The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-02-17

NEW TORk, i-e5. III o. m--TueTo
was an undeIcurreut OF heayiuess about
Iue stock market TO-DAY People are De.
ginning 90 talk about the physical coudi-
zion az the railroads and TO question
Shs ability of tho railroads 10 maintain
Iuetr property and pay the millions due
Du interest and dividend account unless
ghcy are permitted to- increase freight
yatos sentiment ON that question is
decidedly antasuuistl,.
The rise given 10 tHc list ol M0ulaE
Vas more or less manipulated Flr=5
London was given "A strong session uu
Eu American holiday Then the oppUTJ-
sumo coming of lbe decision Oh the ETe
bonds helped out Che scheme but even
1uW the Erie permit iH not To the Ik-
sng OF the managers. tleE would have
81 amended and probably cannot secure
such changes as they desire. The pass
iuE OF the interest ou Texas Pacific
Income bonds. nicely explained away
SIS a mere nothing is 10y uo means
g nothing. The bUil movement herein
End on the theory of a holding COM
rauE for the lEuUilst Was NOT Well
founded. II haG merit around 30, owed
S5.000,p90 doauuE oeoJ and was sure TO
staSS interest ON It's Income bonds, but
81 was bulled just the same. The people
Nbo have 1t now are holding o bags
but they ought TO know what's 10 1T.
Financiers Oppose Bull Market
Moreover The powers that control f.
Eauee i'm New York are not in favor OF
q runaway market at this time. The
surplus reserve is practically down TO
q point where 1t would require hut a
zfttIe additional expansion of loans TO
cause shutdown 0u loans and the
ealing In Of much money
That the market should assume such
g. strong tone as it did on Monday after
a period Of 5u5lpess. was encouraging
60 bulls, they made money ON the rise.
They are at sea as TO the extent OF ad-
vance probable and are simply trailing
because the market looked right THE
speed with which they took their
Erouts on Tuesday and again today
Showed than there was lacking thar
gath thai counts so much in real bull
market
It is within the probabilities that the
advance was used 10y the old market
bosses TO sell stock Ou and that they
iiquidated fair lines the while the fol-
lowing took them ON.
Reading Rather Weak.
Reading continues TO be one Of the
Sveak spots OF the list Doubt was ez-
pressed as 20 the reason for this. but 81
should be found ia the nearby decision
Uu the commodity clause The
smash in Consolidated Gas win not be
duplicated in Reading by many miles,
l1ut an adverse decision would be a bad
one for Reading and for other coaIers.
1T was also noted In yesterdays oper-
Htions that the foreigners were selling
stocks right and left for the first time
IN q number of days.
Bull tips are running uD and down
the Street looking for believers. IJ is
stated that Che -apeake and OHIO i=
bound for higher prices New York
central is 10 blaze the way iu the next
Upward movement. Atchlsou ~ 70 be
made a leader and this, that and the
other thing viii help stocks. Some
land in fruitful soil. and many I'm stony
places And yet stocks are plentiful u
the loan crowd.
Copper and Smelling Do not act right
Jdttle steel is upheld with diiucultyr and
81 Is evident that concessions .u prices
are necessary 10 help out trade
The declines were rather small not
Pacific, 5 ON Reading IS on Missouri
Pacific, ou Steel common, y ON
Reading. l Oh Copper, y ON Smelling.
ana a number of other stocks. The
strong points were Ateuisou Illinois
Central. Hill shares, and ST. Paul.
Texas Pacific 90. eued at a5-s broke to
6fFs, and rallied thereafter To 35l-
The volume Of business did not iu-
crease materially.