The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-09-16
STRENGTH FOLLOWS
WEAK OPENING
Shorts in Steel Common
Take to Cover.

NEW YORK Sept. 16-The feature OF
tho market during the morning hours
was the strength in the Hin securities,
Reading, Car Foundrys, and Anal
gamated Copper. The fact that the
Steel shares loaned al a premium on
Saturday was considered a sure indi-
cation OF the existence OF q large line Of
shorts. The bear pressure OF the morn
ing was directed against the Steels
again. but with Indifferent success, al
though a new low record was estab-
lished-lower than at any time since
1904
The manner in which the Steels re-
sisted the continued pressure brought a
demand from the shorts that quickly
checked the declining tendency, and be-
fore noon the price Of both the preferred
and the common was above the final fig
ures of Saturday. This strengthening
was also aided by the evident firmness
IA the Hill shares. due to excellent re-
ports Of increased earnings and invest
ment buying
Gold Imports Possible.
The news OF the morning reported the
possibility of gold Imports within the
next ten days; an increase Of s., O00. 600 a
month IN the earnings OF Northern Pa
cifc; the possible reduction OF the out
put Of AmaIgamated Copper from 10000. =
600 10 100000 pounds a month; an In
crease In the net earnings Of the Erie
Tor the quarter ended June 80, 1907, of
e. els1o4,U00 ana an increase of 81. EI3, 1856. 1t
was also reported that large sales of
copper were being made at Is cents a
pound There was no confirmation Of
this report. but IL was considered quite
Within the possibilities. Attention was
also called 10 the fact that the Anal
gamated Copper Company could produce
copper metal at 10 cents and still make a
prO1t.
There was a rumor that the raid on
steel had produced new liquidation, but
the strength in the second hour OF the
morning did not seem 70 warrant this
theory.
The Westinghouse Ali. Brake Company
las declared the regular dividend Of
~ per cent. and an extra dividend Of
equal amount, making the years distri-
button 70 per cent The directors recon-
mend an additional issue of IS, 900, 600 OF
stock. the extra stock to be given as a
stock dividend to the shareholders. The
present capital is 81. 900, 900.
Railroad Shares Higher.
St Paul opened at 1855 and broke a.
1lS3s, advancing steadily thereafter to
10. Pennsylvania was y point higher
Northern Pacific opened at I2S. went of
anu AAANn ulf duC6Q 10 lou OF ~
points above Saturdays close Great
Northern gained 10 points to 127B.
Louisville and Nashville was a higher,
while Reading gained nearly Ia points
Even Western Union was better. Cop
per opened at 593s, went of 10 59h, and
then advanced 10 604t Steel preferred
was at one time about point of but
recovered until il had gained y point
over Saturdays closing. The common
shares were = on 10 y higher toward
noon Car Foundry, On the financial
showing advanced IL to s9%. but re-
acted Slightly.
Trading was on q large scale The ag-
gresslve character Of the buying. some
for investment and some because Of the
Iact that spectators considered a re-
action due. was, with the other favor
able influences, responsible for the
strengthening turn that followed after
the weak opening. London traded both
ways, buying about 10000 shares on
balance.