The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-11-12
NEW YORK STOCKS
OFF AFTER RALLY
Sharp Gains at Opening.
Investment Buying Very
Heavy-Bankers Apply
Brakes.

NEW YORK, Nov. -Noon.-onoe
more the market started OF with a
show Of confidence that presaged higher
prices, and that made some of the close
observers fear a reaction. II is patent
that the market Is not due for bound
ana a bulge Every time the price IS
tempting there will be a liquidation OF
the stocks purchased in october, at a
time when support had TO come or the
market would have broken almost in
twain This very selling was in evil
dence vi en- the price became toppy
today.
n was observed even before the
elimination of the mornings ad-
vance Copper and Smelter were
the shares that were liquidatsd, ans
later on there were sales Of Pennsyl-
vania, Reading and Union PSclnc on
support account Standard oil inter
ests liquidated the Copper and SneiitI
shares.
Encouragement.
If me reader wants encouragement
he may find it in the statement by }.
PMorgan d Co, that they have opened
nearly :. OOo new accounts during the last
few weeks, purchasers of odd-lots or
stock. rarely over thirty shares, and be-
There is enCOuTagc cement.
Post a. Flagg. tire Wcll-kuoWn oanA-
ers and brokers, have purchased ALu'UUJ, .
900 of stock Tor actual lhFtStllleatt'
stocks that have been removed nom
the supply and locked aWEE-StOckS tudL
have been bought by people VINO nave
been waiting for just such an oPpoI-
tunity as that offered during the last
TVS weeks, and which Is nearly "a lnuSh
of an opening today as II was thea
4 al these are but Two Instances. They
represent two out of 100 similar cases
of more OF less investment buylnG-
II was This buying and not mdnlpuld-
tiou that stopped the shorts M their
mad career. that checked the decline,
and turned the Jrend OF the market A.
the other direction.
Bankers Put on Brakes.
Ii must be apparent TO everyone that
the financial interests Of New York city
viii not permit of,aHy wild pull market
al this time, but viii check il with an
iron hand. Conditions are admittedly
better. but they are not all right Con-
servatism must be the rule and not the
exception. for the scars are deep, and
there are many raw spots today that
must be- cared for Stocks are "A bar
gain TO be paid for and taken out Of the
market. Speculation is 90 be condemned.
TOday's Market.
The opening was with more OF
less OF squirt Nearly everything
was higher right from the tap OF
the bell. ST Paul Copper. and SmeIter
were the exceptions. Before the open
ing. the street was in possession Of a tip
that Standard Oil interests would get
under 81. Paul. but it was evidently
without foundation, because this was
one of the weaklings of the session.
During the first hour advances were
made in all the stocks, except the three
noted. In some the gains were less
than others. In the second nOur there
were reactions, in some cases amounting
TO all of the earlier gains. Then there
was slight recovery and at noon the
market was very dull steady, and
little above the low point, while in
nearly all instances slightly better than
yesterday
Copper lost fun point St Paul also
lost about the same. Atchison was
point higher. and held but 4 OF the
gain until noon. Canadian Pacific made
a splendid rally. II sold at 1874 10 1855
as compared with a close at l42 yester-
day, and at noon was l44is- Delaware
and Hudson opened at I3l, OF Ia better
and reacted TO 130. Great Northern lost
its advance and point more, going OF
10 ia. General Electric lost the earlier
gain and Z point. Northern Pacific was
q point up 10 a below yesterdays finals
Pennsylvania was a point up TO steady,
at = loss. Peoples Gas furnished the
surprise of the session II opened at
2lz advance, OF at s, and dropped quick
~ 10 1874 St Paul 1H 70 1923. 10 l03
Union PaCinc advanced TO 1l44, and,
turning declined to 1I2Iz.
Steel common, 25Ss 10 %; preferred,
S57t to S5is-
NEW YORK, Noy.l2-2 p-rn.-The trend
toward a lower range continued during
the first and second hours of the after
moor. There was considerable profit
taking and the shorts. encouraged by
signs of a reaction, pushed their ad-
vantage 10 the best OF their ability.
The loss in Copper was a good thru
points, with Is recovery. Canadian + ?
ci!ic dropped back from 145% TO z42lk
Great Northern was back to 1884 a loss
az Is net for the dav. Northern Pa
cific lost ~ net. New York Central.
IL; ReadiHg, 49, Union Pacific. over a
point and the Steels lost = point on
both common and preferred.