The Washington times., 1907-11-19
NEW YORK STOCKS
LOSE THEIR GAINS
Savings Banks dominique
dation-BearS Push
Advantage.

NEW YORK, Nov. I9.-Noon-The
days splurge is over and once again
the market is more or less in the dumps
The effect of the Presidents letter and
Secretary COrtelyou's measures Of re-
lief may not have been dissipated, but
the situation has, on the face OF IL I'M
proved very little. on every strong spot
stocks will continue to come out. The
sharp upward movement yesterday was
followed by serious liquidation, and THIS
has been the record Of eacn temporary
advance for months. The salvation Of
the stock situation at tnls time Is the
really excellent buying Of high-grade
shares for actual investment, cash BUY
ing that brings money into clrculdtloh'
and that takes stocks out OF the market
for good
Close observers of the situation believe
that the industrial situation must De
nqudaJed; that the effect OF business
falling or and the conditions in milling
and especially vita regard TO steel ana
iron, must find adjustment. Ihey also
recall that the worst OF the panic LouIiiI
banks, bankers, and personal friends
and relatives helping the enneshed over
the rough places, and that these mold
ings must find market before Ihere
can be any great Improvement
Savings Banks Selling.
There Is a third source of bearish IN
fuences and this comes from savings
banks and bankers. In order to prepare
for the Withdrawals on which sixty
days notice have been given the saw
ings banks are throwing over gilt
edged securities right and left, and this
additional to pressure is quite serious
II Is. of course, represented more IN
the sale of bonds than Of stocks, but II
all counts just the same. Every time
the bears detect these symptoms they
push their advantage Moreover, mere
is steady stream OF what might De
called careful liquidation, in that the
pressure is withdrawn whenever the
market shows especial weakness ana
pressed only when there are sIohs
spots on which il can safely be turned
Gossip is insistent that sore spots VIII
be uncovered outside of the city or New
York. although 1t is peIsaps but one
OF the many rumors that the sorged
bears put into circulation with a view
of fuTtheTing their side OF the market.
Support of a Peculiar Character.
The support evident in the market
from time TO time under certain stocks
is Of a peculiar character. When there
is serious actual liquidation pressure.
the support is withdrawn, but when the
hears nush things the support is intel
uecnt enough to score q point by stay
ing the raid Tinlid shorts VIII cover
fICm time u time. but tie prouts on
that side of the market have Deen so
large thar the bears are willing 10 take
many chances, going on the theory that
any Derma ncnt Improvement IN con
ditions IS next 20 Impossible at THIS
time.
Prices we're generally lower than the
opening yesterday morning. OF course
the full effect Of the monetary RELIEF
cannot be felt for some time. but II Is
likely that much boarded money may
come forth if there is an absence OF
unfavorable developments for rev
days.
St. Paul Under Hammer.
St. Paul lost three points this morning.
and did it easily. The pressure on this
stock continues insistent. The belief is
more or less general that present divi-
dends cannot be maintained and thai a
cut Is therefore imperative Moreover,
the large undertaking IN the extension
to the coast is certainly most inoppor-
tune involving as fl did the use of the
former handsome surplus OF the com
pany and making it necessary for the
company TO engage in financial opera
tions TO obtain funds.
Pennsylvania lost IL. opening AT 100
and going to JOS. Reading opened around
S12t and dropped 10 50. Union Pacific
opened 8 higher. AT ~. but declined 10
1l0H. Baltimore and Ohio was compare
lively steady. AtChlsOn lost p point.
Canadian Pacific IA of. Great North
ern declined from 113 to 1921. Missouri
Pacific was = OF. Northern Pacific a
full point lower New York Central. 9614
TO 947s.
Copper, 1873 to 49,. smeIter, GA 70 62as.
Steel common, PAS to 231s; preferred, 215
10 SOS.
About noon there were small fractional
recoveries, but the market was slow.
p. m--The market continued slow,
and with concession here and there
throughout the list during the first and
second hours Of the afternoon There
was no special pressure to sell, but just
enough OF bear movement to cause an
extension of the morning losses by
perhaps a point all around
Union Pacific touched 1895 ST. Paul
S6IR Reading 1885. New York Central 21z
points net loss. Canadian Pacific 3ls net
Great Northern IL, Atcnison IA, and
St Paul Il below the noon price. Steels
were weak, the preferred going back to
50, with the common at 2&Q23
D. m.-There was some Improvement
IN the second hour of the afternoon, re-
coveries of 5s to q being in evidence on
short covering, but in the last fifteen
minutes the entire market again be
came soft, selling down to very close
to the low point of the day. Steel pre-
ferred made a new low for the day at
1875. and the entire list was decidedly
soft. Steel common was 22l2.