The Washington times., 1907-10-31
NEW YORK STOCKS
CLOSE VERY WEAK
Gains of the Morning Are
Lost, and From One to
Four Points Addi-
tional.

NEW YORK, oct. s1.-It Is evident
that Wall street is inclined to take a
little more encouraging view Of the situ-
tion, as evidenced by some small invest
ment buying. by short covering, and
some sharp recoveries in prices. The
liberal importation OF gold ordered from
Europe is having some influence on
both sides of the water. 1t is strength
ening the financial situation here, and
II has caused the Bank of England to
follow the example Of Germany's fiscal
institution IN raising the discount rate
ana with evident hope of stemming the
fow OF gold 10 America.
IN some cases the advances IN stocks
were quite market. For all the better
tone ulJraconservatism is advised by
brokers' generally, and they refuse to
Duy more than small amounts on mar
gins. while they are ready to lend all
STOCK that the bears want 10 sell.
again the bears are the hope OF the
immediate market, because their lines
eI snort stock are extTavagantly long
ana with every show OF strength they
try to cover.
Banking Interests Would Protest.
The banking interests. under present
circumstances. would be the first 70 dis
approve of any attempt 10 initiate g huU
movement. They welcome the small in
Nestment buying that takes stocks out
OF lle market and locks IL I'D in safety,
Sul1s5 Wnlie depTecating any movement
u re. = similar character with money.
me volume Of stock held bv bsuIIars
- colIateral for loans is in itself suf
HCIShC 70 give the advancing tendeDc,y
a cneck, II II developed muc1 strengfb
mas, - tne GIoud over the. market for
uIllll Hquldated, liable TO come out AT
any time on strong show OF strength.
Steel and Iron Trade Bad.
New York authorities coDtfnua - +au,
or the unfavOrable condition of the
steel and iron trade. of the certaintv ~
shut-downs. and the laying OF OF EN-
ployes. The position OF copper Is also
considered unfavOrable, despite recent
Duylng for European account The Steel
s1ares did not share in the general
advance today, but they held their own
ana this is really doing splendidIv in the
lace or the serious breaks that recently
nave taken place in other shares while
Iney were still steady and strongly. held
Therein lies the hoEe OF United states
Steel-lts stock is strongly held bv con-
ndent investors, satisfied with PEI. cent
preferred dividends that have ever been
met promptly.
Pennsylvania Puzzles.
Pennsylvania is one Of the chief pug
zles OF the list That il is weak and
lower. while ali around is strength. and
weak when all around is weakness sur
prises the people who have all along
considered Pennsylvania the best of rail-
road shares In any event. and for
whatever reason, II was down a dollar q
share this morning, and that, too, IN the
midst Of strength.
Features of Strength.
Illinois Central was one of the strong
features Of the market. The distribu-
ton OF Union Paclfc's holdings is taken
by many TO mean the triumph of Fish
and the exit of Hartman influences.
Illinois Central shares were 3 points
higher on few sales. Louisville and
Nashville was ~ better. Missouri Pa
cific also advanced 3 points.
Most OF the other stocks gained a lit
tie more than point, though nearly all
were at one time lower than Yesterday 3
nnaI figures. The opening was strong
In sympathy with a sharp advance in
London, but then there was a decline
and In The last hour Of the morning
Reading held q gain, St. Paul point,
Southern Pacific IA, Union Pacific 2Ik
AtchisOE point, Delaware and Hudson
153 net. and Great Northern IA
Copper was fractionally better and
Smelter steady.
50 FAR this week the banks have
gained SlI,591. 600 in their operations with
the subtreasury.
-. m--After doing nicely until well
along in the afternoon the stock mar
as. 4-Cainr weak and from ] o'clock on
until the close there was a recession
Of prices.
Stocks were thrown on the market in
n number Of instances, and the bears
sold freely. Between them the market
broke until every vestige Of an advance
had gone by the board, and there were
declines Of from 1 70 4 points through
out the list
Pennsylvania broke Az POINTS; Union
Pacific lost ? points. Northern Pacific.
Dayton and Hamilton, New York Cen
tral, and Smelter lost points net for
the day; Great Northern, ~; Reading
IA Copper, 116. and the Steels 1E92k.