Show CHEERFUL TONE u i IN 11 THE MARKET j Stocks 1 Continue to Show I r Strength and Advance 1 L t Is Noted r 7 ETTER PRICE FOR COPPER RAILROAD SITUATION THE BAD FEATURE n Ne ew York Yurko Jan The strength shown ahon by b stocks today toda was wa consid considered r ered eLrea ea to be due to much the same causes as yesterday meas l es by h large larse banking and capital in interests inter InI I ter against an undue effect from fromI I unfavorable Incidents and the needs of or an uncovered short sh rt interest being re regarded regarded regarded as prime factors in the ad advance adI I vance lince The rIse ris was followed with reserve by b the speculative element and i an alertness al to take profits kept the tho I tone unsettled The action of the I Cleveland Cincinnati Chicago St StLouis StLouis StLouis Louis directors in reducing the clivi divi 1 on the stock from 2 to I 1 per t 1 celt for the half halt year had hail a chilling effect on sentiment chiefly by b reason of or the theR I severe R vere ere effect on the prices of the stock itself The earnings report of or the thet V t was published at the same Ime and gave gae food for thought in the avy inroad of operating expenses and end fixed charges on un the sum avail available able lle for dividends owing to apprehension ron sion that a general tendency might be Illustrated by b this case The effect was partly offset by b the simultaneous increase irease in the th dividend on the New NewYork ew r York ork Chicago St Louis I ouis second pre preferred preferred f stock and subsidiary Vander Vanderbilt Vanderbilt bilt but company compan A cheerful effect was produced also by b various reports from scattered s n sources of resumption of ope operations r rations by b factories which have been beenA A dosed closed down although this Influence I was sias as modified again by contrasting re reports reports reports ports of continued reduction of or shop I forces by b some of or the large railroad systems J Estimates from official sources of tile the decrease in freight car movement past east a t of or Altoona seemed to show that the rate tate of or shrinkage from January I was W s considerably greater greeter than Ulan in De Dc I ember comber the December movement i showing less cars than the pre 4 December while preliminary estimates el of or the Hie January movement show how a decrease e of cars from flom the thee January preceding Reports of an advance in the price of copper by br the agent of the principal producer er ert was an element in the strength shown boun by b the metals stocks sto ks Including v Copper and American pelting The supporting operations centered entered largely in Reading The de decrease decrease crease in the borrowing demand for stocks In Jn the loan man crowd reflected the diminution In the short interest in the market and the tone was affected by this as the day proceeded Money Ione con continued continued to lend at almost nominal fig s on call and the time loans mar L ket was still soft Ion and yielding with little demand for funds of oC that class The measures of support for fol the prices reasserted their Influence after a re reaction reaction action on and closed the I market firm m Bonds were strong Total sales par pir alue TT v S Is advanced 1 i j per pel cent on call lall |