The Washington times., 1908-12-16

NEW YORK. Dec. 16-It took the
market Just about ninety minutes 10 get
under way this morning. Up to that
time II was rather difficult to form any
opinion OF which way II would jump.
The ticker was only moderately busy
during the first hour and half, but
at no time did the market show &C
uvity.
Many stocks showed a little better
tone, Great Northern again leading the
way. making new high record
The gossip up TO 1870 a. m was Of
the same unsatisfactory character as
II has been for weeks. The general
trend of advice was favorable to a con-
tinuance of conservatism. even up TO
the eleventh hour Of the year No one
paid much attention to Lawson's TRADE
against Steel common, and it was even
stated that with a 90 per cent cut I'm the
revenue the company's affairs would
not suffer in the slightest.
The thing that rather fooled the trade
was the fact that despite the two days
liquidation. the loan crowd did not show
any urgent demand for stocks, the argu-
ment being that the selling was Of &C
tual stock. and not Of short stock, which
would have to be borrowed 10 make de-
liveries-
Farming Rails.
The disposition TO favor the rails as
against the industriaIs may be &C
credited TO the probability of an advance
in rates while the industrials will suffer
= a certain extent from tariff changes
Smelter rallied quite sharply, and this
had much to do with the stiTening OF
the list Here the shorts Over-reached
on the down grade, and they have COW
cred at an advance, although this stock
is several points below the high Of last
week.
Copper was heavy in the opening los
ing y point, and many stocks were a
little easier. The opening was irregular
with many stocks showing fractional
gains. Then these were partially lost,
and between 10 and IL the market
just dragged along with the Hills and
Reading making the pace in the rails
and Shelter in the industrials, but with
most of this group very slow. New
York Central seemed TO be gathering
strength
Activity Boom.
At about I:SO a. m. the list turned
with rush. Sales OF 100 share lots
gave way TO 1000 share lots and the
tinued to rise by fractions until point
advances were made on several stocks,
while most stocks were 2 to Is higher.
Louisville and Nashville. New York
Central, Baltimore and Ohio. and Great
Northern. with Union Pacific made point
advances. SmelteT advanced rs. Steel
common, was active. moving up from
535s to 54l4, while the preferred was a
shade frmer.
Reading made a little more than a
point rise. as did Chesapeake and Ohio.
with a rise OF IA points.
Most Of the industrials other than the
Steels and Shelter were rather quiet
but showed little change.
Dull. But Strong.
After the middle Of the noon hour
the market again relapsed into mac
tivity, but In the midst OF the duIlness
there was no inclination on the part
Of traders TO force sales.
Money is working a little high. rates
on call loans being at the high point
for one year, 4 per cent. Sterling ex-
change Is higher, and the reserves will
show a loss with the current week.
During the last hour OF the session
there WAS some prOfit-taking and recess
siOns from the high OF the day. These
reactions extended to 5hD% in Balti-
more and Ohio. Brooklyn Rapid Transit.
Chesapeake and Ohio, Great Northern,
New York Central. Reading Copper.
and other stocks. Illinois Central, Rock
Island, Anaconda, Locomotive, Union
Pacific, Lead, and Consolidated Gas
were very firm. General Electric moved
up ~ points, and was strong right up
10 the close.
The market for the day showed de-
clded reversal OF form from that of
Tuesday, and when the limited volume
OF trading, save from L to 1890 D. m is
considered, prices held well