The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-02-21
MINOR SECURITIES
LEAD STOCK MARKET
Copper, Smelter, L. & NJ,
and Gould Shares Take
Precedence in a Dull,
Strong Market.


the last hour business Tell of materially
and the market became very quiet The
stocks that had scored the best gains
lost large fractions, some others were
barely steady at the closing prices of
yesterday and some few held good i'm
Trovements. Il was an unsatisfactory
market and in the close IL acted tired,
the shorts having covered 10 an extent
AT least satisfactory TO themselves.
NEW YORK. Feb. H.-CIose.-For a
little time this morning the market
was just a little weak but under the
weakness there was strong under
tone, based on the large short interest
IN the market and the theory that there
would be u general covering before tle
close, in anticipation of the two days
holiday. The market will be closed
from this afternoon until Monday morn
ing II has ever been the habit OF the
shorts when their lines were well ex-
tended TO anticipate any possible de-
Velopment Of a favorable character over
adjournment by covering before the
close. They still cling to the HABIT,
although practically everyone admits
that there IS little chance OF such de-
Velopments- Wall Street has come to
the conclusion that there is not much to
hope for in the Presidential election.
but the traders consider that anyone
would be an Improvement. that no one
would be more radical than the present
occupant of the Executive position
A feature Of the market this morning
was the strength in some Of the meek
and despised seCUrittes-stOcks with
which the bears were very familiar a
rev days ago. notably the Gould stocks.
Western Union, and Missouri Pacific.
while Louisville and Nashville has
taken a commanding position. While
these stocks have come to the front tho
old-time leaders, ne Hills, Harrimans,
and Morgan shares are not blazing tie
way with their former persistence. Til
however, IS an exceptional condition,
ana not natural market feature. II
was brought about entirely by the over
sold market on the minor stocks named.
Improves in Tone Later.
Entering the second hour OF the
morning. the market began 10 snow an
improved tone. Shorts covered here and
there, and there were evidences Of in
side support, Hartman, Hi, and
Gould apparently taking a chance on
advancing prices.
1t is stated IN some quarters that the
railroad magnates believe that the
Presidents latest indicates a willing
ness to lend his influence to the roads
II they can show that reductions have
been made IN good faith and that fur
tner cuts are necessary. They also
claim 20 be able to furnish positive evil
dence that these reductions have been
neceSsitated, very largely by antagonis-
TIC legislation, which has frightened
shippers no less than railroads.
Just why Louisville and Nashville,
the hrst road TO be investigated under
the Presidents instructions. should
mark Up an advance Of points did
not appear IN the gossip nor in tie
private tips of brokers. This was the
leading gain OF the morning session.
At noon Copper, Smelling, Atchison, and
western Union were 54Ql1z points high
er. Missouri Pacific, Northern Pacific,
Reading, Pennsylvania, the Steels, and
ST. Paul were z4aE better Baltimore
and Ohio was = higher with fairly good
trading.
considerably during the noon hour, and
entered the second hour Of the after
noon with comparatively little trading
and yet with some further Increases here
and there throughout the list. Perhaps
the feature was the show OF inertia and
small losses in Hill shares. In this way
Great Northern was barely steady, and
Northern Pacific was y of. The old
time leaders failed to make more gains
although here and there they added a
fraction. Copper and Shelter each
made a IL net gain. Sugar made A
point advance. New York Central was
firmer, and Western Union and Louis
vile and Nashville moved up a fraction
or two.