The Washington times., 1908-11-16

NEW YORK. Nov 16.-An effort was
made st the opening this morning to de-
press the stock market evidently by
parties with intent to accumulate stocks
at less cost. The stocks selected for
the raid were Fries and Rock Islands,
but they yielded only fractionally.
Then the selling increased, and was
distributed all around the room, on the
theory that some announcement tuimical
10 Hartman issues was about to be
made public. Then the story was that
the announcement would not be so bad
as expected, indeed. It would be a bull
argument when once understood, but
the stocks would have been accumulated
by strong parties. and the sellers could
not get them back.
With plot and cOunterplot the market
suffered but little. for the general trend
is evidently toward higher prices. as
Hartman. Rockefeller, and the others
in the Hartman clique have sold but
few stocks and they accumulate every
time there IS any sign Of weakness.
The price changes were within very
narrow range rarely varying more than
a fraction, while the small gains were
nearly as numerous as the small de-
clines.
There may be some disappointment
over the plan for the retirement OF the
preferred stock of the Southern Pacific
TO be good authority than IL per
cent bond issue is TO be made and Of
feTed to both classes OF stockholders at
eI1b, the proceeds TO be used 70 retire
the preferred stock at Sis a share. It
is understoC6 that the bonds viii be
convertible into Southern Pacinc stock
at 100 within two years.
Almost from the opening OF the mar
ket the public was a buyer Large
orders were sent in by commission
houses and, after an hours trading, the
room professionals sent in orders and
there were some big commission house
commissions. Brokers were firm in their
views of higher prices. considering the
hesitauCy only temporary. and looking
for continued public investment and
speculative trading.
The pressure on Erie and Rock Island
relaxed, indeed these stocks had sc
ably resisted the efforts Of the bears
that fractional advances resulted.
There was good strength shown IN
showed a good tone. The former moved
up from 1875, 2-point net gain, and
reacted to 1854.
The market continued to improve IN
tone into the noon hour, at which time
slight gains were in evidence here and
there throughout the list Steel common
rose from 5Ga4 TO 57A, preferred from
1I3L to IA both being ABOUT Saturdays
ClOsings. Tennessee Copper rose TO %
and went OF to 1875 even this being an
advance of IS. Railway Spring turned
y point loss 10 net gain Of 4, Lead
turned a y loss 10 Is net advance.
50 did Copper. while Smelter made s
Detterment.
Erie, common, recovered all but x, the
first preferred gained .. and the second
& Great Northern advanced y, but
failed to hold it. Southern Pacific moved
up and down within s. and remained
Just at Saturdays close. st. Paul was
- OF 10 y up. Missouri Kansas and
Texas lost q New York Central, on Z,
While Pennsylvania moved - Il. Read
lrg mad n lively time, moving up to
1894 from l3SL. the Low OF the opening
hour and holding most OF the improve
menU.
Ia the last half OF the noon hour the
whole list started to move up. Some
of the bears of the morning tried to
cover, and found but little stock for
sale, while the buying orders continued
10 come over the wires In large wads
and at regular Intervals. By the middle
OF the second hour OF the afternoon
Reading had turned 1fOlz; Pennsylvania,
l5Ji4. Union Pacific, 1885, Southern
Pacific, MS, ana Northern Pacihc, l54.
Steel preferred, 1l41s. The entire list
moved UP fully one half point, and the
promise favored strong closing.
some handsome gains were made dur
ing the afternoon, B. a. o. advancing
from 1854 to 1895, Great Northern going
10 1915, and Southern Pacific to 1171a.
While Union Pacific touched 1S, Steel
preferred sold to Is ana the preferred
20 Has. In the last hour there was a
great rush of proht-taking, and the de-
cllnes in many cases wiped out the day
advances, and In some instances addi- \
tlonal fractional losses. The Hartman
stocks, with the single exception of Illi-
uois Central, lost all their advances.
and the extreme close found them be-
low the closiugs Of Saturday. The table
Of advances and declines shows the i'm
portant changes of more than one-quar-
ter of a point
Most Of the leaders were Just a little
lower. Out 81. Paul was done g,
In the last few minutes of the session
the market rallied sharply. with Union
Pacific moving up 3 and Southern Pa
cine the same Traction over yesterdays
close.