Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-20
Strong and Steady Tone Fol-
a lows a Poor Opening.
SUBSTANTIAL ADVANCES
Increased Amount of Purchases for
Outside Account.
NO PITIABLE BREAKS TODAY
Hartman Decision a Factor in the
Rise of Union Pacific and the
Market at Large.
NO PITIABLE BREAKS TODAY

Special Dispatch to The Star.
NEW YORK, February 20.-The stock
market made a somewhat disappointing
start at the opening of business this
morning in view of the sharp rally which
was in progress in yesterdays closing
dealings, but before the first hour had
passed the market assumed a strong and
steady tone and practically all of the
activity issues scored substantial ad-
vances. There was some difference In
opinion as TO the character of the buy
Ing which led to the rise in prices. but
seemingly the covering of short contracts
was accompanied by greater amount of
purchases for the account of commission
houses than has been the case for some
time.
Today's market did not have to con-
Tend with the pitiable breaks which
took place yesterday in all Of the Gould
securities and some other Issues. nor
was there any direct explanation of
the course then followed by those is
sues. In fact. as has been the case re-
peatedly during the past twelve months
or more. there was a sudden cessation
OF liquidation, a circumstance sufficient
of itSel IL to lead to a retreat of the short
interest in the market
There was an utter absence Of news
OF general Importance to which the
course of the market at large could be
attributed. Broadly speaking. the Pres
loents directions to the interstate COM
merce commission to investigate the
reasons for the reduction of wages by
The railways was not liked, but what
ever views may have been entertained
with regard to this latest adm;nistra-
tive interference with ordinary bust
ness affairs, they cut no figure in the
speculation.
The Hartman Decision.
The decision handed down by the super
for court at Chicago this morning, sus-
tanning the right of the Hartman inter-
ests to vote upon their holdings of Nil
nois Central stock had been generally ex-
pected, but was nevertheless accounted
a factor in the rise in Union Pacific and
the market at large. The absurd reports
current at the close of business yester-
day of a reconciliation between the war
early disposed Of
Apart from railway earnings and other
routine circumstances, there was little
news relating to individual stocks The
OF January made the same dscoHraging
exhibit that has been set forth by that
company for several months past net
earnings decreasing nearly 80 per cent.
Rally Gains Momentum.
The rally. in prices gained momentum
with the course of the day and all quar-
7ers OF the market participated in the i'm
provement. The United States Steel shares
were notably strong. as were AmaIga-
mated Copper, American Smelling and
National Lead. Western Union also rose
sharply from its opening quotations
The bond market showed some irregu-
1arity, and there were curiousiy conflict
Ing movements in the Rock Island rail-
road and 4 per cent bonds
The Bank of Englands rate of discount
was left unchanged at per cent, and the
banks weekly statement was a satisfac-
tory exhibit The London stock market
was generally steady, but operations here
for foreign account were not upon a suf
ticiently large scale as to amount to a
market factor.