The Washington herald., 1908-01-14
WALL STREET NOTES
improvement in Public Sen
timent Is Noted.
SMALL INVESTORS IN FIELD
New York Central Equipment Notes
Promptly Taken, and New York
vestOrs az Home and AbrOad-Sub-
stantiaI Advances in Steel Common.

New York, Jan. BIN view of the ex-
tent to which the market had advanced
within a week or so. It would have been
strange If advantage had not been taken
Of the exceedingly favorable bank state
/ lment published after the close of busl-
ness on Saturday TO realize on stocks
purchased a short time ago at a sub
stantially lower level
The Improvement in the money situa-
ton had been the main factor In causing
/ the rise, and when its full extent be-
/ came known II was only natural that
those who had foreseen the quick return
/ 20 substantially a normal basis should
/ proceed 10 reap the benefit of their fore
sight.
Almost every commission house in the
street gave evidence Of the improvement
in public sentiment. the crowds around
/ the tickers or facing the quotation boards
/ being larger than on any other day for
a long time past. Tie number Of orders
did not increase in proportion to the
temperance Of customers. but neverthe-
/ less they were substantial, and would have
houses advised their clients that as the
market had had a substantial advance.
/ it might be good policy to walt for a
reaction before making purchases.
That the small investor has been con-
tributing his share 20 the buying move
ment in stocks Is strongly indicated by
the fact that the specialists are far be-
hind on deliveries, although they must
| bear the expense Of carrying stocks from
| the time orders are placed by other
brokers until the certificates are actually
delivered
Operators who had been prominent in
/ advancing Reading had the stock for
sale from the opening to-day They ex-
planned their change OF front en- the
ground that the anthracite business had
/ fallen OF sharply-a plausible story under
! prevailing weather condltions-but reLre-
sentatives Of some of the coal roads said
they had no knowledge Of a decrease in
/ the tonnage. Admitting, however. that
/ the demand for coal Is not as great az IT
would be with normal winter conditions
/ this factor would not be a very important
/ one In determining the real intrinsic value
/ Of Reading stock
! Early IN the afternoon Il became known
that the offering Of the New York Cen
/ tral equipment notes had been a success.
At the same time 1t was rumored that
practically all OF the New York City reve-
nue. bonds had been placed with investors,
both at homo and abroad. Paris taking
a large amount
These two items. Of news testifying %
! the Improvement In sentiment and the
revival Of a demand for absolute good IN
vestments gave the market a new i'm.
pulse. and stocks which had not before
taken a prominent place in the advance
began 10 vie for the leadership in a way
that made the game highly interesting.
Many stocks made substantial advances.
and great number Of subjects were dis
CUssed. but at the close OF the day all
other occurrences and topics were re-
garded as comparatively unimportant
compared to the advance in United states
Steel common and the inferences that
might be drawn from II. This stock sur
passed every other in activity with the
single exception Of Reading. and in the
last hour advanced with a degree Of vigor
that almost dumfounded the short inter-
est.
Not in many months had anything Ike
it been seen in the market. The infer
ence drawn from the rise was that the
present depression IN the trade would not
endure long and. OF course, il was plain
that had the stock sold in the past few
months gone into good hands such a rise
as the last hour witnessed could not have
occurred.