The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-02-20
NEW YORK STOCKS
CLOSE VERY SOFT
Sharp Gains in Noon Hour
Lost When Shorts
Stop Buying.

NEW AOhks Feb. 20.-C'lose-Thf COW
ering Of the shorts maintained the adj
Vanees OF the first hour of the after
noon for a time, bur later on the list
became weak, the demand let up. and
before the close the market was dun.
soft, and lower. most of the advances
being lost. 1t was patent that the Pres
dents letter was not without the usual
effect and that there was no other sup
port to the list than the covering by
shorts
After having covered quite freely the
bears were encouraged 10 put out a new
line of stocks.
The table indicates the extent of the
late reaction right up to the close.
NEW YORK. Feb. 20-Noon-During
the morning the market was most dis
appointing. There was neither life nor
interest in the market, and the only
movement toward a higher range was
In the Gould stocks. where serious de
clines have been the order of the day
until the paper profits have become at
tractive. There was some transferring
Of profits from paper TO bank accounts
and therein is the cause of the better
prices for both Western Union and Mis-
souri, Pacific
The chief news Of the day IS found
in the decision Of Judge Ball. of Chi
cagO giving r. II. Hartman a COM
plete victory over his enemy, Mr.. Fish,
in the night involving the control Of the
Illinois Central railway system.
The contest ceutered around the right
of the Union Pacific Railroad Company
To vote its holdings OF Illinois Central
stOCk-OT rather on the proxies on these
holdings held by Mr.. Hartman which
Mr.. Fish tried TO prevent Mr.. Harri-
man from voting
In his decision the judge gave Mr..
Hartman every contested point leaving
AIr. Fish not a leg TO stand on.
There were two factors affecting the
market this morning. The labor letter
by President Roosevelt was a reminder
of the fact that the Executive IS on
guard. There was nothing or q DftaA
Following the publication OF the mlsslNS,
bur the bulls We're somewhat SJunnei,
buJ they have become so used 10 IT,
through previous uehornlng processes.
that they just snake their heauS anu
hone for "A reSt-thlTteen months hence
The Hartman victory had no effect
on Illinois Central stOck-a t1sh victory
might have moved II up rev points.
At the completion Of the decision Union
Pacific began 10 show some little lie,
but an advance was checked by liberal
selling by Macdonald on London ac-
count. After this order had been exc
Cuted the price became 1TmeT ana a
good gain was established
AT the noon hour the actual changes
for the morning were represented by
1s02s gains In copper, Atchison, Brook
lyn Rapid Transit, Missouri Pacf1c, ana
Missouri Kansas and Texas st. PAU
was strong and = better while Della
ware and Hudson Was-tyEO points high
er. New York Central. Pennsylvania
and Western Union were all little
higher. the last named extending It's
advance to a point
1:45 p. m.-Union Pacific at this time
reached l167k The strength in the lead
er-Uuion Pacihe-turned the whole list
strong and half-point gains were noted
here and there throughout the list.
II was evident, however, that the buy
ing was almost entirely by shorts and
that there We're few orders through
commission houses. Chicago bought a
few stocks. discounting the Union Pa
cific decision
NEW YORK, Feb. also p. M
The covering OF shorts started short
" after the noon hour became cOnsid-
cradle Of a scramble to get ont with
profits or not much loss. The result
was a decidedly firmer market and
substantial Increases here and there
throughout the list While Union Pa
cific started the strength. il was per-
haps more the covering of the shorts
In the Gould stocks, Western Union.
and Missouri Pacific that was respOn-
sible for the general strength Of the
list
Western Union added 2 points. and
Missouri Pacific IL to yesterdays clos
ing. Delaware and Hudson demon
strated the fOOlishness Of shOrting this
stock, as attempts To cover always lead
10 disaster. II gained 5 points. Read
ing. Atchison, and Union Pacific eX-
tended their gains to a point ST. Paul
made a good points gain. Baltimore
ard Ohio moved up PA. and Penn5yi-
Vania Us. Southern Railway recovered
2l5 points. The Steels were p higher.
That there was any other reason for
the betterment than the covering of
shorts was not evidenced in the news
or TumoTs OF the dav.