The Washington times., 1910-02-24
DULL MARKET, BUT STRONG TONE
AFTER WEAK OPENING.
u. P. A. FAVORITE.

NEW YORK. Feb. 24-If the market
should continue all day as It did during
the first three hours Of the session, II
would be more than likely TO estaollsh
a record for duIIness. Moreover, there
is but little satisfaction in IT to com
mission house brokers, nor operators, Sc
that the only possible source Of grau-
fication is likely TO be found in the fact
that values are holding as well as they
do. Financial interests and large hold
ers Of securities will welcome dizziness
pending the elimination Of influences
now hanging over the stock market
But It has been the history Of the past
and there is no reason to expect an eN-
ceptlon, that the market never stands
stil for any prolonged period. 1t VIII
go one way or the other of its own No-
ltion, or under manipulation, and II
the bears md that there is TO be an
absence of support they viii get busy
in a hurry.
Reading came back today. following
its regular program. It is boosted one
dsy-to give stamina TO the rest OF the
lst-and dropped the next, that the
Judges may test the temper of the un-
supported market.
Yesterdays best strength, however
came from foreign buying, 1000 10 SjV10
shares being accredited 70 this account,
largely to London. The cheap money
over there is having good effect in our
market. This class Of investors seem to
prefer Union Pacific, Reading, and Steel
shares. The grand showing made by
l.aCkawanua had some influence on
Reading sales 10 London. Our English
friends were not placing many orders
today and there nTQnIfrTIIE no
speculative or investment activity the
dullneSs was intense
The news Of the day was not espc-
cially important one way or the other.
President Taft made another address,
but did not change his attitude in any
way. He did uphold the tariff and pre-
dicted that II would raise the revenues
OF the country.
The Anaconda Copper Company re-
ported TO the stock exchange for the
six months ending June 20, 1909. a net
profit of $,2l, 900. Regular dividends
were declared on the Mackey Company
One item OF news not favorable was
the announcement Ev Reading of a
reduction in working hours in shops TO
eight hours a day, "A saving of l. per
cent on this account The volume of
business Is falling off, 50 say officials
of the road
Labor troubles will not down. The
unfortunate conditions prevailing I'm
Philadelphia are i'm ,he limeliEht. rum
orS of troubles elsewhere were numcr-
GUS and exaggerated, yet the bears did
rot 90 very far on the strength of these
stories.
Bulls found some satisfaction in the
remarks of President Truesdaie OF the
Delaware, LaCkawanna and Western
Railroad Company, IN which he eN-
pressed the opinion the current year
would be. 'the most prosperous every
enjoyed by American railroads.
In the latest strength or the market,
despite the all-preVailing dullneSs. some
conservative houses thought they saw
sufficiently good indications TO adviSe
investment buying.
As the session wore ON the market
hardened and improved IN the matter of
price, but not in tho volume Of bust
ness. The strength gave courage to hold
ers Of securities. and il scared a few
helated shorts who have been fIndinS
comfort in the dullness and expecting
the usual slump that follows so fire.
auently as an aftermath Today there
was no disposition to slUmp-it was the
reverse.
Some actual investment buying helped
matters, and The light selling pressure
helped also.
Reading. which had dropped TO 16S5s
rallied TO 1l0, or slightly above the flna
figures Of Wednesday, Union Pacific raj
lied from lss7s TO 1871. a full point bet
ternent- Southern Pacific moved jag
from 12J5s to 126l4, a = net gain, and the
rest Of the list moved slowly 10 higher
range Steel common. which had beer
down 10 t35s, came back In good shape
10 500: Louisville and Nashville was the
strongest stock on the list. with a 81
point rise Canadian Pacific q better
Copper and Smelling both made small
advances. The chances are for the
market remaining dull but strons
through the last hour