The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-02-02
NEW YORK STOCKS DULL, HIGHER
WITH STEEL SHARES ACTING
ENCOURAGINGLY.

NEW YORK, Feb. @, 2 p. m.-Ihe
strength of United States Steel and Cop
per helped the railroad list 10 greater
or lesser extent.
The market showed no disposition
toward reaction passing into the
last hour of the afternoon, but was
very strong, with most OF the trading in
& few stocks Union Pacific was 1lAss
or rs better than yesterdays closing.
Alton rose sharply making a gain OF
points. Big Steel turned lis and the
common SO. Southern Pacific held
around 1l9 and very firm
The theory Of the days strength IS
explained by the establishment of a
good short interest during the declines
that attended the closing days of last
week.
To close observers the market does
not act like one where shorts are scram-
bling over each other to acquire stock
but rather like a well supported list
with bears afraid to take any liberties
with the list. That there is not more
doing seems TO justify this belief.
NEW YORK. Feb. III p. m.-There
was a nrmer tone in the market, and
small gains were made, none reaching
much more than a point and few that
much. There was nothing in the gain
to indicate material Improvement 1t
was case OF shorts continuing to cover
and mild proht-taking movement at.
the advance. There has been no radical
change in conditions.
From the iron districts come reports
OF cutting Of prices, after long period
of forced holding, but there is no i'm
provement in trade incident to this cut
ting movement Nor do interests in the
iron and steel business look for much
revival until after the tariff revision
shall indicate the possibilities of the fu-
ture.
Money Still Easy.
Money is stiu easy. and this is the
one bull factor of the market. The the
DRY that there was support under the
market yesterday may have been right
and again st may not. The bears were
taking profits made GA the downturn,
and they helped the advance. The en-
ployes of the United States Steel Cor
pOrauon have been buying stock in this
company, and their purchases have been
responsible for holding this stock de-
spite the raids OF the bears.
Wall Street has come TO the decision
that even an adverse decision ou-the
commodity clause 8f tine Hepburn bin
nov before the Supreme Court would
not be bear argument against Read
ing. Here is the argument.
The Argument.
THE Reading Company is not a de
PENDANT in the suit before the Supreme
Court. The Government did not push
its case against the Reading. The Phil
adelphia and Reading averred In its
against it. that while II transported coal
in interstate commerce, nevertheless, it
neither mined nor owned any such coal.
Furthermore, that it did not own shares
Of stock in any coal company.
-'The Reading Company, which is not
& railroad, owns coal lands. and while
II IS true that the Reading railway is
owned by the Reading Company, yet
the railway has no interest in the coal
It hauls.
cit appears, therefore. that if the six
defendants in the commodities clause
suit gets an adverse decision, the Read
ing Company viii practically have
monopoly Of the transportation in in
Fhis simply illustrates one of the fool
Eh things In the Hepburn amendment
20 the interstate commerce act
January Loss Four Points.
The average price OF the leading
stocks declined + points net for January.
Thus blew up the January rise. A mod
est decline-but not a modest rise.
Nearly 1 per cent advance was gained
yesterday. but il was not held. Prac-
ticalIy 5zQR ner gain for this session,
with the market growing duller with
every little gain.
The movement was confined TO a
smaller number of stocks than usual.
the Hill stocks, while showing fair
strength, were both dull. There was
no movement in Illinois Central OF
AtchisOn. Gould stocks were slow while
d little drmer. The best strength in
the rails was in Baltimore and Ohio,
with a fun point advance Of ia. Brook
Ign Rapid Transit with p gain. Union
Pacific with rs advance. Southern Pa
cinc with a point and Rock Island with
the same advance.
In the iu.sIstrlaIs the SteeIs were
strong al u gain Copper and Smelter
moving up nearly point
AT the advance there was some little
selling movement and slight reaction.