The Washington times., 1908-01-16
NEW YORK STOCKS
IN A REACTION
Opening Strong, With Bulls
IN Control-Spotty Market
Until Near Noon, When
1t Breaks Severely.


as formerly.
There was a rally in the closing hour /
Of the day, due. to shorts covering.
Some stocks actually closed higher than 4
they did yesterday, notably the Hin 4
shares, st. Paul, and some minor stocks. !
The general list was somewhat lower.
NEW YORK. Jan. 16.-No0n.-TheI 4
men who were endorsed in the panic 4
Of 1907 are in the saddle again. They
are giving the market their attention, /
and appear to have 1t under full con-
troll and 10 be able 10 do what they
viii with Il. For this reason the open /
ing of the market is scarcely an IN /
dicatiOn of its action, nor can the
course Of prices reasonably be caIcu- /
lated from the tendency of the market
one hour before the close. AS an ev-
idence Of this. yesterdays market Eur
nishes an excellent illustration. En-
tering the second hour of the after
noon 1t was rather slow and kept on al
a moderate pace until well into the /
last hour Of the season, when, under
the leadership Of Reading. il came 20 /
the front in a wild rush that carried /
the leader 20 lO9 and many OF the /
other stocks were carried along on the /
rise. 1t was not cOntended that there !
was warrant for the big advance other /
than in the counter fact that there
was not warrant for the heavier de- /
cline. Manipulation and forced call /
ing of loans broke prices. easier money /
and the buying of former owners, and /
forced covering of shorts put IL up. /
The market is by no means a good /
one for the short sellers, and 1t is also /
fact that the taking Of profits and
the desire for a reaction checks buy |
Ia una a
of the bull forces can advance the /
market. This is the self-evident con- 1
clusion. But whether the bulls viii
press their advantage and follow stocks /
up or will change tactics and act with /
intent 10 bring about a reaction and !
induce more public aid to the buying I
movement viii not be known until the /
movement Sc indicated.
In q word the market has a strong |
undertoEe, is spOtty, and yet we'll in
hand for either a bun or bear move /
Iaent-
The first hour Of the day was marked
by heavy trading and sharp fiuctua-
lions Here would be great strength. |
and there moderate weakness. A strong !
stock would turn weak and weak one
strong. The fluctuations were net
pleasing &c conservative traders, but
offered ample room for scalping in and
cut prott-taking operations
Reading Again.
Reading was again the leader and 1.
carried many stocks up with II. while !
others refused to bulge on the up-turn, /
ard actually lost fractions and points
The Bank of England knocked OF
another point on its discount rate, max
ing the rate 8 DOT cent. but the for
cigusrs took profits right and left in
the stock market.
As result of LondoE's selling room
traders boxed to see a. sharp reaction, |
but the decline in the stocks that were
lower was but fractional while St
Paul Union Pac.fc. Reading, and
Northern Pacific, as well as IN a mum
Der Of minor stocks was pronounced
The weak securities were SmelteT, Cop
per. Canadian Pacific, Missouri. Kansas
and Texas, and some of the minor
After Reading had touched 10, the
prOft-taklng turned II down AGAIN
and Il broke to lCSH, all within little
more than an hour. This is another
evidence Of conditions
BY noon Reading had recovered to
1O87s What its future course viii be
time viii develop.
Copper.
The dividend on AmaIgamated Cop
Der IS due today. If it is cut the stock
NAV sell Off II IS not cut, the bears
Will try TO rush it-and they may get
left Copper is a bad stock, with Is
Broadway back OF IL. for anyone TO
make free with. Ii sold off a little more !
than a point, but recovered the frac- !
ticn. Smelter dropped rs under liberal !
selling.
Great Northern opened z off. sold I'D |
H. and settled back to 1231a, the fraC- |
tior representing the net gain. NJ, h |
d r. was weak, and to Ia lower |
Missouri Pacific dropped Also and a !
full point. Norfolk and Western gained /
3 TO CO. Northern Pacific points high /
ct. TO 126. New York Central. a little /
frmer. St. Paul, rs better, and Union |
Pacific about p of, after good show |
Of strength.
The Steel stocks were fairly firm.
On the Curb.
Thomas ". Lawson threw the curb |
market into commissions of JuIIish en-
thusiasm, and the trading in Goldhelds /
Consolidated and a number Of other I
stocks was enormous. All these stocks /
advanced sharply, and among the lead /
ers were Nevada-Utah, GoldheId Daisly. /
and Chicago Subway as a slde issue.
As the market neaTed the noon hour /
the weakness Of Smelter, proft-taking /
turn at this time being toward a lower I
range. and with considerable show Of |
weakness.
NEW YORK, . p. mat this hour the /
market was hesitating and a little bet |
ter than the low prices that had been |
established on the two hours liquida- |
ton, for the two hours between noon /
and 2 o'clock in the afternoon had /
been marked by a lively selling on &C I
count of shorts and by stop-proht or
ders-orders from traders with good 4
prohts-to prevent any loss beyond |
certain point
Smelter seemed to be the bear in /
fluence, but the weakness and decline /
extended all along the list. the average |
losses being nearly two points. Reading /
was one of the leaders in the decline. /
breaking from 10 to 107 and recovering |
y. St. Paul dropped from III to 1l5, /
Pennsylvania from HIS to 115ss. North !
ern Pacific from 126 to 12i, Great North /
ern from l24 70 l2214. and all rails from /
one to two points.
smelter declined from Y to 7S1k and /
recovered 10 ia Copper was off from 1
64jz to 59A.