The Washington times., 1908-02-23
BROKERS GLAD
TO GET RELIEF
FROM MARKET
Holiday on New York
Change Comes as
Respite.
Events of Past Week
Professional and
WeariSome.

NEW YORK. Feb with banks
and stock exchange closed, there was
nothing for the brokers and commission
houses 10 do but TO follow suit. and
take a day or. That there was the
slightest regret at the adjournment was
not evidenced, as even temporary relief
from the dragging, wearisome stock
market was welcome 20 traders aad
brokers alike.
The past week has brought nothing
in the way of relief The fluctuations in
prices have been, perhaps, a little more
marked, hut it has been entirely a pro
fesSiOnal market, and where there have
been advances they but followed de-
clines, and in like manner followed adj
vances.
The Presidents letter T. the Interstate
Commerce Commission indicated con-
unuatiou on recognized lines OF mis- var
Ious policies. but Mr.. Hartman inter
preted it differently from otner railroad
magnates, in that he thought il was i'm
spired by a desire 30 give the railroads
an opportunity TO show wherein certain
legislation, reductions in rates. etc. had
made it necessary to curtail expenses
holding further that. should the Inter
state Commerce Commission find that
conditions did warrant a lowering Of
wages, the accomplishment thereof
would be facilitated. There were numer-
Gus criticisms of the letter as a DO
Iitical move at the expense OF the rail-
roads The Harriman-Fish settlement
proved a favorable development, es-
recially with relation to railroads hold
ing stocks Of other roads.
n-sz - ella cA.-7-z
Clearly the feature or the trading dur
ing the past week has been the we'll
conceived and admirably executed raid
on the Gould stocks. The bears jumped
all over these stocks early on Wednes-
day but they gave their chiefest atten-
ton to them on Thursday They Sc
lected Missouri Pacific. Missouri, KAN
sas, and Texas, and Western Union,
and gave them a shaking down for s.
and s. a share.
These Southwestern roads are not do
ing at all well. The general opinion is
that they viii need rluch money before
the year is out. and that earnings will
continue to fall of. The Western Union
Is supposed TO be suffering from the
damages resulting from the striks and
the enormous losses sustained through
the great reduction in business generally
and on the stock exchange in particular
This play was a scheme, however. and
for q purpose. It was intended merely
70 enable the shorts-the sellers Of the
stocks named-to cover their contracts
elsewhere in the stocks that were rather
scarce in the loan crowd The plan
worked admirably Having effected the
maneUver, they were forced on the clos
ing day of the week TO protect their
contracts in the Gould shares and the
covering here detracted from the sue
cess Of the plan Of action. as sharp ad-
vances were scored.
Prices on the metal exchange on Cop
per turned from the steady declines to
a higher range. thus causing a little
better feeling,
Traders Are Hopeful
Brokers and financial men generally
are taking a little more hopeful view
Of The situation. They are not very
optimistic, and much of their cCnhdence
is evidently based on the low prices of
securities. On their present market
value, the leading stocks on the New
York list pay net incomes all the way
rom, AS per cent on Reading, TO 40
per cent on Denver and Rio Grande
preferred.
The returns On investments at this
time should certainly be inviting but for
the fact THAI ii is election year. That
there will be advances remains for some
other TO predict. That margin trading is
dangerous even nov Is apparent to any