The Washington herald., 1910-02-17
WALL STREET NEWS
Sharp Rise in Reading Com
mon Feature of Market.
DID NOT STIMULATE REST
After Some Time, However, One or
Two SpecinItiez Begin tO Advance.
$500" Goes Up Four Points on An
nOuncement of Elevation TO Z Per
Cent of dividend Rate.

New York. Feb. 16.-The course fol-
lowed by the stock market to-day was
somewhat peculiar. at least when compar-
ed with that pursued in the recent past.
The market, as whole, throughout the
morning hours of business was of q dis
tinctly laggard character, and the hesi-
tation. not 10 say backwardness. shown
by prices of stock. in general, contrasted
wildly with a sharp rise in Reading
common stock.
The time honored theories to account
for the strength in this quarter, as they
have long been familiar in Wall street on
the occasion of frequent spurts in the
price Of the stock, We're again trotted out.
To these was. however, added on the
present occasion an additional ''explana-
ton" in the shape of a supposition that
the new corporation tax law requiring
all corporations 20 submit 10 the govern
ment a full statement of their condition
and resources on March l would contain
such a disclosure Of the roads financial
and physical prosperity as TO justify
higher prices for the Reading common
shares than any heretofore seen.
short Interest Created.
The impression appeared to be on the
stock exchange that a large short in
terest in Reading common had been
created on the late decline and that this
was beating a retreat in more or less
hurried fashion. Be this as it may, the
aF "a "a 10
trading was at first, to-day, the fact that
the rise in Reading did not stimulate the
rest OF the market.
At last, however. one or two specialties
began 10 advance. Relatively large buy
ing put In an appearance in the Brooklyn
Union Gas and Consolidation Gas shares.
American Cotton Oil common rose with
greater vigor than It has at any time In
the last month, because seemingly Of the
well-grounded view that the price re-
ceived by the company for its various
products that come into competition with
lard products must be benefited ex-
tremely by the present high prices for
the latter commodities which, moreover,
bid fair TO obtain for an indefinite time
10 come.
An advance of four points occurred in
the usually inactive common stock Of the
800" railway caused legitimately by the
elevation to Z per cent to-day announced
in the dividend rate upon The stock.
Finally as the day wore on, the strength
displayed by these specialitics became
moro generally diffused. The leading
railroad shares and some Of the proni-
nent lndustrials, like United states Stee'
common stock. were still perhaps not over
stirred; but at the close advances, which
in not few cases rose over a point, were
shown in most Of the principal issues.
Money Is Easier.
The same forces as those which have
been active in the stock market ever since
a week ago yesterday. were undoubtedly
again responsible to-day for the upward
tendency exhibited in prices, and these
chiefly comprised a species OF temporary
market forgetting of the uncertainties at
tending the upshot Of the government liti-
cation against the AmsrIaal Tobacco and
Standard OH Company; the easier trrnd
OF the money situation AMI a percephble
il yet slight increase in the AMOUNT Of
Investment buying Of securities. both fO-
home ani foreign a .coun-.
EncourJ cement is also derived from the
positive statements made In numerous
parts of the BUSINESS world denying ru-
mors OF VhIc! Wall street has helrG =
great deal recently, 20 the effect that
cancellations of orders ana more or less
general evidences OF q decline Of husi-
ness wee ieginning n p; in an ap-
pearance. No doubt some such signs
have ben noticed. bIt the feeling Is COM
ing to be that these az by no means
indicative Of the true state OF the busi-
ness situation. and that they ore purely
specific IN taeir nature.