The sun., 1910-03-03

MKnNKsnAH. March

/ past ne strength Was not contineti Ia
on" stock or even tu unc or two groups
/ IT stocks. but was general and %.-eIn'.d Ia
y h.'tok"n a turning over oT opinion On IA.
Tart ui "a larger number oI professional
sp.,Ilators e. th. view that. Tor som.
,-uI-.. ur other which II not clearly under
>t""i Mas vet max IT. power album
dautlv apparent. prices were moving in
steady dud sustained way to higher
levels DoubtleS- observers oT the class
described wer" impressed more than
hN any other tact hN the obvious
'rr"umstanc,. that th" flnating supply of
-tt-ks ,n the uarh.i had i~-,iti,,. N.Ts
considerably rs-iuC,.d and that efforts
=" huy any larg. quantity of stock even
~ au ncuy" ,ssu. c"mIrlsd higher bids
rh"r.for For TINS an" hIgnly prohahl"
"Nplanatlon - that th" volume ~ se,-ur-
. tiles plIrCha,.,i Tor Investment IN odd
l"ts and pthrr~i=.' IN the sharp decline
which eliminated IN February ~ now
SHOWN hy the event Ia have been much
larger than was commonly thought nc
the time and n may b. said thai "a more
nr lsSs halat'.,i discovery ot lts nature
follows the accustomed precedent IN such
hfaIrs The short interest that always
aC'7ImrilatsS at such psriods - also
usually more extended than Il - Ordl-
uar'lv calculated IN be. and a 'ertlin
PORTION Of this ~hor, Interes, invariably
proves ~ he' uf the ~tlbhOrn variety
which fights th" rts.' and ~ compelled
finally ~ -co,r-- at heavy loss MI
this beIng summed Ip means In substance
that thu technical condition Of the market
- IA reality much NOR" strong than ax-
UpriS made li out IN ba some time slnCe
There are. however. additional rna-Dn~
aSlds. from i1o=' THIS afOr,i.-i from "a
study 81 pur'iv speculative forces tor
the rislng tIda IA pri.,'s. which first b..-
cam" clearly defined ~ th" beginning oI
the present we,'k 1, - obvious that
business throughout ih" country while
u has moderated tn, lively and excited
pau" that rt was foiloN rnS az IN" clos.
of last wear - s,ill "N,.p.tiugiy prnspernus
Every report Of railway ..,rnings that has
,om.' - hand for IN" month of January
has h.-~n sJrongiy calculated - induce
optimism and AL ~" more 50 becaus'
'hcr.. statements N ~" main represented
an improvement over DeCrml'ar hu-ine-S.
IN addition - the extraordinary annual
report "f 'he Pcnnsy wanna. made public
Yesterday thar. came today the "xhihIts
Ere. ChcslTelk" aud OHIO ant Norfolk
and Western roads, and thesa W." Al,
such a. t. hazet a feeling on TN" yarr
II those who Rad them that ,nmu'srriaI
and mercantil' affairs IN the Un,tei STATES
wer" after all IN pr"tty sound state
II Was rImored to-day that an" paupnl,
report II the United S'i'ss Steel Corporu-
tion for lac, year soon ~ h. published.
-
actsr and that particularly. th, lgsin of
ciSh surplus now IN the hands nf 'na
corporation would bs found - 10 very
large " ~ also said urOn tr,Istwor5h
authority as bearing upon m" question
~ the amount " stock that has passad
rutn investors hands IN ths Last few months
lNi' the number ~ StnCk holders of record
.n N" Unltat Stlta- steel Corporation
has increased by over = 30 since Jsnuar-.
The disposrion was plainly erough
IN IN" financial district to-day 70 regard
Yesterdays late Announcement that the
Roc kefeller interests had ceased 70 have
any approximation upon the United
Statss Steel hoard a. matter of no
particular moment and IL deserves TO
bA SAID m this regard that a comment
upon the AFFAIR passed IN more than ore
banking parlor VAS that the real reason
for IN" development rcferrsi to might
10 found upon investigation IN lr@ cor
meet III with the fact ~ the persistent iec-
llntt'un vt tho management ~ the I-nitai
states S'ael Corporation - take over
~ = irhlv inflated value the property
e the Colorado Fuel and Iron Comt>rn nv
Ano'hsT reason finally. for ths acctIn,u-
l-tin' ~ trirad Sta''s stool = 0ck thar
has latDly l-een marrf"s'lv Errng on m
'hA market NAV b" loRio lllv ~" lucr"aso P
~ rha S'aal 'orporatl"u ru-fo.Es AMI
rniu,4ti0ns 'hat 'hfs trrro.-s vrll 10 I
rruch mora pronounced rr 'h" near future
II rs ~ anv rat. pia'n that r'f. r"v- ~
tho pla,'nE "f Iarg0 orders Nv tho rrh. .
way COMPANIES tor 'aqwrr,"r' surpliaS
ard rna'srPls fs n.tuurrE - p.crpy
. UTorinsr' piF," M 'r'l, .isyoIep
r,art- spd th.r. - rnnr' 'hrn ono rr,.,
4. ~ ~ = Evorf rUrlwsv organization ~
~ Tuu"i -tt'.- saving rr rr'yaio that
n 'hs b"'ls1orS - m ~urr,r,a Court
~ the standard rtl and iu' rr,'r Tohgcco
=, ises ~. ou' - m" Wv hos. ardors
woulI 30 rlerat ~ i.rg.r ruluur. 'hau ,
ogV Known H'fpr" ~ 'h' ,ouri.vs
h,s'orv " 'h's - ." 'ha -rIass NV not
10 8rriss that . yDTv ,op-rd' rs'ls lrtau .
t''v ~ s,ish ori.r. v,ll i- o. .n.i any
wy ua't'r 'po whul Is ,r. lurrpg
. rp,,~h more ,h..rft' slurrt .,,u.Ua
'hr=a -"D,lstoursd - ri"w ~, "r.r.l.I .
s.',Is'Ion lu 49, rrt"Tuat .ul,-T spot
- the r.vaw.d .rri.-,s. vt nf .sI
znr.ral srs"ul-'iv" 7.'lErrr 90 30 TrE
- rrPuCiaI market r.a,''rr r,nL
r'a.a 10 Ion iou TO-DAY 30 ft.. -. rula
r.rn 5rr N" -" ~ RuUun' -r7r@s hu'
- yy4s sa,i 'h1' this Was lf'ErIv b..tu-,
D trl'ru. V.s iiNsrtsi Co. E,li 'rtr,yr
--.,,-. ~ whroh th"T" Was q l-.rE. .iya.r, .
In England t.o 80 wan .- y or uoyp
,,.uT-v 49,. riis'ress 1rE fratrr4l rrara
-ser.s 'o 10 W',rrng avoE