The Washington times., 1908-12-18
Wall SreetAgadn Bsb Generally Hold Fairly Well
NEW YORY RAILS FAIRLY STEADY.
EXCEPT UNION PACIFIC.
SMELTER WEAK.

NEW YORK. Dec. 1S-With the i'm
mediate opening the market was just
about where it was yesterday after
noen. The weak close and the heavy
short selling yesterday afternoon
brought a number Of shorts into the
market to cover and also induced some
new buying The natural result was a
sfeadying and an advance Of Z 10 Is
n many Of the leading stocks
But the advance was not OF long du-
fation. Smelter became weak again and
The leading stocks Union Pacific and
Southern Pacific did not seem to have
the stamina that they did on the rise.
After the shorts had covered the mar
ket seemed TO react and the bears
scenting another opportunity to turn
an honest dollar broke loose on the list
the advances being quickly lost
The news Of the day was not es-
peciaIly encouraging. money was strong
CT. and the indisposition Of the Harri-
man forces to check the decline yester-
day rather indicated some selling on
the part Of insiders.
SmelteT Goes Again.
The session moved along rather quiet
" until in the noon hour Smelling
struck a new low point at IT'S. nearly
3 points below the high. The hammer
Inc. was not credited to L.awsOn's TRADE,
but to development of conditions that
stockholders did not IKe-but the bears
did pound It. Moreover they got after
Little Steel again sent It down to 521k.
although they made but little headway
against the preferred stock. In the rail
list Union Pacific. Southern Pacific. and
some minor stocks were the weak
points.
1t was a fact that Reading. Chesa-
pealSe and Ohio, Great Northern. Fries,
and many rails did not go of at all
badly holding with slight concessions.
Union Pacific Weak.
Union Pacific started at I79%s, sold 20
1875. and then dropped back 20 1915. with
a L recovery. Southern Pacific sold of
a little, and St. Paul dropped back Is.
Copper got a fairly good start with the
rest OF the list advancing after the
opening to 1885, but the pace was too
swift. and il settled back again to
IS7s. II he'd much better than it has
during the last three days.
Taft an Influence.
There isn't any question but whs I
the statement by Presldent-eIect Tat
AAlAA Alt - pr POI NNA ~ AOAAcN elAC pm
cies and lines laid down by the Presi-
dent and his adhearance TO the Sher-
man antitrust law. much more strong
" than even the President. disgruntled
the professional element and was re-
sponsible for the heavy liquidation that
developed yesterday and again after
the opening this morning.
Moreover the drastic character OF the
revision talk, indicating severe cuts IS
causing much unfavorable comment In
industrial circles, and has caused the
withdrawal of many orders from the
market for supplies. etc.
Reaction Healthful
That the reaction is likely to become
serious is not considered probable The
position of the market is admittedly
sound and the liquidation has made il
even better, as much marEined stock
has found its way on the market
Moreover. It has checked the long-cOn-
tinued upturn and checked the dispOsi-
tiOn to overstay ones market.
With the uncertainty that exists just
at this time, the actual figures of open
ing, high, low, etc, must be studied to
ascertain action in the many stocks.
It was a measure of satisfaction to
traders to find the majority Of the
rails rather divOrcing themselves from
the weaklnER in the industrial group
indeed, many Of the industrials cut
loose from Smelter and Copper.