The Washington times., 1908-01-28
NEW YORK STOCKS
MAKE A FAIR GAIN
Shorts Cover and Advance
Prices Over a Point Net.
Some Gains Larger-Dis-
regard Bear News.

NEW YORK, Jan. 2S.-Noon-It re-
quires much faith TO boom stocks these
days, but il requires more assurance to
take the bear side, in the face of the
evident fTmness in the list. The closure
OF the National Bank of North Amer
lea was powerless as an influence. Easy
money was powerful as a factor. Back
OF 1t all is the policy Of the banking
interests Of the city of New York. If
Nhey desire to give support to the stock
market It Will respond with alacrity-
out they can hardly be depended on TO
boost unless they have stock TO Hqui-
date. What promised TO be a strong
and healthy market received a slight
jolt in the cutting of the dividend on
stock Of the Big Four. the Western
Vanderbilt line. Il was such an unex-
pected action that II broke the price
Of the stock S a share and did it IN
Sncrt order. In contradistinction and
NtJh some helping influence the Nickel
Plate also a Vanderbilt line, increased
It's dividend TO q ) per cent basis. This
gives TO the shareholders Of both the
Irst and second preferred stock the
maximum rate that they can hope for.
less Profit Taking.
There was less profit taking in the
market a fact apparently due to the
reaction yesterday and to the strength
at the opening this morning, although
the weakness in the closing Monday
could not have been very ENCOURAGING.
The shorts were not pleased with the
outlook and concluded 10 cover and Il
vas this buying that was largely re-
spOnsi0le for the advance Of the open
Ing.
Wall Street is beginning to believe
that the Guggenheims have lost control
OF SlnelteTs and the idea is that there
VIII be closer relations between Anal
gamated and SHELTERS. Some very prof
table contracts may come to the Smelt-
cr company as a result Of these rela-
lions.
The advancing tendency continued
ven into the second hour OF .he morn
ing, when there We're reactions OF Ii to
p point from high. This was due par
ualiy 10 the profit taking and largely
10 the Big Four dividend reduction
Brooklyn Rapid Transit made IL
gain; Copper. ia; Smelter. a full point:
Atchison. 4 fraction; Delaware and
Hudson, points; Great Northern, a
PolEt, but lost ~ Northern Pacific, q
point. but pra Ctically lost Il all: Penn
sylVanl9, Z. Sugar, rs: Southern Pa
enc, a point, and Reading, y better
81. Paul lost point from q point
gam; Union Pacific, Ia higher; the
Steels were steady at a 4 point gain.
1.4O D. Al.-LyuEllS the UISL nan or the
afternoon the market became very dull
not One-half as lively as during the
morning hours The range OF prices
showed comparatively little change
lrom the quotations noted, save for
little further decline in Union Pacific
and Great Northern. and three points
from the low on Chicago, Columbus,
Cincinnati, and Cleveland, the Big
Four route.
NEW YORK. Jan. 28.-ClOse-Entering
tie last hour OF TIE afternoon there
was change for the worse in the mar
ket- Some of the advances of the
morning were lost entirely and others
We're cut down materially. It was moth
ing more than the natural evening up
OF trades, the taking OF profits, and the
pressure TO sell 2 few stocks.
Copper held q Of its gain: Smelter q
AtchisOn lost Is net, Canadian Pacific "a
and Chesapeake and Ohio q. Great
Northern and Missouri Pacific were
barely steady at yesterdays close, while
Northen Pacific was = of Southern
Pacific lost its gain and Union Pacific
was practically where IL closed yester-
day. St. Paul was 8 higher. Read
ing held its advance nicely TO the end.