The Washington times., 1907-12-07
NEW YORK STOCKS
SOMEWHAT LOWER
Lively Trading, But STAN
dard Oil Selling Checks
a Rise After Weak
Opening.

NEW YORK, Dec. T-Noon-Wall
Street took Il breathing spell today. The
steady upward movement of the past
week was slightly checked, although
there was nothing like serious pres
sure, the rallying power of the market
being evident now and then. The news
OF the day was not unfavOrable- The
action of the Secretary of the Treasury
In limiting the issue of Panama bonds
and certificates Of Indebtedness below
the original proposition was not entirely
unexpected. but the banking fraternity
made II an excuse for applying brakes
20 the market, and they were further
led TO this action by the fear that 1t
might be a runaway market on the bull
side and the thought that II would be
tho part OF wisdom to check the ad-
vance before II got beyond control. The
Standard Oil Company was reported to
have sold some $1,000 shares. but the
manner in which the shares were taken
must have been something Of disap-
pointment 10 those who expected a seri-
Gus break.
Commission houses do not hesitate TO
report orders for hundreds Of thous-
ands OF shares of stock at a substantial
reaction and therefore they are doing
what they can 10 help along the reac-
tion. The specter OF japanese war is
made to do duty as an additional bear
argument and the story Is told OF the
large distribution OF stocks on the
market by big interests that have been
manipulating II for the purpose Of yet
ting this stock sold.
Brokers report something OF a Iet-up
In the demand for investment and eX-
press the opinion that decline Is
necessary 10 give the market good
start on the up-turn again.
Immediately on the opening there was
quite a show Of weakness The pres
sUro to sell by big interests seemed to
create the impression that It was time
for the long expected reaction. The
manner In which the market took the
STOCKS gave Il moro strength. II being
evident that there would be nothing ap-
proaching serious decline.
Hill Shares Strong.
The Hiu stocks. Northern Pacific, and
Great Northern, were the first to show
signs OF a rally, and the advance in
these shares helped the whole market
They have been the leaders in the ad-
vance, and were unquestionably ex-
pected 20 head the Decline but there
was greater strength in place Of weak
ness; with the result OF a general
bracing.
It was considerable Of 4 mixed mar
ket, spOtty as to its strong and weak
points. but active enough to keep the
tickers going until after 1z:1O p. m.
Turns Again.
After the rally that followed shortly
after the first hour, the market turned
again In the closing hour and reacted,
in some cases below the, low point OF
the day. This was due largely to profit
taking, very usual thing on the last
day OF the week. as the bulls no less
than the bears, have little use for the
holidays, seriously long on the market
The final close was midway between
the high and the low prices OF the
morning, by no means weak, and yet
Just little uncertain
The Range.
Copper was weak at the opening, go
ing down from $4,000 to 4s. wherc It
slowly moved Up to 4S1z. Smelter was
another weakling. moving from 75h. a
loss Of Il point. to TN. when it rallied
to 1885. Atchison was one Of the strong
stocks of the day. Chesapeake and
Ohio was steady. Delaware and Hud-
son gained q net as the result OF the
mornings operations. Great Northern
opened steady at 12O. declined to 11gA.
rallied. coming back strong for a rise
TO I21h, and closing at i19j1
Northern Pacific opened y of, rallied
to IL net gain, and closed with. q q
point advance over Friday. St Paul
lost I5h net Reading was one OF the
weaklings Of the day. 1t has been a
strong leader. but today Standard oil
was selling it. 1t sold at 959s TO 931G.
Union Pacific was weak at points
.s5t loss for the day.
Steels were steady, with prices only
fractionally of On the common. but
with the preferred down ~