The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-01-08
MARKET SHOWS ALITTLE STRENGTH.
STEEL COMMON THE LEADER
ON COVERING.

NEW YORK Jan. &C7CSe.-There
was no especial activity in the list,
unless a run IL on the shorts in Steel
common might be SO called It was
clearly the feature. and the bears got
out the best they could On the road up
to So Creeping gains were scored here
and there throughout the list. amount
ing TO 4 point in Reading. Southern Pa
cific and Anaconda to las elsewhere,
and in some cases a slight reaction re-
suited The market acted reasonably
well. according TO the general view. The
Standard OIL crowd appeared TO be dis
posing Of stock on the strong spots, and
picked out the spots with more or less
precision
The Street has not thoroughly digest
Cd the Presidents message, but the
trend Of sentiment is that, while a mas
terly document, IL carries no terrors
10 the railroad maEuates- 1t is also
believed that the proposition Of Fed
eral Incorporation viii meet with such
strong OPPOSITION on the part Of the
States that II VIII be impossible to Sc
cure enactment, although K is admitted
that such Incorporation would be q good
Thing for the companies and an insur-
- anCe or guarantee OF legitimacy OF com
Panies so licensed
Two Handicaps.
There are two things over the market
the Tobacco-StandGrd Oh cases, and the
possibility OF serious labor troubles
With these out OF the way, il would
be comparatively easy sailing to higher
prices.
Commercial agencies say that the
business Of the country is close to high
water mark, constantly growing. and
the outlook IUll OF encouragement.
Money is gradually returning 70
banks and trust companies. and viii
seek Investment II Certainly looks as Il
the market was near the turning point,
unless the controlling factors decide
That a large short interest would be OF
material value when values may be per
mitted TO sag With 2 view OF Inspiring
confidence on the part Of the bears and
Inducing them to create The short in
terest
The increased attendance OF room
traders IN the various commission
houses and brokers offices gave aSsur-
ance that the position Of the market
was growing more Interesting Also
that the public was looking. practically
noollngs with a chance OF actually bit
Ing with further TeCeSSiOnS
News Encouraging.
The news Of the day was enCouraCfrz-
The cOnciliatOry tone OF the message
indicating no disturbance OF business
conditions; the fact that there are few
stoc4s pressing 20 g. sale easier money
outlook. railroad earnings etc. all point
TO a recovery in stocks with q little
clearing Of the atmosphere in the places
indicated above
Londor reports an almost superfufty
Of money.
The business OF the Illinois Central
road for December Increased 10 per
cent, but half Of the gross gain was
lost IN extra. cost OF operating because
Of storms
The bank statement was favorable.
IN so far as the currency movement Is
concerned. nearly 100000 gained
The Street took the view that there
was nothing in the message 10 account
for the buying OF Southern Pacific by
Union Pacific last week II VIII be
weeks, # ever, before the indicated leg
Islar1on preventing acquisition OF stock
in competing lines goes into effect II
Union Pacific desires 10 make its south
eru Pacific holdings a majority, there
VIII be time enough To take on the
SHARES before a bill can become a. law
sentiment Better
Il is noticed that many Of the room
traders arc beginning 10 buy q little
stock-traders who have been doing
nothing but watching and occasionally
selling Of late Il IS an interesting
market-it is still ii market where the
best advice IS 10 take profits quickly,
an argument against taking any chances
On narrow margins on either side