The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-03-01
STRONG, HIGHER STOCK MARKETS.
STEEL, READING, AND u. P.
IN THE LEAD.

NEW YORK, March During the
early hours it was 2. case Of too many
IFS and some concessions in prices
with every indication of the day going
through without any particular change
either way. The sentiment on the Street
was unfavorable. the theory of trading
between Monday noon and Friday night
was generally accepted with a clearing
Of decks for the Monday market Some
slight changes occurred in values, most
" on the way toward lower levels,
where impOrtant stocks were concerned
So the market passed through the first
two hours Of the session and in the
next two il changed front completely,
becoming very strong with q more &C
tive movement and with the weaklings
OF the morning, the leaders, setting the
pace with a rally that greatly disturbed
The short interest and caused them 10
rush forward covering orders that IN
themselves added to the strength and
gave the list a good advance all around
The display Of strength was a surprise
70 the Street. and traders who have
been rnOping and doing little or moth
ing immediately placed orders and fol-
lowed the movement on the upgrade.
The bearish sentiment had been almost
TOO unanimous 10 stick To IS one OF the
peCuliarities of the market that when
things are the most untaNorabie look
ing, and sentiment is the most beaTiSh,
the time TO buy stocks Is not Tar away.
On the opening Union Pacific, selling
eX-dividend 2ia per cent, sold at 1875,
Us off, Immediately dropped TO lS4's.
gradually recovered TO 1885, dropped 10
1885. and then rose TO 49, Reading IN
the meantime had dropped 10 l66es,
q decline. and recovered with fine show
Of strength 20 I6S- Southern Pacific
added Is net gain.
Made General.
The Improvement was general, prac-
ticalIy all stocks showing good tone.
The splendid showing Of Pennsylvania
vas not without its effect on the mar
ket. nor the report that the United
States Steel Corporation was now Oper-
atinE 70 capacity and expected 10 be
burdened with excess orders in the inn
mediate future. steel common surprised
the Street with its advance. All morn
ing IL had been SlOW-Very, around Slaa
10 Slls 10 SIS, and then with a jump
The effect Of the strength was 10
encourage the room traders, but their
operations were largely on the Scalping
order. as the Street is not inclined TO
aid any MARTIAL advance at this time.
- Reports issued by railroads in the
South. including statements for the third
week of February and for the month Of
January by the Central of Georgia, for
Southern railway and for the month of
January by the Colorado Southern.
showed the unceaSing Improvement
which such roads are making I'm their
traffic returns and assisted in the
creation Of bullish sentiment. while re-
ports Of several Western lines for
January. revealing material gains in
gross revenue and moderate increases in
net incomes. despite the inclement
weather in the West, also augmented the
buying movement
The market promises TO close strong
and not Tar from top. With the estab-
lishment Of higher prices and the pass
ing into the last half of the second
hour Of the afternoon the market grad
ually became dull but the show Of
strength was satisfactory, nor We're
there any indications OF a turn before
the close.
United States Steel common was high
~ 81, and OFF To S24- Union PaCihC
and Reading were quite firm.