The Washington herald., 1915-02-02
RALLY BOOSTS
STEEL common
Rise Believed to Be Natural
Reaction and Crisis May
Be Passed.
READING SHARES ACTIVE
Three-point Recovery Follows Early
Dip and Number of Traders Are
Reported Caught on Short Side.
READING SHARES ACTIVE

New York, Feb 1-Today's stock
market was i'll at the opening. Inc
public sitting at the beds idle, watched
its pulse, steel common. This huttereu
around the new minimum. IS, Tor
half an hour or so, and the condition
of the patient was considered pre-
carious Quiet improvement then set
in and from SO the price went 10
80 Then the rise to 40 was even
more rapid. The closing was firm at
the top and many believe the Crisis
has passed.
While the recovery in the price or
steel was a natural reaction, for the
stock had dropped fourteen points in
a week, all sorts of rumors were
started about pool buying, banking
support and vague stories of a large
block of the stock being taken over
from Amsterdam holders at approx
rnateIy 35 None of these rumors
could be confirmed. but a distinct
Improvement in sentiment was eVi-
dent among commission houses.
Reading was active and cratic
After an early dip to 144% there was
a three point recovery with good
buying at the high figure. 1t is be-
neved that a number OF room traders
have been caught on the short side.
Reading is soelntimes referred to as
the graveyard of the bears as it has
buried many pessimsts With its sharp
rallies.
SpecIaItIes Arc Strong.
In the morning srecialties were
st ronE Interbourough preferred rose
10 5S%. Brokers report very small
Offerings. Sugar stocks were active
with gains of about a point and con-
sistent strength in Mexican Petroleum
carried the price to "a. There was
a revival of interest in the California
Petroleum issues, the common ad-
vancing two points and the preferred
going from 80 to 50. 1t is believed
that the April preferred dividend will
he paid, as the demand for Oil is said
TO have stadiIy improved. Randolph
was a large buyer of the stock.
-Roebuck sold al 2O9 1-2, a gain of
more than 13 points, as a sequel to the
80 per cent extra dividend on Saturday.
American Locomotive was weak, declin-
ing to q "a. Unfavorable reports re-
garding future business were again cur
rent.
Union Pacific Shows Strength.
New Haven made A quick recovery
from early weakness, rising from 49 "a
10 - - Union Pacific showed strength.
The stock is being picked up quietly in
anticipation of a substantial improve
ment Missouri Kansas, and Texas is
sues were strong on the publication Of
the December earnings with a net in
crease Of S4l2OOO American Can took
? squirt in the late trading, rising nearly
two points on expectation that the an
nual report expected tomorrow would
make favorable showing. Western
houses were buyers.
The success OF the Pcnnsylv ania bond
issue reported to have been Over-sub-
scribed four or five times, was a favor
able influence in the bond market Quo
tations were fractionally higher, al
though the volume of business was not
up TO last weeks figures.
Western optimism is apparently willing
and anxious TO give expression to its
buoyancy by taking part in stock mar
kct operations on the bull side. Now
tlat steel common has found a level at
which a fair market can be maintained
il is expected there will be a renewa.
"r the general upward movement in
prices.