The Washington times., 1910-02-15
TRADING IN STOCKS IS LIGHTER.
VALUES HALF POINT OFF.
SOME EXCEPTIONS.

NEW YORK. Feb. IA favorable
sign OF the times, and one that viii be
welcomed by conservative commission
houses. and financial interests as well is
the growing trend toward quietness.
Speculative operations are more or less
restricted because Of the fact that the
market IS now offering more resistance
to the attacks Of the bears and the con-
tinued uncertainty has decided many
would-be traders 10 hold aIOOf until such
time as the matters now hanging over
the market are eradicated- Yesterday
was the first Monday Of 1910 that was
not characterized by a weak, erratic
closing, and therein is another and bet
ter sign The bears jumped on the list
yesterday morning with considerable
viciousneSs, but their stock was taken
and the bear market soon turned 10 a
good. strong one, with shorts trying %
get under cover
Mondays action has encouraged some
heretofore bs7risn brokers TO look for
support whenever II is needed; TO believe
that the market is a purchase on all
sIumps, and the most optimistic have
even dared to express the opinion that
even adverse decisions I'm pending cases
before the Supreme Court have been
discounted.
The net changes today were not very
important. Immediately following the
opening there was a little setback. then
a rise on the fractional order. and
another reaction following IN the last
hour OF the market placing the list
about = point net below the closing
figures OF Monday
Industrials.
IN the industrials Copper and Steel
were rather weak, but at inside prices
there appeared TO be better buying or
ders, and a rally followed, but steel did
not hold the recovery There seemed
10 be cousiderab bic pressure on the stock
and after ralTyinE from q break 70 I97s
II again cascd of q fraction The net
decline was about = or q point copper
opened at 75S4 q 5 loss. recovered Il
on short order. then dropped from IS 20
-. and rose p point Smelling was more
10 SIS, and then back TO S-%s- the later
q net decline OF 3z- Other iudustrials
were generally slightly lower not seI1-
ousIy-
PsnrsvIvanIa was about the strongest
rail. There was no activity in any Of
the rails T. amount IN much, but they
held reasonably well as the session ad-
vauced, at an average OF = point less
EenTlSElEelB Ia was eAlttbll1At- II ea't-
vanced nelly a point and held the
better part f the gain St Paul opened
"a higher. dropped until the gain and 3
additional were lost. then rose 10 within
a fraction Of Mondays closing Union
Pacific fuctuated within = OF point.
IS did Southern Pacific. and most Of the
prominent rails Reading was N a class
with Pennsylvania 1t advanced 10
1855. rs hiEher. then dropped back and
rallied for Z net advance
While nothing definite IS stated a.
present 81 IS iutimated, however thai
T.Ians are being worked out IOr the seq
re=ation of Reading assets, which may
come sooner than expected Before any
thing Of this kind IS done, hoTever- L
e understood that the second preferred
stock will have &c be converted into
first nreferTed and common stock As
pointed out frequently OF late the sec
rud preferred IS held closely by INSIDERS
and The Lake shore and Baltimore and
Ohio railroads and the conversion VIII
he accomplished more readily on that
account
Tine scarcity IN the floating supply Of
EcadIuE- TO which attention has been
repeatedly called in these columns, IS
no doubt, fully apparent now 10 lne
bears who sold the stock many points
below 5he prevailing quotation.