The Washington times., 1908-11-19
DAYS GAINS.

NEW YORK, Nov 19.--THe weakness
manifested in the stock market during
the closing hours of yesterday, was ap-
parent at the opening this morning.
But Jhere were scores of orders waiting
toT the concessions, ard their execution
soon put the list back or about the
same basis as the last figures of yester-
day, this having reference TO all the
leaders.
Some of the best houses on the street
sent out advices last night TO buy If
tie market opened lower, If not 20 wait
for a little further reaction. The shake
ont was well timed and many small
LuTgiued investors and spectators were
closed out. That It viii be continued
l'r much further loss is not expected.
The Opening.
50 far as the leaders were concerned,
Pennsylvania opened q lower, Reading,
2; Southern Pacific, Is; ST. Paul. s.:
Union Pacific, Is; Illinois Central, 3
Northern Pacific, slightly; Smelling. q:
and Copper, 4. The general list OF in
dustrials was duh and easier. but not
particularly changed.
Northern Pacific was ex-dividend. II
points This Dut emphasized the eX-
celIence Of the Hin management,
There was nothing In the news Of the
morning other than the lower London
opening 10 cause concessions.
Rally Follows.
Within a few minutes the market
started on the road TO recovery, and
before half an hour the declines were
entirely gained with a fairly good I'M
dertOne.
The speed of the recovery aston
ished the professionals who had hoped
10 make an honest dollar on the bear
side in what they expected might be
an extended bear movement and they
turned TO cover
The reported intent of the St. Paul
road to issue 500. UOJ,OJJ bonds caused
the start of the decline, and its denial
did not help much Moreover, Il Is ad-
mitted that IL the roads need long time
cheap money, the present Is probably
the best time 10 get II, The Panama
bond issue will take much idle money
out of the Street and the Increase IN
business ana manufacturing Industry
viii also call for millions. At present
rates are little stiner. but not APP
preCiably higher. The Bank Of England
rate il 21R per cent and the American
stock list is in high favor abroad
Some Net Gains.
There were some net gains in the list.
but the majority Of stocks held within
traction Oh INC GiSn4llB Llb VA - "a -
terday.
ST. Paul proved the leader evidently
on inside support. 1t advanced from
l4S to 1888, a net advance Of II. South
ern Pacific rose u Of a point. Union
Pacific was very firm, advancing TO 1922.
a a net gain. Reading gained 4, but
did not hOId it, Missouri Pacific was
IA Up. New York Central strong. Ches-
apeake and Ohio was leader, moving
uD a point. Most Of the industT1als
were steady to a small fraction OF.
The market continued strong with re-
duced activity we'll into the afternoon
Passing into the last half of the sec
ond hour Of the afternoon the market
remained very steady, with fair vol
ume of business. Professionals were
looking for signs of weakness without
finding anything TO encourage an attack
The campaign IN Erie seems 10 be for
the purpose of securing lOw-priced
stock, but holders believe that Harri-
man Will advance fl and are not dis
posed 10 accept lower prices.
The copDers were neglected despite eff
forts TO attract attention to them. There
was an abundant supply of caution
siEAE out on COppers with predictions OF
lower prices in the near future.
In the last hour of the day the market
was quite active with good strength in
many minor shares, but weakness In
many OF the leaders. Union Pacific
slumped from 1875 to 1905, Northern
Pacific was OF pa. Reading dropped q
point.
The bears jumped on the list hard
and the closing transactions were on q
badly slumping market. Good gains
were wiped out in the last fifteen min
utes and the close was very soft
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