The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-02-24
Wall NUons Though Covering Support
IRREGULAR BUT STRONGER MARKET,
:. WITH EVIDENT SUPPORT ON
WEAK SPOTS.

NEW YORK. Feb ~ p. m.-The
presence Of supporting orders was de-
tected in the market about noon, and
became more evident later on This was
evidently given TO the Steels. and in the
Hartman shares. As a result the tone
was rather more cheerful and some
sharp rallies followed in values. Prices
were higher on everything but the
Erie and one or two other stocks. That
the market was highly nervous was still
very evident to an observer.
The Steel shares were selling at 222s
and l0Sis. Union Pacific at l75. Reading
12194, and Great Northern at 1885 as
of the session. The list as a rule. was
d little higher than the previous quota
tons.
NEW YORK. Feb. I'll p. m.-Evi-
IDENTIFY the stock market. although ma
terially better, Is still suffering from a
case of badly shaken nerves. When
those who buy stocks are anxious to
take a small profit or a loss just as
quickly as possible and those who sell
will cover on an i or a point change
either way, 1t is not market TO in
spire any confidence in its stability.
1t was admitted that the action of
the last few days has been sufficient
10 jar and jolt even the strongest bull
sentiment, the commodity clause de
CisiOn coming in as a fullow-up blow
on the point Of the markets jaw just
as it was swayins this way and that
looking for an easy place to fall.
And through il All Mr.. Hartman, a
very interested spectator, has not
shown his hand, has not taken up ms
mighty cudSel in behalf of those who
have been with him in the long upward
movement.
Steel Corporation stocks are Us shaky
as the reeds in the Nile, on whose
broad bosom J. xierpont Morgan, the
father of the Steel combine, IS sailing
indifferent to its wobbly condition.
The long deferred reaction when It did
arrive came in on a flyer and the slump
In prices was SiCkenInS to the hopes OF
many who have been following the up
wand trend, tull of faith in Hartman
and his allies and confident that his
strong bank account would check any
familiarity with the high grade rails
no matter what might happen to the
industrials.
Shorts Cover Freely.
With the large short interest showing
some disposition to cover the opening
vas a little better this morning, but
shortly thereafter the list slumped again
caught itself, rallied materially the con-
tinued proht-taking process and then
just at noon suffered another weak turn.
That it was held above the low prices
Of yesterday was not due To any TeStOr-
alton of confidence, TO any hopes of a
Hartman flank movement but simply Il
the covering of the shorts and once this
demand let UP then the trend was
quickly in the other direction.
The slump after the opening was con
fined more TO the rails than 10 the in
dustrials- In it some stock made rec
ords below the closing yesterday. Tie
immediate opening was higher all
around, inspired by covering. In the
slump New York Central lost q Southern
Pacific y; Northern Pacific, q; Union
Pacific, e., and the list fractiOnally, as
compared with Tuesdays final figures
Rise Follows.
Thereafter there was a rise that car
lied the list well upward, Union Pacific
moving TO 1742., a net gain OF l12; South
ern Pacific to 1l61s, a gain of IA; Read
i1g to 12124. or 81 points; Pennsylvania.
~ New York Central, Ia; Missouri.
Kansas and Texas, 112; Baltimore and
Ohio. ~, and the list after the same
manner, with q decided exception III the
case Of Erie, which was a weak sister,
and under liquidation Of severe charac-
ter. At no time was IT higher, and the
loss in the common STOCK amounted Ia
and 3Ik in the first preferred
took another nervous fit and wobbled a
bit, going off about y point.
Then il managed TO steady itself. and
at 1 o'clock ii was decidedly strong un-
der the covering Of shorts. the shorts
OF the last few days and Of the earlier
hours OF the day.
This advance carried Union Pacific 70
the high OF the day, lS3i4. Southern 10
1854 Reading 12l7s. and the list from
II TO 3 OF a point
Coming Strong.
At this time Steel common was sell
ing a 49,, after working backward and
forward between Az and -. The pre-
ferred was 1854, or IA better than yes
terday. Nearly all other indUstrials
were higher by fractions and points.
and the situation looked better, bU,
there was the same nervousness be
cause Of the fact that il was recognized
as a short covering movement and no
actual buying that improved conditions.