The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-12-02
SHARP SPURTS IN MINOR STOCKS,
ESPECIALLY THE GOULDS,
NOT MAINTAINED.

NEW YORK, Dec. 2.-The market IS
not Co the liking Of conservative traders.
II is admitted that another advance on
the road to the top Of the crest Is pos
slble. but those who are not looking for
the ultimate cent win go cautious. The
tale Of the ticker is the story OF ac-
tvity in stocks that do not rate high
IN Stock Exchange literature. BOoms
IN low-grade stocks may be continued
for. time, but the sharp gains are
lost, usually, on short order.
The greatest activity was in Rock
Island, Texas Pacific, Kansas City
F,,.,.se.us -,4issOpu Pacific and Mis-.
souri,, Kansas and Texas. These are not
The fuVOTite stocks of the investor who
desires to leave a good estate. and one
that can be satisfactorily liquidated-
ss.tuty ana reuaoie investments would
seek more substantial properties.
Not a Prosperity Sign.
That Rock Island should rise points
IN two days on the fact that the Frisco
system had been able TO find the neees-
ssry financing, is not considered an evil
denCe OF the confidence OF the public
in the future Of the stock market.
There are Two explanations given TO
this rush OF activity one, the story
OF a formation OF a POO, OF all The
Gould stOcks-holdIng company TO rep
resent Missouri Pacific, Kansas City
Southern, Missouri Kansas and Texas,
Texas Pacific, Western Maryland, ana
Denver ana Rio Grande. Just what
good holding company would accom-
pllSh or how IL would DeuenU The IN
alvidual roads OF the combination as q
whole. remains 10 be seen.
The second and perhaps more plaU5-
lble story Is that these stocks and Rock
Island are being boosted, advanced. and
bought Tor the purpose OF affecting the
list, giving IL strength. SO that the mar
ket viii stand Tor the unloading OF the
lnanlpulaJOTs-
Caution Urged
with such uncertainty the best ad-
vices are those that urge caution until
the trend of the market is developed.
New York has more walters IN the
market today than 1t has had for
months. Conservatism is the rule, al
though the UndeTtOne is soOd and the
general impression seems TO favor a
higher range OF prices before Christmas.
The public is not nearly as rampant
Tor stocks az It was but good judEcA
think that the public viii come in again
IA the near future, provided there IS a
moderate recession ia values
Gold exports are under way and 5000
90 was taken for export today. Money
Is easy enough and no fears OF strin-
gency or material advance in rates were
engendered by the exports Of the yellow
metal
Advances were made in many stocks
at the opening, bat they were generally
lost. save in the case of the second-Class I
stocks referred TO as especially active.
This rule was quite generally, although
Illinois Central took a squirt that seem
90 TO Indicate manipulation, and without
good reason and held nearly two
l49ss.
Steel Common.
one of the peculiar stories of the day
Purported to be a reason for the recent
break In Steel common, the story being
that a number Of prominent operators
started for lot of long stock held ia
bucket shops with view ~ 8sttllS IL !
out The probable real reason, Will be !
FOUND IN me promise or at trisL a - /
per cent deduction in Steel tarin.
After the strong show or strength In !
Che minor shares. when gains of IwO /
points were established In Missouri Pa /
uinC. and 1U5 points IN many OF the I
minor stocks, the taking Of profits by !
the pools that have been working in |
them caused a turn for a lower range /
Missouri Pacific held but = net gain I
and the other lost about the same, al !
though Rock Island preferred which
had rose from a close OF Monday CT /
IS 10 60lz on the opening and later TO
Elsa, dropped back to near the opening
price Texas Pacific, the reputed hold (
Ing company, was the only stock re-
naming firm-that Is. in this group.
Atchison, Baltimore and Ohio, Cresa- /
peake and Ohio. and many stocks
showed little or no change. ST. Paul
rose 3, but did not hold It, being but
x higher. Southern Pacific remained !
steady. Reading and PcnLSy pracUi- /
cally unchanged Union Pacific, while
both higher and lower hung around last
nights closing price well into the after
noon.
Steel common weak at u loss: pre-
TERED steady. al slight decline SlOss-
Sheffield was higher. Most of the indus
trials were steady. Shelter was higher
and lower and steady, the latter the /
late feature.
In the nnal dealings, St. Paul Union |
Pacific, Reading, and Steel common, !
were very weak reaching nearly over
a point, Louisville and Nashville drop
ped rs. Union sold 20 1905. Steel COM !
mon, 70 54is. Reading, 10 1854. Smelt- !
ing ana Copper of full point Missouri, /
Kansas and Texas lost y 10 s. but the 4
other Gould stocks held firmly, al |
though no one OF them held the full 1
gain Of the day
Missouri Pacific only held the small |
est fraction. Texas Pacific was 2 high |
or. and Wabash, preferred, was fun |
point better. Kansas City Southern held /
Us gaiT on preferred.
The closing Of the entire market was /
weak, and near the bottom range.