The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-11-09
new YORK STOCKS
SLOW BUT STEADY
Few Declines of Note-John
w. Gates Buys Union Pa
ciflc FreeIy-Some Gains.

NEW YORK, Nov. 9-Noon-The chief
feature of today's market on the stock
exchange was JunquestiOnably dullness
Prices in some cases were q little lower,
but in no instance were the losses
serious. with the exception OF Canadian
Pacific and AtchisOn. Our brokers and
traders disregarded the unfavorable
opening in London, recognizing as they
do the frantic efforts Of the Bank Of
England to hold gold over there, but,
fortunately. they have not the stock
holdings over there to do II, and we
have the wheat and cotton that they
want on the other side.
Perhaps the chief incident in the stock
market FOR the few days has been the
remittance of that grand old bull, John
w. Gates, into the market. He is &C
credited with having turned the tide
in Union Pacific and to have purchased
some 10000 shares OF stock Of the com
pany within the last twenty-four hours.
He is also charged with the response
bility for the quite serious decline in
United States Steel Corporation bonds,
through the selling Of the block received
BY him in consideration for his block Of
tennessee Coal and Iron shares, that he
might make the turn In Union Pacific.
The return OF Mr.. Gates, financially
untouched, and with his fat bank roll
al this fime is as usual with Mr.. Gates
movements, very oppOrtune and II is a
big help 10 the market to have fresh
courage, fresh capital, and fresh nerve
IN these trying times.
Bad Bank Statement.
The bank statement was not published
until after the close OF the exchange
for the day. 1t was known that it would
reject unfavOrable conditions, but no
ono paid much attention thereto. be-
cause Of the fact that the incoming flow
OF gold, now close to the 5000 300 mark,
is expected TO Offset any unfavOraDle
effect. The situation Is getting better
every day. but the recovery must bs Of
necessity very slow and gradual, and il
Is but natural that II should be attended
by more Or less frequent fluctuations.
Some OF the close observers OF the
marked tipped of investment buying,
and IL was very evident by the attend
ance Of traders and ''sitters" IN the
various brokers trading rooms that
there was much interest IN stocks. The
nigh rates OF premium for currency Is
having a good effect In bringing out
boarded wealth, and taken all IN all
the condition Is much improved
Some Gains.
Great Northern surprised its friends
with its strength, making a small gain.
an advance Of "a points on the first
sale and keeping up the gain until the
close. The Steel shares we're fraction
ally higher. and there was but little sell
ing pressure under them
The Other Way.
Canadian Pacific lost nearly three
points. AtchisonNwith its fine for rebat-
ing, declined ia points with the opening
or 10 72A, but later was an additional
break of y point. chesapeake and
Ohio lost Il Louisville and Nashville,
Missouri, Kansas and Texas, a full
point, Northern Pacific q. New York
Central Il, and many Of the leading rails
about Z OF point St Paul was 3
All things considered. the market acted
mighty well, and the declines, other
than in exceptional cases, were OF little
consequence
If the market will make as good a
show Of strength for the next week as
Il has during the past there should be
an Immense volume of cash buying for
Investment
All that is needed to bring this buying
into the market is a week or two free
from pantcky conditions.
The Reason Why.
NEW YORK. Nov. 9.-The Evening
Post today SAYS:
The bank statement, issued after the
close Of tOday's business, was unfavor-
able; chiefly because the average sys-
tenn failed TO reflect in full the 81 ,O00, 90
gold arrival or the week. The actual
cash decrease was small compared with
a week ago, and there was some gain in
legal tenders The real cause for the
SIC, 900 increase in the deficit was the
SIS, 00O.O 600 increase in the loans. which re-
fleets, or course, emergency operations, I
notably in the case Of the two trust
companies; From now on the showing
ought rapidly to grow better. In 1893 l
too. the deficit grew larger in the week
when the first $4,000 600 gold arrived
from Europe; this was because the in
terror and the hOarders got II. In an
other week, however. the deficiency was
reduced from SIC, 1000 TO 80 900 ESQ; /
three weeks later. a surplus was re-
stored"