The Washington herald., 1908-01-22
WALL STREET NOTES
Sales in SHELTERS Continue
to BE HeaYy.
MOVEMENT OF BULLS FAILS
Announcement that Reading Would
Close Galleries Temporarily, Puts
the StOck-St. Paul Is Weak Under
the Attack of the bears.

New York, Jan. 21.-To-day, as on the
preceding day, there was a wide opening
in Shelters. but the volume Of sales at
the start was not nearly as large. on
Monday ten good shares changed hands
so nearly simultaneously that ali had TO
be reported together as the opening trans
action. To-day the number so grouped
was only 1900 shares. and the price range
was narrower, extending only IL points
instead of 4 points.
But a new level was made by these
1000 shares. which went at prices running
from 63la 10 g. ana the former figure
was not duplicated during the remainder
Of the session. After the first sales the
stock met with support above g. Around
noon it rallied moderately on covering
of traders shorts. and closed. notwith-
standing the great weakness, at a slight
advance.
When the news tickers at II o'clock
licked off the news that the Reading
coIlieries would close for two days to-
ward the end Of the present week, they
Aftt l'o4AA TbAttt-lliH -t-A nat'4A VA AiAN
bull movement in Reading stock. The
general market had been advanced on
the improvement in the money situation
but Reading had the additional factor Of
trade conditions to help It.
Never had such conditions been known
before. a couple of weeks ago, however
a change came and again conditions are
altogether only unusual Now, however
thanks to the mild weather, they are nearly
as uufavorable 10 the anthracite com
panies as they were favorable in Deem
Der. The shutting down of the mines,
even for a short time in the second half
0t January. proves this. II may not be
unprecedented. but it surely Is unusual.
There IS talk of cutting the price but
fin few places It is believed that this VIII
be done The companies could hardly
afford 10 do It, for they are bound by
contract of wages ever paid IN the mining
regiun-aHd pr'ce-cuttiug would not do
much to stimulate the demand SO LONG
as Old Sol continues 10 give this CONT
uant an insulIr winter
81. Paul showed an utter lack Of
strength The bears hit st and IL went
down. Once down Il stayed down, OF
rather il did not stay al all-lt kept going
of rumor there was none. and none was
wanted The stock had been put up %
selI-jUst as it had been something more
than year bef0re-and the selling being
accomplished no interest could hold the
price up even if any had wanted to, which
was not the case.
The Rock Island fours. the bonds given
in exchange for the OLD Rock Island stock
and secured upon It, were SO heavy as to
cause a revival Of uufavorable rum0rs
previously current. Some brokers who
had buying orders in the stock OF the
Rock Island Company said that the
weakness was not as great on the surface
as il appeared 10 bc.
a factor which Wall street has now
begun TO regard as one Of the most i'm
portant IN its bearing Oh the stock mar
ket situation, is the necessity on the part
Of the railroads 10 reduce rates Of wages
far below the ahHormalIy high level, 10
which they were advanced q year or
more ago.
II The change can be effected it is well
and good. 30 not peaceabIy. it must be
brought about IN the other way. The
railroads employees participated IN the
prosperity OF the companies and must
now share their adversely. Pennsylvania.
by the increase granted thirteen months
ago. practically made its employees a pres
eut of $2000g10.
The company cannot continue To dis
pense such libeT8lity. The adjustment
must come but labor does not yet rec
ognize the necessity-hence the nervous
ness which Wall street feels which
caused a good part of tO-day's selling Of
stocks and with the fact that the mar
ket was honeycOmbed with stop loss or
ders q little below the price level which
prevailed at the opening was respon-
sible in a great part for the decline dur
ing The daE.