The Washington times., 1908-02-17
NEW YORK STOCKS
GENERALLY LOWER
Opening a Little 'Firmer But
Average Losses of Two
Points FolloW-Some
Recovery.

NEW YORK, Feb. 17.-Close-During
the closing hour the market became
very quiet, and prices showed no
changes of note The street ives barren
of news and the disposition TO trade
was restricted 20 room traders The
shorts did not show any serious con-
Germ. The bears were apparently salts
fed with their progress for the day
and we're letting the market rest.
NEW YORK, Feb 17.--Nonn.-It is
rather difficult to find a reason for
every days decline--for the gradual
trend of values in the direction Of a
lower basis. a movement that has been
going on. interrupted now and then by
temporary rallies as the market becomes
uversold and the shorts try to recover.
The cause is found in the extraordinary
conditions now prevailing. In the I'M
certainty attending the political cam
raign now AT fever heat-in the GER
taiDty that would attend the election Of
a President by what is generally termed.
the party Of the minority by the uncer-
tainty regarding the candidate of the
dominant party, and 10y fear Of the ut
terance Of the present Executive during
the next twelve months and twelve
days. And there is yet another Uncer-
tainty-the fear OF the extension OF the
twelve months and odd days,
These are TIE potent factors that are
causing liquidation dag after day, caus-
ing tired and disguised holders to take
their losses rather than 10 take chances
that they vot not Of.
Mr.. Morgan caused some weakness
this morning. His interview by a French
editor predicting hard times was potent
n n way. Then there WAS another
war story and coupled with il was a
plant TO report unsatisfactory foreign
relations to Congress just as soon as
the feet in being had moved a little fur
Their up the coast. No one took much
stock in this latter report. but 1t had
some effect just the same. as all reports
do.
Everybody admits that the hope. the
only hope Of higher prices lies In the
short interest. When it expands there
viii be a rally on the covering; when
il contracts II Is next TO a safety that
prices viii go down again.
Some OF the best advised brokers art
of the opinion that there will be {
spring rise-but if there is IT will have
10 have something more back Of IL thar
any LlluE IN Sl8uL al THIS Time brokers
offices are deserted and there is NJ
show Of interest on the part of the pub
lie That contingent that came in will
the advent OF January has long since
taken its profits and cut out the mar
ket-geneTaly. A few still hold on, witt
little profit remaining and hopes TO
more. They are getting out day by day
When the demand from the shorts
slackens. the bears exert more pressure
Hill Shares Steady.
The losses OF the morning amounte,
10 asQ& on minor securities. minor a
10 activity, and from 1 10 points Fl
the leaders. At the outset the list wa
a little frmer, but it did not hold NOR
than few minutes. The Hill share
showed less weakness than any Of IN
prominent leaders and Reading NOR
weakness The former lost = and III
latter over points.
l.i5 p m.-DUring the first hour Of tn
afternoon the market gradually i'm
proved and some OF the leaders. not
ably the Hill shares. regained most o
their early loss Other stocks general,
made some reCOVeFies, the Weakling
being Reading, Union Pacific, and Smell
ter. Shorts covered their contracts il
the leaders.
There were indications promising
better closing and a fairly active mar
ket for the rest Of the afternoon.