The Washington herald., 1909-01-22
STOCKS STRONGER
Prices Hold Firm, but Deal.
ingS Are Not Active.
.. S. STEEL LENDS STRENGTH
Financial Gossip includes RumOrs
that Congress VIII Cat Duties on
Iron and Steel Only SlightIy-Fa-
verRbIe Action on the Erie Road
Issue Is Confidently Expected.

New York. Jan H--Although dealings
fl stocks vera but very little larger to-
day than they were yesterday, and dur
ing the middle OF the day the market was
as duh and for as long a period Of time
as it has been on any occasion for months
back. nevertheless the market itself was
decidedly stronger. Whether this was
due 10 any more potent cause than mere
restiyeness on the part Of a fairly large
body Of spectators fer the fall, because
Of the failure OF the market TO recede
further under existing conditions than
they had expected It would, is a doubt
ful question
The buying OF stocks to-day looked like
recovering purchases by the short inter-
est, but the genuinely hard undertone Of
values during the torpor Of the last fort
night has undoubtedly convinced many
OF those VINO have been endeavOring 10
aepress prices that operations OF this
nature were not likely to be OverSUccess-
ful al the present juncture- The strength
Of the market to-day seemed 10 Be pro-
voked, as much as by anything else, by
the advance in one stock. United States
Steel common.
Steel shares Resist Decline.
It has been the subject OF general no.
Tice since the first Of the year that vhsn-
ever in this period the market was no
tally weak or heavy the steel shares
presented greater resistance 10 the de-
clining tendency than any other stock
Of equal prominence, and that, indeed,
there appeared 10 he much less urgent
pressure TO sell these stocks than In the
closing months OF last year. The United
States Steel common shares made a gross
advance Of Two points retaining all but
the smallest fraction Of the rise.
The reason for this somewhat excep-
tiOnal movement was variousiy said 70
be a rumor that the Ways and Means
Committee Of the House OF Representa-
tives. now considering the tariff. had de-
cided 10 make only a slight cut in the
present duties on iron and steel. that
several % the large railroad companies
were talking more definitely than they
have hitherto about placing orders for
steel rails, and that the existence OF a
short interest in the stock Of consider
able magnitude had been revealed in the
last few days
Fri Issues Hold Firm.
Another especially strong quarter Of the
security list included all the Erie issues,
with the report again circulating that
the public service commission would
within a short time act -favorabIy upon
the ETie's application for a bond Issue
More particularly, in the early part Of -
day there was an UptuTn in all the Rock
Island stocks and bonds for no apparel
reasons other than those generally adj
verted TO IN financial discussion recently
as constituting brighter prospect for
the entire Rock Island system.
At one tine or another during the day
there were further special advances in
individual stocks. such as the Distillers'
Securities. Westinghouse Manufacturing.
SlOss-Sheffieid. General Electric, American
Hide and Leather preferred. and Pitts
burg, Cincinnati. Chicago and s Louis
common