The Washington times., 1909-02-27
BETTER TONE IN STOCK MARKET
HIGH GRADE RAILS FIRM.
METALS HIGHER.

NEW YORK. Feb. 2I-CIostng-It was
a rather tame market. the last of the
week. being devoid OF any of the sen
sational textures that have been SO
characteristic of the other sessions, and
vet il was by no means an uninterest-
ing session
There werc evident signs of strength
N nearly all the industries and especial
lv in Copper. Smelling, and Steel. COM
mon. this being due TO the desire on the
part Of shorts in these shares to get
under cover pending the adjournment
Then. too. the Hartman shares in the
railroad group. the Hills, and a few
other stocks were strong. while the
sales of Reading were heavy. and the
Gould shares found lower level, or
held barely steady
Sentiment Changing.
Sentiment seems TO be changing very
materially. There ia a growing impress
zion that with the advent of the Taft
Administration. will come an invitation
TO business to march forward. and that
, the tariff law viii be brought forth
much sooner than anyone expects.
Lower prices for commodities will
tend 20 increase business, and the cut
in the prices Of finished products OF
the steel producers should have no ap-
preciable effect on railroad shares. It
IS scarcely probable that the agitation
for lower rates on freight VIII be ser-
Ously considered when the fact that
reduction in equipment and maintenance
expense account has been the only way
by which roads could show fair earn
ings.
London Bought $4,000 Shares.
1t was evident that London has ceas-
ed to think quite as badly about Ameri-
can securities as it did on Tuesday of
this week. Be that as It may, our
British cousins bought about 5000
shares of Americans this morning,
chiefly of Union Pacific, Southern Pa
cific, Copper and Steel common II does
not REQUIRE a long memory to recall
that these were the stocks that were
freely sold by cable on the earlier days
Of the week
It was evident also that the cleanup
on weakly margined shares and the
Liquidation Of margined STOCK geLl t..S a,lS
in the early days of the week resulted
an and 10 the betteTment OF the 1naIhS1,
Moreover the lower prices orouSht IN
a eood number OF fresh buying COM
missions and all in all the liquidation
was for the best to the marKet-aI-
though decidedly harmful ana unI0E-
runate TO those who were forced 90 take
losses The bank statement indicates
1iOrIHs12f1nn
ing M Of millions OF dollars worth
of margined stock by using bank tunds-
The Changes
After the end of the first hour there
was some recession in prices even or
three Of the strongest stocks, but In the
last few minutes of the session the mar
ket came good and strong again. and
the close was very firm. Union Pacific
gained nearly a point. Southern Pacific
gained p, but closed practically wher'
il did on Friday. st. Paul Slightly easier
, Atchison. Baltimore and Ohio, Delawar'
and Hudson, Louisville and Nashvllie
and Missouri Pacific were stronger
Big A. gained A point Brooklyn RdpiC
Transit was of nearly a point Hill
shares were a little higher. Pennsyi
Vania was slow and slightly easier
Reading. the weakIing, lost point
opening at I23L breaking at 1875, anC
then back TO 1917 on covering
Northwestern rose ia. 500 Line
point, Wisconsin preferred IL. and al
closed strong.
In the industrlals Copper closed Il
ND. Smelling fractionally, Steel common
=. and the preferred = higher Genera
Electric was a point Up. Other indus
trials were steady TO strong.