The Washington herald., 1910-02-05
WALL STREET NEWS
Slight Advances in Prices in
FeVeriSh Market.
FURTHER LIQUIDATION SEEN
Spectators for the Decline Take
Advantage of Opportunity TO OBJ
tain Comparatively Large Profits.
Principal Stocks I'm Practically All
Instances Close Slightly Higher.

New York, Feb. "A decline yesterday
OF over IL points in the price Of the rep
resentative railway stocks and of nearly
IS a share in the quotation for the indus
trials almost absolutely necessitated some
recovery in prices to-day unless the con-
dition of the market intrinsically was very
much weaker than anybody supposed 1t
was.
Such recovery. indeed. took place dur
ing the day. even II II did not so as far,
perhaps, as might have been expected.
and If the market was thoroughly fever
fish and unsettled. There. undoubtedly,
took place a large volume of further
liquidation in the shape of sales Of stocks
that had been carried through yesterdays
decline, but were placed upon the market
as soon as a slightly higher range of
values was presented, and il is beyond
question If the market had been again
subjected to such speculative pressure by
operators for the fail, as it was on Thurs
day prices would have made another
heavy break,
Obtain Large Profits.
But these self-same SPECTATORS for the
decline took advantage Of the opportunity
given them to secure the comparatively
large profits waiting them on their re
cent operations. Therefore, the stock
exchange session was the scene from the
beginning of the business day to its close
of rapid up and down movements In prices
all combining to give to the market an
appearance which was manifestly genuine
Of decided feverishness.
At the close the principal stocks were
in practically all instances higher than
they were at the same time yesterday
afternoon, but the advances shown were,
nevertheless. small In comparison with
the volume of trading. Upon dealings Of
10000 and - 600 shares in the Union Pa
Cifc common and United States Steel
common stocks. respectively. the two
stocks made net advances of three-quar-
ters and five-eighths Of I per cent In
the greater number of prominent stocks
the net gains recorded were likewise frac-
tional.
OF course, under such circumstances
as the present the operations Of the
professional stock exchange room traders,
who generally close the day with no
accounts open either for the advance
OF the decline, contribute large pro-
portion OF the daily volume Of business
Speculations of this sort are naturally
facilitated by rapidly changing prices,
and not sufficient Importance is attached
10 the influence of such transactions by
various critics of the market, who are
apt on general principles 10 declare. as
they often do, that large transactions in
q particular stock accompanied by
small net change in quoted value is evil
dence of preconcerted manipulation.
Buying for Investment.
Presumably. buying Of stocks for IN
vestment was also to-day a feature OF
the market, as It undoubtedly was yes
terday. London houses turned up or
seemed TO do so as buyers In the main,
however, the report given In banking
houses was 20 the effect that invest
meut buying was going on rather eau
tiously, and consevatively. a feeling be
ing apparent on the part of those max
ing purchases that there We're no strong
indications that the declining movement
in the market was at an end.
There was indeed little change OBJ
servabIe to-day In the general aspect Of
financial conditions. Bear" spectators
covered holdings OF stocks liquidated
either because they were tired Of carry
ing them down further or We're forced TO
sell by their brokers, and a certain
amount Of investment buying went on
just as It has done ever since the first
Of the wear