The Washington times., 1909-01-21
DULL, STRONG MARKET FOR STOCKS,
WITH SHARP ADVANCE IN
LITTLE STEEL.

NEW YORK. Jan 81. I.30 p. M
Where have been days when the stock
marlzet was more listlcss than it has
been for a dav or twO-but not many.
Jr the market has lost its public, it has
come mighty near losing its semi pro
5essionals and the small army of room
traders who are not given TO doing
anything without encouragement from
brokers and from each other
It is a discouragiuE market, one de-
void of Influences sufficiently strong
80 start even a ripple here and there
throughout the list. 1t is just such
market as usually develops into weak
ness more or less pronounced, and yet
there is little likelihood of anything of
The kind happening because It suits the
friends of the market that it should
remain inactive, Hfeless, Hstless, and
steady. Perhaps it might suit them if it
would turn weak and drop a few points,
surnishing thereby sufficient encourage
ment to the Would-be bears TO take
Chance, when they might be brought up
with a round turn.
A Bull Indication.
One of the bulls finds indications Of a
Coming advance in the fact that Steel
Shares are very strong today. The
Weakness last week was. at times at
least. due to the hammering of Steel
Eommon. and when this dropped TO 515z.
it was watched with the closest atten-|
tion on the theory that II It hit 81, Il
would be on the slide for much lower
figures. 1t was hammered hard, but
EiIs was about low.
Today without much effort the stock
Was advanced from 52lk 10 $50. showing
che ease with which st could be ad-
VanCed as compared with the hard work
An breaking il. Preferred Steel rose 10
ia. a net = point gain. Sloss-ShefheId
was a fun point better and Republic
iron and Steel s. higher
1t was stated that the United States
Steel Corporation would put 1900 more
men To work I'm the Homestead plant,
Monday next, and this was one reason
Tor the better tone In the shares of the
company.
Hartman Won in N. Y. Central.
Neither Mr.. Hartman nor Mr.. Ar
mour have entered the directory of the
New York Central and there is little.
probability of Mr. Hartman putting
Illinois Central on a z per cent basis
aor yeaers to come. Naturally these
denials OF alleged rUmors caused some
little easiness and slight concessions in
The stocks affected. The fact that there
Joan crowd can not but indiCaJae the
absence of any short interest in the
market
If it were the policy of the Hartman
Rockefeller crowd TO permit the market
10 break. I'm the interest of short side
30 II and the return of large part
Of the public, that is waiting for a
reaction IL might be expected With the
market In it's present condition.
Money, however. IS too cheap and too
plenty TO BeCessitste and LET up, the con
ditiOns are improving, and the senti-
ment Of the market controllers IS for
better rather than lower prices
No Short Interest
Tho absence of any demand for sticks
in the loan crowd is unmistakable proof
of the fact that the bears have not
had the courage OF their convictions /
and have not sold stocks TO any con-
siderable extent, taking small liberties
with Smelter, Copper, and some minor
stocks.
1t is a market that suggests weak
ness. that indicates & readiness for the
establish of lower levels and yet 1T is
not weak. indications are deceittul, and
the bears have not the nerve to take
advantage of the conditions.
With the prevailing dizziness there Wa IS
90 positive weakness.
To was a plain case or mucous de-
Suetude." but d. only waits the touch
Of the Hartman 10 start it into a good
bun market
Passing into the last half OF the sec
oud hour Of the afternoon, the market
on the leading rails was stronghold and
steady Union Pacific $50, Great North
eru 1875 PENNSYLVANIA 1885, Reading
1879. Steel, pfd., H. common, 535s.
and Southern Pacific, l-J5s.
NEW YORK. Jan. Z-2.15 .. MN
the last half Of the second hour the
market became a little frmer, passing
into the last hour OF the day near the
TOP. with Union Pacific at $50 and the
rest OF the list fractiguaIly higher
Southern Pacific was 1905. Missouri Pa
Ci6c U3s. and Reading 15lsa. Big Steel I
was D4s- Evidently the action Of the I
Steel shares were the tonic Of the mar !