Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-02-21
SCARE DIDN'T STICK
Supreme Court Bogey Losing
Efficacy in Wall Street.
PRICES SAGGED AT OPENING
Recovery Was More Rapid, How
ever, Than Decline.
STEEL RAIL ORDERS HEAVY
Railroad Reports Indicate Large
Expenditures for Betterments.
South Prosperous.
STEEL RAIL ORDERS HEAVY
Special Dispatch to The Star.

Speclal Dlsnatch 10 Inc Staf
NEW YORK, February 21.-Professine
TO be greatly exercised over the possibil-
ity that the United States Supreme Court
would hand down today some unsettling
decision affecting corporate securities. If
not the decision in the American Tobacco
case, the speculative contingent In the
stock market community, especially the
traders on the floor sold the list short
this morning. AS result of their ef-
forts. they carried Saturdays reactionary
movement about a point and half fur
Their and caught a moderate quantity of
traders stop loss orders on the long side.
Bearish pressure, however, did not
force out any great quantity of stock.
and when efforts to retire short commit
ments were made, there was not much
room in which to turn around The ul-
ira professionalism of the dealings was
apparent not only in the obvious nature
of the transactions, but in the narrow
ness of the market and its relative dull
ness. 1t was to all intents and purposes
a holiday market, and early price move
ments were not particularly significant,
apart from their revelation of the guam
tity of unimportant bearishness which
had developed in tie last few days.
Railways Most Firm.
The railroad list as whole was much
pressure than the industrial and miscel-
laneous quarter. Around midday and in
the early part of the afternoon, when
nothing very dreadful had come over the
Washington wires. shorts proceeded to
cover up, with the result that prices re-
covered rather more easily toward the
declined from il.
There was not much in the early news
developments of the day to give charac-
ter to the stock market. What influence
the news exerted was rather more en-
couraging than adverse.
Among other things, it had TRANSFERRED
over the recess that the national admin
istration had cut down the program OF
legislation which it would expect from
Congress at this session to limits that
Indicated the possibility of an early ad-
journment of the federal legislature. APP
parently there is left on the present pro-
gram, as the only measure of direct Wall
street appeal. the administrators plan
for the extension of railroad regulation,
and this is already in process of amend
ment which will eliminate some Of its
drastic features.
Effect of Philadelphia Riots.
The riotousness of the Philadelphia
street car strike was not particularly
pleasing, but it was not regarded as es-
peclaEy TYPICAL Oh the prevailing SPHit VI
organized labor at this time.
For the rest of the stock markets
early budget of intelligence was COM
prised chiefly of items relating to rail-
road activities. 1t was reported that the
so-called Hartman lines had placed an
aggregate of orders for steel rails in the
last few months amounting to 10000
tons. The Baltimore and Ohio reported an
increase of $S96.UOO in gross earnings in
January and only $S3 900 increase In net.
This is a characteristic exhibit for this
railroad, however, 1t being understood
that operating expenses for the current
year include extra heavy charges for
maintenance. For the second week of this
month several southern railroads re-
ported substantial gains in gross earn
ings. Indicating that in the south the re-
Gently mooted lull in general business
had not amounted to much.
Money conditions were not particularly
interesting. Call money loaned at last
weeks level and foreign exchange In the
early part of the day at least was steady
, and quiet.