The Washington times., 1909-01-22

81 or 2es points for the day. The Steels
were held with considerable frmness-
Union Pacific turned $50 and the list
displayed good drmness.
There wasn't SO much doing, but the
display Of tone was encouraging TO hold
ers of securities.
NEW YORK, Jan. 22.-I.20 %. m.-The
whirI that sent the market soaring yes
1erday afternoon made the bearish con-
rngcnt feel even less inclined 10 take
any liberties with the market. The
Street has come to understand that il
is easy 10 initiate values a point, ,
points, or even more without resort TO
The necessity of finding an excuse. The
simple fact that higher quotations are
desired by the Harrimans is all that
is necessary. Presto. It is done.
But there is something besides Harri-
man TO the market Steel United
states. Republic, SI0ss- Sheffield, and
Pressed Steel Car have become factors
that cannot be ignored, and especially
Little" Steel as the common stock OF
the big steel Corporation is known,
Tt was the sharp advance i'm this stock
that helped the situation yesterday. IL
was another movement. this time 10 90,
that turned the rather quiet market this
morning into buIIish channels
Steel Preferred, rs.
Steel opened at 547s, a half point ad-
vance. reacted TO 5fl4. and then turned
10 551z good and strong The preferred
stock rose 10 7I5. the highest the stock
has ever sold. Gossips talk of much
better figures for the last quarter Of the
year than what we have been led TO
600 I4.- .errr4
OF better returns i'm the near future.
One thing that especially draws the
careful trader toward steel shares is
the fact that. whenever necessary, the
support necessary is forthcoming. II is
not possible, with the railroad n such
pressing need OF rails and equipment
that the equipment companies viii be
long without the orders that viii start
all hands ct work. and increase the
earnings and dividend prospects The
railroads can not go on Indefinitely neg
lcctinE themselves ana their physical
condition, They must go into the mar
kst as the biggest kind of buyers
Sugar Five Points Higher
The decision of the directors of the
American Sugar trust 10 take their Sc
cUrlties out of The unlisted list and
list them on the regular list of the
New York Stock Exchange, means that
the policy OF secrecy has been aban-
doued and that the company viii make
public its earnings, etc. The effect
was sharp rise of points iU the
stock. which closed last night at T..
and rose from an opening at 80 10 1884,
Republic Iron and Steel was q point
higher on both common and preferred.
Lead rose a point 10 Igl4. Cotton oil
a point higher, Realty a point up, and
Gas, DistilleTS, and General Electric
all improved materially. IT was the
3udusJrials' day.
Rails Laggards
But while the industriaIs were doing
better, the rails, while laggards, came
along with some fairly good gains. The
disposition was more toward activity iu
the oId-tlme leaders than in the low
priced stocks. These latter seem tC
have run their course although there is
no telling just when they may be pickes
up again. but al present Southern aul
Union Pacific. Reading, the Hill stocks
and ST. Paul have precedence over tht
CouIds. The Southwestern and S0urherT
shares, with the HaTTImans and the
81. Paul leading in activity and tone.
Despite the strength here and there
the market seemed 10 bun rather hard
The absence or any public buying q,
back uD the inside support was VeT1
noticeable. indeed II has been very eyi
dent FOR many weeks that the public ID
not ln the stock market.
Tt is easy enough for the clique O,
bull the market by rushing iu orders ir
this or that stock. but at once the de
mauds lets up, then the stagnariou de
velops
ReCessIOns IN Rails.
Shortly after noon the market became
dull with recessi0us noticeable in mauy
OF the rails -reCessiOus noticeable u
declines worthy OF the uame-Chesa
peaEe and ONO being as of. Peunsy
and Nlppel traction Canadlal
Pacific and the Eries fTacLl0uaIlE of
and the minor stocks perhaps "a lowe
on an average.
Anaconda showed its class lu the lat
dealings coming 10 the front with al
advance from f9l 10 51es. SOutnerT
Pacific was the best rail- the SteeIs an,
Anaconda. with Sugar. the leading i'm