The Washington times., 1908-01-03
NEW YORK STOCKS
WERE LESS ACTIVE
Weak and Lower Early, Fol-
lowed by General Re-
COVery-SOme Stocks
Gain-Others Lose.

NEW YORK, Jan. 3-CIose-During
the last hour or the session the market
became quiet and prices shaded eft
slightly II was not "a thoroughly salts
factory closing for the bulls, nor did it
furnish much comfort fOr the bears.
ana yet II was perhaps the best thing
that could happen to have quiet.
reasonably steady ending. Il promises
better for the future Of The market
NEW YORK, Jan. 3.-1:l5 D. m.-The
stock market is in a nervous ana unset
tled condition, with rather a strong un-
dertcne, and yet with the caution signal
nylng from the masthead of nine ont
or ten brokers, commission houses, and
market tipsters' gossip Tie eau
uCnary signal is 10 be very careful Of
the play. such as that made yesterday
afternoon, started for the express. pur-
pose OF making it hot for the shorts.
rather than because Of any material
Improvement in the general market
Yesterdays opening weakness found
such resistance that the professional
element ready to jump IN either dirCC-
uon, changed front and gave the bears
severe hiding, the advance being
swift enough TO offset the Seaboard Air
Line receivership and the BOnaparte
boogy man.
The Hin shares, leaders of the boom
yesterday afternoon, were again the IA
Norites Of the morning. There are per
sistent TUIICrs TO the effect that there
viii be an increased dividend distribu-
ton on Northern Pacific, and this stock
Las passed Great Northern in price and
Interest The unofficial promise of d
uisJTDuJiOu on the ore certificates Is
Sill G FACTOR iii advancing the interest
IN the Hill shares. but there is nothing
report.
London sent over figures ON about a
parity with our closing, but the foreign
eFS make no bones about expressing
their dislike OF our Industrial situation
some banks are Hquidating securities.
ana tIeFe IS one prominent group said
10 lie Sc heavily short that Iney are
planning furious raid on the list in
an EFFORT TO check the improvement
Ine ammunition they propose to use is
the surplus of idle cars pilWg up on
the. sidetracks Of the railroads and the
anticipated great reductions in net
earnings, which have not. as yet been
made public il is said that these re-
auctions are particularly severe on the
New York Central and Pennsylvania
lines.
These features. with the announced
intention of the Government 10 pro-
coed against Mr.. Hartman, are eX-
pected To check the rising tendency
aided and abetted by large blocks OF
stocks sold Tor The same purpose
Pace Too Fast.
Yesterday afternoons advance was toe
fast. If II was intended as a move
ment to lure in investment buying II
failed, in that il scared of intending
Investors, who do not like runaway
market, but prefer conservative gains.
The opening this morning was 5ener-
ally around yesterdays closing, or q
traction easier. In some few instances
slightly better figures soon prevailed
but they did not last long, and immedi-
aJely after the first half hour of busi-
ness the list started 10 sag. This was
followed by a little Improvement in the
last half of the second hour. and enter
ing the noon hour the market showed
little more strength, but at the same
time less activity.
The reactions were not severe-iusi
moderate, as rule, with Northern Pa
Cihc a one time two points OFF; Union
Pacific las, and Great Northern points
these being the chief losses of the
morning. These losses we're recovered
with the exception of 1zdZ New York
Central sold off q point and did not r.
cover It The general list was isNiz of
In the first hour of the afternoon.
Little Steel lost s. and recovered 4
Big Steel was steady al a slight loss
Entering the second hour Of the after.
noon the market was strong in spot.
and moderately active The plans OF
the bears did not mature on schedule
and the list was considerably above the
low Of the morning, while in Reading
SUGAR, Delaware and Hudson St Paul
Atchison, and Steel preferred, fair ad-
VanCes were made.
Sugar sold up 2is, the shorts being vel
pinched for their former temerity in
selling this stock. Pennsylvania moved
up p; Reading gained p, St. Paul. 3.
and Steel preferred. =.
At this time the market indicated fair
underlying strength and the chances for
a good closing were bright. The Hi
shares were slightly below yesterday