The Washington herald., 1909-02-02
MARKETS STRONGER
Underlying Tendency Plainly
Toward Improvement.
SHORT INTEREST IS CREATED
Many signs After Opening OF Busi-
ness that Wave of Liquidation Had
Run Its COurse-ROck Island Pre-
ferred Maintains FirmRess Earlier
Displayed-Gas Weak on Decision

New York. Feb. The underlying tend
ency Of the stock market to-day was
very plainly in the direction OF improve
ment. The market had been continuously
depressed throughout the three last days
OF last week. with the result of a consid-
era bic decline in al least certain stocks,
and also the creation OF a snort interest
n the market, a good deal longer than
that which previously existed.
As & is generally recognized that the
existing market is a narrow one. the facts
Just stated would probably suffice IN and
Of themselves 10 bring about q recovery
movement in values to-day.
There were, however. many signs after
the opening Of business that the wave OF
liquidation had run its course, at any rate
temporarily. There were no selling orders
Of any quantity brought In from the out
side public over Sunday by reason Of ap-
prehension OF account Of the end OF the
week decline, and although the market in
the preliminary trading displaced good
deal Of irregularity, such declines as
were produced were mostly trivial. and
were effected by sales Of stock rarely ex-
ceedlng hundred share lots
Retire Contracts for Fall
There was an instructive desire thus
stimulated among professional spectators
10 retire their contracts for the fau and
these impulses were REINFORCED BY the
definite strength OF certain individual
stocks. The visible accumulation Of the
Denver and Rio Grande common and pre-
ferred shares that has been going on for
some time back was continued and NJ
mOrs circulated OF a possible alliance be
tween the Denver and Rio Grande Com
pany and one OF the larger railway lines
in the northern part Of the country.
Brooklyn Rapid Transit stock advanced
on account Of repeated rumors OF the de-
claration OF an initial dividend. The Rock
Island preferred shares maintained the
same exceptional hrmness that they dis
played throughout the weakness Of the
market last week. while Chesa peake and
Ohio stock was again the subject Of con-
centTated. even If not notably vigorous,
buying.
Attack on Gas.
Such speculative efforts for the de-
cline as disclosed themselves were
mostly concentrated upon the Amalga-
mated Copper ana one or two other
metal stocks, and shortly after mid
day the whole market weakened for 2
little time upon the news that the Su-
prene Court al Washington had denied
the petition OF the Consolidated Gas Com
pany for a rehearng in the S0-ceut gas
case. but even this drop was accom-
panied with very little selling OF stocks
except Of the Continental Gas shares
which receded rapidly . IA points They
recovered later One-half OF their deciin ne
and the whole market again rallied and
closed as regarded nearly all the leading
issues. az an advance.
Time money was little harder here
to-day. possibly on account OF the large
Withdrawals OF funds for the use OF the
trust companies on February /, in ac-
cordance with the new reserve law
Engagements OF gold for shipment tc
Argentina were announced IN little
larger volume than has recently been the
case These engagements are Of course
for the account Of London in a round
about way In Europe the tendency @.
all the money markets was toward ease
discounts suffering an unusually heavJ
reduction both in Paris ana London.