The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-02-13
NEW YORK STOCKS
CLOSE VERY SOFT
Sharp Advance Early in the
Day, Followed by
Liquidation.

NEW YORK, February I3.-Close-The
market became weaker as the session
advanced, and in the last hour all the
gains were lost and some additional de-
clines sustained. The closing was entire
~ different from the opening. as the
tone was decidedly strong early and
Just weak as possible in the closing.
The shorts, still confident of their po-
sition, hit the market hard and found it
very soft.
The closing was on a line with the
continuation of the liquidation and low
er prices current on Tuesday
NEW YORK. Feb 13.-Noon- Shorts
who covered their contracts on Tuesday
afternoon did well and acted wisely.
Over the holiday, sentiment improved
very materially. London and the
bOurses Of Europe sent over more cheer
full assurances and the sharp. advance
In The opening quotations started the
shorts 10 covering very freely. After
the first hour the market maintained
its advance, but was less active and
thus the noon hour passed with prices
at the highest level cn nearly every
thing with Delaware ana Hudson and
Reading leading the march to better
prices. There seemed to be an impOr-
tant Improvement in sentiment on bust
ness conditions generally The pres
ence of thousands Of buyers in New
York with liberal orders for all kinds
Of merchandise seemed to help matters
along very materially.
4 close observer detected symptoms
OF bullish operations here and there.
but the general opinion was that the
=
short covering. Another theory ad-
Vanced was that the oratoricaI out
bursts of Lincoln's birthday had given
the refOrmerS all their chance 10
spread. and that there would be
surcease OF OTatOry In the future. But
IN this they may be mistaken, for il
IS but nine days 10 WashIngton's ami
versary and the Mt. Vernon sage was
reformer, even though one of the
Very rich of his day.
There can have been no great improve
ment In the general situation since
Tuesday, or. for that matter, within
week one thing is certain, and that IS
that the general public was more in
terested IL the market today than Il
has been for WeekS-that the decline was
sufficient to induce anyone of a specU-
latlVe turn Of mind to take a flyer, and
that prices are sufficiently low 10 have
discounted almost everything that can
happen. The fact that Congress viii
not enact any OF the policies recon-
mended by the President IS beginning
70 dawn on traders. Bat they fear his
utteranCes, even though they are pow
erless to shape legislation at this Jime.
Gains Average Nearly Points.
The advances Of the morning averaged
nearly . points on the leading stocks. ,
OIL Manhattan, and 5 on Delaware and
Hudson. Great Northern added nearly
21z, General Electric the same, and Nor
thern Pacific 25s. Beading, St. Paul,
Union Pacific. and New York Central
made the average improvements
AT noon Anna lgamdLcd was selling at
1915, AtchigOn a syn, Smelter at 52lz,
Baltimore and Ohio at 1914. Delaware
and Hudson at 1852, Great Northern a.
HIS, and Northern Pacific at 1-y5s.
The SteCls were about s higher than
the close on Tuesday, with Just d mod
crate business.
1:15 p. m.-DurIng the noon hour the
anxiety OF some OF the buyers OF the
morning &c take their profits and the
declaration of the usual dividends on
Union Pacific and Southern Pacific.
where a cut had confidently been eX-
pected IN Southern Pacific, caused some
liquidation and the market lost about
I I'OInt OF its advance. This was evil
denced all throughout the list, almost
without exception.
A feature Of the trading was the tll-
ing of orders for 10,0J0 shares of Steel
common No one knew just where the
orders came from. although IL was but
natural that j. PlcrpOnt Morgan should
be suspected.
The high prices and the belief that
the market IS q sale on TscOveries was
practically responsible for the changed
conditions in the first hour Of the after
noon. Practically everything on the
list held part OF its advance, nothing
the full gain. The average improve
afternoon was a point. The SteeIs We're
tsI21 higher