The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-01-14
NEW YORK STOCKS
STILL VERY FIRM
Old Leaders Rest. While L.
& N, Sugar, N. Y. c., and
the SteeIs Have Sharp
Advances.

NEW YORK, Jan 14.-Close-The clos
. ing OF the market was strong. There
are so many waiting for a reaction that
the reaction may not come. Nearly
everything was somewhat higher than
yesterday and some stocks showed ma
: terial gains.
Baltimore and Ohio advanced to 9OH,
as compared with So yesterday. Read
ins, while erratiC, held its own. New
YORK Central sold TO 1O3 and Off to l02
on proht taking. St Paul. Northern Pa
3 cific, Pennsylvania, Union Pacific, Copper,
: Louisville and Nashville, and the Steels
( held a good advance. Money loaned at
- per cent, this figure giving the bears
bad jolt. The close was strong.
Z NEW YORK, Jan. H-kOOn.-It is
i really remarkable the strength Of the
tstock market under selling and circum-
stances that might be expected to turn
the advance into decline. When the
market is inclined 10 be soft. it goes
on slowly and stuhbOrnly and rallies on
the slightest pTOVOCatOn.
II may be that before the day Is over
the prOtt-JaNng Will change the ap-
/ pearanCe of the market. but the indtca-
D lions are for anything except q clos
ing of positive weakness
There are a number of influences that
have checked q tendency DIT the open
ng or shortly afterwaTd, toward low
er prices. The fact that J. +. Morgan
handled go, 600, 600 of the New York Cen
tral notes with ease and without af-
fecting the market for call money led
many TO believe that il would be pos
S1ble for railroad companies to make
loans for the betterments and equip
ment contemplated. 1t is admitted that
railroads are badly in need Of equip
ment and also that many very neces-
sary extensions have been held In abey-
ance on the J;Ft'c when money would be
materially easier.
The facility with which the New York
Central loan was placed should help
Steel, Car Foundry, and Locomotive
stocks.
Another cumor that would not down
was that the United States Steel Cor
poratiOn was on the eve of absorbing
It's only serious rivaI-a big institution
evidently intended to indicate the Re
public Iron and Steel Company.
A large short in Reading, supposed to
be short $1,000 shares, has been run in,
essential necessary &c a reaction IN
Reading. but IL doesn't go down with
any celebrity.
New York Central Par.
The strength of New York Central
carried it to par. The rest Of the stocks
Were firm IN the early hours. New
Haven advanced a point, Great North
eTn a fraction, Union Pacific, Anaconda,
Steels, and other shares u 10 y. Even
Missouri Pacific, despite the listing ap-
plicatiOn for nearly S2,0o0.O00 new stock,
turned lie.
Before the first hour vas over the
traders made another attempt to force
reaction, and turned prices IN some
what lower channels, but while they
were going eff slightly, there were nu-
meTOus buying commissions, and before
the end OF the first hour tatr-stzed
rally was under way.
Reading surprised the street by turn
ing from 1855, where It had been sold,
and advancing steadily 10 los. All other
stocks made improvements
The strength in Steel common made
new high record for several months
at so.
Money Makes the Market Go.
Easy money is the elixir of life to the
stock market The resumption of mar
gin trading Is fairly under way. and for
the first time in years the public is in
the stock market-nOt as much as It
J will be in thirty or sixty days, unless
something unlocked for occurs, because
the public is a laggard until after the
boom Is well on its way toward re-
faction.
Commission houses report good trad
2ng-
OF the afternoon the old leaders became
rather quiet and sagged of a little, but
new leaders came TO the front IN Louis
Vile and Nashville, New York Central,
Sugar and the Steels-
( Louisville and Nashville startled natives
by a big advance, turning par and doing
il easily. New York Central. a few
weeks ago a discredlted stock, advanced
to 1OS. while Sugar and the Steels were
IOppy and firm.
Investors select a stock here and there
that has been more or less neglected
and taking il up give it a sharp advance
before the shorts have a chance to
cover.
The indications are for a good close
with prices slightly down on the old
time leaders.