The Washington times., 1908-12-10
DAYS DECLINES.

NEW YORK, Dec. 1O.-With the open
Ing the market continued the advance
that was so evident at the close yes
terday. There was a good demand from
shorts and the pools operating IN the
Gould and Rock Island shares were
busy at their boosting aYocation. Com
mission houses had a number of orders
and the start and movement of the
market for an hour really showed a
decidedly strong tone
Then there came period of profit
taking. Any attempt to gather in the
profits these days meets with general
emulation Of the desire all around the
room. and can but result in concessions
This movement eliminated between the
beginning Of the second hour of the
session and noon, the declines IN nearly
every case causing the loss Of the en-
tire advance, and IN many instances
additional losses OF Z point
A Peculiar Condition.
1t is an extremely difficult market to
diagnose. 1t is a market that may be
easily held up by main force and the
professional trading element will line
up with the manipulators just as far as
they care TO go. but with watchfulness,
for the turn, and they will lead the
, procession on the selling movement.
Some of the best observers of the
market contended that the short in
ferest, save in a few industriaIs, is not
at all large. 1t is admitted that the de-
mand in the loan crowd might create
this impression, but IL has long been
the habit of the big men when selling
securities to cover their tracks as best
they can by borrowing in the loan
crowd.
Easily Affected.
The nervous condition of stocks f.
shown by the ease with which advance
is lost, Just as the ease with which
pool manipulation is carried out is
shown by the speed given advances
when the pools give the word to the
willing brokers, looking for commits
siOns.
II is a question OF being able to guess
the probable action of the market and
one guess may be as good as another.
If YOU can guess what the pools are
Manning, operations based thereon Will
be reasonably safe. The professionals
are playing this game, the old sport,
follow The leader. but they dodge the
danger points and are ready to turn
and quit instanter.
1t IS quite within the probabilities that
some traders are taking back stocks
SOLD weeks ago, wearying of the pros
peCt OF a reaction. Gossips report that
public buying at this time is by in
vestors who took big profits after cleo
ton
There is nothing bearish in the pre-
dictions Of the professional gossips.
They are all bullish, with perhaps
one exception, Gibson holding to the
theory that 1t is a good market to let
alone for a while until its trend is more
clearly outlined
Advance Lost.
Northern Pacific rose 10 1875 and drop
ped to 142ss, Pennsy rose to 1905 and
fell off y. Reading. the big bull point
of the day, started at 1925 and went
sliding down &c 1873; Union Pacific IS4H
top to 1885. These declines were gen.
sral throughout the whole list
Alton, Wisconsin Central, Leather, and
Peoria and Eastern were the strongest
IN the specialties.
Turns Strong Again
After the low prices we're reached
there was a new line Of buying deveI-
oped. The pools became very active in
their operations and the whole list
burned sharply and the improvement ex-
ceeded the first rise Of the morning.
The old-tirne market leaders were taken
I'm hand for this rise, and il was, there
pool manipulation. Outside prices were
quickly established and the trend was
distinctly toward a higher range. on
this gain Union Pacific set the pace
with n rise to 1S41z, a net gain Tor the
Gay OF a point.
Other stocks quickly followed, and,
with moderate activity, the market
passed INTO the last hour near the top
Of the price list.
The market again shifted in the last
hours and became weak in spots. while
holding strong In others The sec
ondary group Of rails and industriaIs
were the soft spots Many of the lead
Crs held but small gains, and some
showed but little change either way.
The market was active in late dealings.
The reaction was due to profit-taIxi1p
The special strong spots were Union
Pacific, Southern Pacific, Chesapeake
and Ohio, Northwestern. Denver and
Reading, second preferred.
In tie last few minutes OF the ses-
sion tie market was little firuer II
viii require a study OF the table for the
day to Indicate the numerous changes
Missouri Pacific was weak. SO vvas
Rock Island and Frisco