The sun., 1908-11-29

che decline In, prices yesterday. The 70.
treat OF the bulls was entirely too orderly
to be In any Benae reassuring to those work.
Ing for lower prices. There was no telling
Just when change OF front might, be ahown
and q determined effort made to recover
lost ground. The duiness on the decline
was omInous In that reapeot. Il indicated
| that not only were the bull forces not be-
coming deoimated but that they were get
! ting Into O condition Of greater soidity ana
that an attack upon them might result
In more injury to the attackers than to the
attacked.
/ For some reason not explained the Harrl-
man stocks were apparently the weakest
members OF the railroad list Some Of the
traders who took the bear side in these Is
sues Justified their attitude on the ground
that the bulls In setting a date for the r,i-
mored favorable announcement made the
market discount it's effect and took advan7
taRe of this to sell stock at the highest
prices. Whether the bears were right La
arguing this way only time can determine,
but there appears to be reason to expect
that within the next few days number OF
matters which ordinarily should have q
favorable bearing on Union Pacific will
materialize. The earnings for October,
which are understood to be highly salts
factory. may be published tomorrow: the
stock will sell ex dividend on Tuesday, when
the deduction Of ~ per cent, may make the
price look low. and the annual report, 1t 10
said. will make its appearance later in the
week,
Consolidated Gas moved up rather vio-
lently after the opening and even In con-
servative quarters II was conte endOd that the
operations In the stock could hardly do the
market any good. The rise was In antci-
patton Of favorable decision In the case
now before the Supreme Court OF the United
states. and there was a natural apprehen-
sion-in view Of the extension Of specula-
tive interest in the stock-as to what might
happen TO the price In case the decision was
delayed longer than expected or was In
some sense less favorable than the current
forecasts Of It, While Gas kept moving UP
the general market was hesitant: when II
reacted the general list began to show i'm |
provement.
Reading. like Consolidated Gas, was af-
fected by rumors OF q Supreme Court decl-
sion. the story In the case Of the railroad stock
being that decision declaring the commod-
ity clause OF the Hepburn law uncousti-
tutional would be handed down on Mon
day. The price was marked up to l4i, but
to close observers the movement betrayed
evidences OF manipulation. not conducted by
large interests with q view to establishing
q permanently higher level of quotations
but by traders who apparently sought only
an opportunity to make a turn by selling
out to those to whom they impaired the
of very doubtful ORIGIN
regarding the alleged imminenoe OF the
decision freeing the coal roads from the
necessity OF disposins Of their mining
properties.
An unusually large advance was scored
by General Electric. partly as q result Of
the announcement in the morning papefV
Of. the plans for the eectrihcation Of the
Harlem River and Port Chester branch OF
the New Haven and to q greater extent
on rumors Of extensive developments of
the same kind on some of the Western rail- |
roads 1t was said that the Hill lines would
place in the not distant future orders for
The installation Of electric traction on their |
divisions. the new power to be |
used for the hauling OF freight as well as |
passenger trains. With electric power |
generated by the mountain cascades, Il |
was asserted. the cost OF operating through |
he mountains could be greatly reduced
As the market neared Its close St. Paul
made n notable display OF strength, at
in most quarters to operations on
he part OF a strong pool which was said
o have corralled practically all of the
Ioating supply OF the stock. There was
ONE discussion OF the good results to come
rom the operation Of the Pacific Coast ex-
ension, but nothing sufficienuy specific
vas heard on this subject to be worthy Of
as the basis for movement
a the stock.
Unenviable notoriety was gained by
american Smelling and Refining. which
Tas at all times heavy-at intervals looking
weak-on the continued declin
! the price OF silver. This metal was
uoted In London three-sixteenths Of q
emmy lower than on Friday. the decline
ringing IL down to nearly the lowest price
which is has ever sold. II was for this
sason that the traders sold the stock, and
Is only fair to say that there were conser-
alive persons who took the ground that
nder existing circumstances the Smelt- ,
lg company having no accumulation OF
liver on its hands-the Importance Of q
ecline in the price OF this metal might II
Asily be exaggerated as q factor IN the
.curity market.
Yesterday, as on Friday, there was more
ian the usual proportion OF activity in some
the highest grade stocks. Chicago and ]
orthwestern. st. Paul. Great Northern. Z
orthern Pacific. Consolidated Gas. General
lectric and Pennsylvanis have shown In
cations Of buying which can hardly have
ny other meaning than that investors,
no have practically cleaned up the market
,r the highest class. Of bonds and have
cked out the best Of the second class. are
DIV going into stocks which yield large 4
,turns and are almost certain to main q
lin their present dividends.
Business Troubles. q
A creditors petition IN bankrnptcy has b