Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-03-10
Profit Taking Gave Advancing
Movement First Check.
REACTION NOT FORMIDABLE
Hardly a Third of the Recent Gains
Were Lost.
SHORT INTEREST REDUCED
Several Factors at Work to influence
Sentiment-Railways Among
Active Ones.
REACTION NOT FORMIDABLE
SHORT INTEREST REDUCED
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, March 10.-Proft-takins
operations in the later morning trading
today gave the advancing movement In
the stock market it's first check. Such
sales as were made for this reason were
not In large enough volume, however
to bring about a reaction In any way
proportionate to the considerable ad-
vance experienced by the market since
Friday OF last week.
They served rather to strengthen the
undertone Of the trading and to con-
firm previous estimates of inherent
strength. The whole reaction hardly
lost third Of the gains recorded in this
rise.
There were several factors at work to
influence sentiment besides the opinion ex-
pressed quite generally last week that the
market was sold out. The large short in
terest has been materially reduced by the
operations of small bull pools and also by
the conviction that the betterment OF
trade conditions throughout the country
and the imminence Of a surprise IRON,
Washington in the shape of modihca-
ton. actual or implied, in. the administra-
tons attitude toward corporations, made
continuation on the short side of the mar
ket more hazardous than 1t has been at
any time for nearly year past.
Reports From Washington.
One report that seemed to have more
foundation than the average rumor in
Wall street and that was apparently
given confirma ton by the recent visits to
Washington of the representatives OF
some of the largest corporations In the
country was to the effect that the Presi-
dent, so far from interposing any objec-
ton to the railroads raising freight rates.
was actually in favor of their contem-
plated petition to the interstate commerce
commission being granted.
For the past ten days there has been a
conference of railway presidents in this
city who have met for the purpose Of dis
cussing an advance in rates and. 1t Is
probable. Of forming an agreement in
which the permission of the commission
will be asked for an increase of charges
which, slight in itself. will nevertheless
result In a large increase in total earn
ings. The President Is understood to be
in favor of allowing this raising of tar
his. as the only way Of maintaining his
demand that the wages of labor be MAIN
tanned at their present level.
Northern Pacific's Course.
OF the investments Of particular securi-
ties, the failure of Northern Pacific to
continue the advance with the same en-
ergy that It showed in its inauguration
caused some curiosity in view OF the
change of feeling by the Hill interests.
who are now bullish for the first time
since 1906.
The talk of an extra dividend on the
stock has almost entirely disappeared
New York Central followed its usual
course of advancing confidently on the
rise and retiring as precipitately on the
decline, its former course being ascrbed
to the covering operations Of part Of the
very large short interest in the stock.