in which it ran off early in the day On four sales it de- clined from S1 to 7S the decline from 80 to 79 being on 100 shares.
 The market now has a decline of 15 points since it commenced to break early in January. The high average then was about 132, and yesterday it was down to IT. In the past six ses- sions the loss has been points. The average this morning was nearly points under that on the last decline.
 The early depression in Reading look cd quite as much like an effort of the bears to make it sell as low as possi- ble as it did like liquidation of long stock That not a great deal of long stock came out was shown by the way in which it held Good supporting or ders seemed to be put in.
 While the short interest Is large it is not up to the volume at the end of