The morning journal-courier., 1908-11-24
WALL STREET NOTES Sharp Declines at the Opening Leave Market on Sound
 Ground. LIGHT GENERAL BUYING Effect of Carnegte's Article--~Copper and the Insiders---Gas
 Rises.

Rises.
 Pretty much everything opened at sharp declines in the New York mar ket Union Pacific, which closed at 179 1-4 Saturday, started out with simultaneous sales of 4,500 shares be- tween IFS 7-s and IFS 5-S Steel com mon, which had closed at 55 Is, had A wide opening" with 5000 shares at 64 S-4 and 54 5-S, St. Paul opened S-4 lower on sales of 100 shares, and Immediately fell 12 further on sales of 1500 Amalgamated Copper, New York Central and Northern Pacific opened 3-4 below Saturdays closing; Erie, Great Northern, and Rock Is- land 1-2 lower Steel fell further to 54 1-2, Union Pacific to IFS 1-2; Southern Pacific and Reading, which had started 3-S lower, declined 3S more All this happened almost i'm mediately; on the low prices thus es- tablished good support developed and recovery began at once, The buying under which prices recovered from their weak opening was general, but not particularly heavy; 1t was rather generally ascribed to the bear sellers of Friday and Saturday. Aggressive selling did not begin until the ma jority of stocks had got up 1 to 2 points from the lowest High prices were reached around p. m; then the volume of trading diminished At 2:so a new professional attack on prices began, and the leading stocks fell back quickly to the lowest figures of the day. There did not, however, appear to be much long stock forced on the market, and Steel stock in particular appeared to be protected
 Talk that the dividend on New York Air Brake will be resumed soon is re- sponsible for the advance in the stock. which yesterday sold above 90 The market activity in Air Brake almost always originates with insiders.
 The Carnegie article on the iron and steel tariff revision was responsible for the early selling of Steel common. Naturally foreign holders of the stock would be more influenced by this than those here. Very large blocks of Steel ar. held in Germany. in Holland and in England. What makes for larger dividends on Steel common tends to reduce the trade profit of the foreign countries which hold the stock.
 The early action of Consolidated Gas gave plenty of color to claims which spread more widely than ever thu. the decision in the so cent gas case would be in favor of the com pany. In some quarters the belief ob. taihs that the courts conclusions have hech written out and that there i; no dissenting opinion Yesterdav'' best price equalled the best price for the year, but that only led tc predictions of still better figure,
 The usual shippers of gold said tha the market was just as near the ex porting point as on Friday The ad vance in the Paris check rate wa more than offset by the rise in storllni here, Houses that, at the end of las week were quite confident that VI were on the eve of exports of s5.000. co to s1oOoO,ooo, thought that the outwar, !, .1- Sales of securities by Europe and tn absence of cotton bills constitute tn main reason for the strength of ex change
 Another 1-s cent reduction in th price of copper on the metal exchange making 3-S cent reduction since the dc cline began on Friday, November 1; was again discussed as possible in dex to Insiders positions In stock, Copper began the recent rise on Octo ber 22 when 1t started from t3 1-2 cent q pound, eliminating at 14 5-s on Nc vember 10 Its advance and decln have thus preceded by at least a wee the movement of the stock market, fo stocks began their real advance on No vember 2, and although the rise inter rupted by one sevfre break on Noven Der Il, the break did not get under wa until last Wednesday. the 18th. But ie not at all improbable that the ris and reaction in copper have closely fol lowed the operations of the Insiders for advance and decline in stocks.
 Tennessee Copper opened a poir above Saturdays low price and ad vsnced quickly to AS It's break ful nishes more proof that pools do not al ways stick together. and that there generally some member who cannot re sist selling out when his paper profit provide the temptation About 15,0C shares of actual stock were sold on th break The failure of the fertilizer in tereste to become very enthusiast over Tennesseee Copper's propose chemical plan accounts to some exter for the weakness.
 London selling amounted 10 Hbor 35,o00 llares Nearly half of this was Steel common. Fully DO per cent. ( the sales through arbitrage houses rel resented New York accounts. It quite true however. that Europe
 selling some securities and that pay ment fC~ them may have to be mad soon in gold.
 
 CLOSING PRICES.
 
 Reported over private wires of Prime
 & Whitelv ,nen;bers of the Ne
 York and Boston Stock Exchange