The Washington times., 1907-12-09

between the low and high. Great North
ern. Northern Pacific. and Reading were
slightly better than in the final dealings
OF Saturday. The industrials were slow
and soft.
In the minor rails changes in the last
hour were Unimportant.
NEW YORK Dec. 9.-NOOn-The New
York stock market was decidedly spotty
from the opening until we'll into the
noon nour. The opening was uncertain,
marked with hesitation. and then by an
uptUrn led by some of the high-priced
rails. while at the same time some OF
the industrtals were on the down grade
The news of the day was rather un-
favorable than encouraging. 1t is ad-
mtttCd that some weak spots nave de-
velOped that must be cauteriZed.
The bulls point 10 the fact that the
demand fC~ the leaders in the loan
crowd is al indication Of an enlarged
and dangerO $ short interest. the dis
turbing point this morning was whisky
or denatured alcohol. as Indicated by a
81 a share break In DiStillers. It is re
ported that the company is badly IN
need OF more cash TO push it's dena .ured
alcohol business, and tnat II may resort
TO decreased dividends as a means or
producing the coin. A bad break IN
Sugar also annoyed the bulls, ana gave
the bears "A little more confidence The
decline in Sugar was over two points.
and this after the break following the
death of Mr. Havemeyer-
Pacifcs Leaders.
The Pacifcs were clearly the leaders
Of the market. the Hills leading and
Union Pacific being a close follower
Then Reading, the old favorite, acted
just right and the effect was 10 start
the market toward higher level.
4
in the leaders. In the meantime some
good stocks in the minor class were
moving slowly of.
Along about l:30 the general mar
ket turned from its strength and the
rest Of the morning was attended by de-
cl~cs that extended 70 the advances in
tho Pacific and perhaps an average OF
nearly point ir the inactive list
one gossip reported the bears scared
the PaCihCs and perhaps an average Of
by the strength in Northern Pacific
and thc next minute Northern Pacific
went of a point.
There is no question but what banks
arc in much stronger condition, that
tuc worst of the panic and shaken con-
fdeuCc Is over. that the people, the
bankers, and others are feeling better
bus II also the fact that the advances
Of the last two weeks have discounted
large part Of this Improvement
Reaction Due.
Many of the best posted men on tAs
Street are of the opinion that there
should be a reaction. That The ad-
vance has been inconsequential as com
pared with the decline is admitted. but
with currency SUI at a premium. the
general advice is to go slow.
On Thursday the Street expects the
Sank OF England to lower rs rate OF
discount. This would be a bull pointer.
but If il does not II Will be a bear ar
gument
The weak stocks today. 10 the extent
of a point net loss. were Atchison,
Baltimore and Ohio, Missouri Pacific.
Peoples Gas, Louisville and Nashville.
New York Central, and few others.
Copper was a weakling, breaking 20
4ets from 4Sia. Saturdays closing price.
Smclter followed with a decline Of 81
to ~.
While at one time nearly , points
higher. Reading, Northern Pacific. Union
Pacific, and Great Northern lost the
gain. but were all firm at strong Sat
urdays ClOsngs.
The Stecls did very well The COM
mon lost y and the preferred as well,
but this is a small decline. under re-
ports of 5000 idle employees
D. m.-The weakness in Smelter ex-
tended % 69ls, while Western Union sold
down five points. The stocks that had
held small improvements I'm the morning
lost tneir gains. and the high price
shares. in which the best strength was
shown. softcned. Delaware and Hudson
lost its twO-point gain, Canadian Pa
Cific also went back, and the Pacihcs
lost fraCtiOnally.
The money situation was considered
not quite as favorable. 10 per cent being
asked for money.
Some Of the prominent bear operators
saw signs that they interpreted as IA
VOrable to their side Of the market and
they helped along the weakness with a
large line of short sales.