The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-02-27
STREET HEARTILY
TIRED OF BAD NEWS
Rally Is Started With Aggressive
Buying, Which Checks
Liquidation.
by nRoADAN WALL.

lSpccial 10 The Times DiSpatchI
I New York, February 26.-Between
the close OF the market yesterday and
the opening to-day an understanding
was reached between certain banking
interests and some of the large traders.
| IL was decided that the stock market
WAS in condition where a little ag-
grcssivc buying would bring about :,
sharp rally in prices and check liuuida-
| ton.
! Cables explaining tho situation were
sent abroad and optimistic wires were
mashed to favored clients with the re-
SUIT that Immediately after tho OPEN
ing to-day prices for securities became
iirin then slowly advanced. and finally
under the impulse of short covering.
! ana rather aggressive buying from
abroad ended decidedly firm, with aver
ages showing the first substantial rally
that has been recorded in many weeks.
| While this buying was directed to-
wards the better grade of railroad
stocks. industrials shared in the ad-
vance and moved upward with com
paratINc case. The street is heartily
tired OF bad news. and tho room traders
were glad TO aid the movement for
better prices. The advance was large
~ tccluuical. and it would probably DO
| q hastN assumption TO conclude that
the decline is quite over.
The rally should run day OF two
I longer. and by that time. the short in
tcrcsts will be materially reduced and
the market will have TO ind its own
/ feet.
Late in the afternoon there wcro
runors that the fure,En situation nau
again improved, 1T amy rate London
houses bought stocks. and their market
at our close was higher than our own.
particularly for Canadian Pacific. Eric.
Copper and steel The opinion is ea-
pressed III banking circles that never
in wears has the London market been
so bare of American stocks. and IL :.
thought they will turn liberal buyers
Il the Balkan situation really has i'm
proved The wish. OF course, is farther
10 the thought Of carrying charges at
D per cent. London bankers arc not or
tcrinE facilities on liberal terms for
Spccul3tionS in Americans What is
more interesting is the good buyin., mat
appeared hero to-day in the standard
stocks
The street had almost given up hope
'h.'t INC pubic should again be inter-
cslcu III our leading issues. and il is
extremely gratifying that banking in
,crcsts have again found tongue to cN
press their confidence To quote from
one OF the oldest of the largest Amer.
!cah pahking houses, prices have APP
parcntly discounted many things thnt
may not happen"
AS is frequently the case. after tho
| h'rhct mas made a sharp recovery in
curry rs made for the reasons Stoto
mcnts as to the steel trade which have
ateaoiiE pccn construed as unfavorablo
are now referred to as promising. What
/ is more TO the point, *tccl common car
RES dividend OF Ii per cent. which
comes off March /.
The Union Pacific showed an increase
IN gross earnings for January OF 1856.
,pc and Of net S46O3lO Central
leather made "a remarkable report for
| i9l2 which again demonstrates how
h'Shiy speculative the leather business
can he. meeting OF the Can dircc-
tors Is scheduled for tomorrow ana II
is predicted that 10 per cent viii be
paid ON past duo preferred dividends.
Many sharp rallies were recorded
during to-day Tobacco gained 10
points on 300 shares, and advances
RANGING from to ) points in many
OF me lnduSuials that have been con-
Spicuonsly weak for days. pcnnsyl-
vania made sharp recovery to ll93-4
and Southern Pacific was quietly
steady, After carly weakness. Union
Pacific closed With an advance of near
IS points on heavy trading
The stock market after weeks OF
neglect has now received The proper
form OF stimulation from bankers
Whether the rally that has been start
ed viii mark the turn of the market
cannot be determined ut this time
Judging from past history prices viii
probably grow dun, and then react to
about the previous low level before
permanent Improvement can he looked
for. Unfortunately for all concerned
there are no set rules for determining
the exact turning point in fluctuations
that is until after the turn has oc-
CURED. Traders are looking hopefully
for Il further rally.