The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-11-23
Ea Tendency ND York Stock Market With Some Gains Leading
TRADERS CLIMBING ON THE FENCE
WAITING DEFINITE MOVE
IN MARKET.

NEW YORK, Nov. 23.-Half the old
time bulls are on the fence. The other
half are close by the structure. ready TO
climb on with but short notice. The
bears have also assumed a waiting at
utude being afraid 20 get gay with the
market because Of the difficulty I'm COW
ertng when the time comes. Conditions
are neither favorable or unfavOrable
On the long run and for a long pull
there are more bulls than bears two 70
one. The condition OF the market has
been such as TO drive the public out
and there is a disposition TO wait for
lower prices which would bring in a
number OF good buying orders. The
theory that the bull movement is over
IS not held 10 be good judgment by the
majority OF traders although, for the
purposes OF establishing a good short
interest and inducing the public to come
In again, the Hartman following may
permit the decline to extend to moder-
ate proportions, but not to reach such
proportions as 10 make a runaway mar
ket on the down grade.
Mr.. Carnegie's plea for re,1.vj-.., the
t4rtn from steel is variously taken
~ has caused some selling OF Steel
stocks, and il has created an impress
slOn that the position of the Steel
corporation is such that II viii con
tlnus 10 do the business ex-tariff
While the small Independents would
be crushed out London was weak on
hteeI' put there was a good buying
or a kind that Overcame the London
selling. The Warlike talk in Europe
was also disturbing factor.
sack or 1t all, the power OF the 9ar-
tlIlah cirque Is not questioned. It
has carried the maTAet up in the face
or political possibilities that would
nave meant serious consequences. il
nHaHrH 60
minutes notice and has turned a bear
ialq into defeat that mas been costly
ana IL can do 1T again That's why
SO many brokers are on the fence,
why so many professional traders hes
lIdJe 10 take the bear side.
Weak Early.
On the opening prices dropped Is to q.
and In some cases a point. This was a
bear indication with emphasis. but in
a minute there was a change Of front.
ana values started on the upgrade.
reaching a point TO IL or ~ points
net advance before the market had been
opened an hour This was another
reason Tor the hustle to the fence.
Recovered Quickly.
This recovery carried Southern Pa
cine from I55z TO H. St. Paul from
40. or IL below Saturdays close, 10
AZ Union Pacific rose from 17gIk. a
q loss, 10 1901. New York Central
turned net loss of q to a net gain OF
Us, or 10 u7A. Missouri Pacific rose
from SOL to 62H: Northern Pacific from
1904 TO l4l7s and Pennsylvania from
l-S4 10 lZS- Reading turned a loss of
a To = gain when il rose To l3T
Great Northern did the same, so did
Illinois Central and practically ali
rails.
In the industrial list Copper rose from
a "A loss 10 net y point gain. Ten
nessee copper rose pa after its serious
loss of Saturday. Cotton Seed Oil was
y higher. Consolidated Gas was much
higher. and Steel practically un-
changed,
Slumped Again.
Then about noon the market was
gain wObbly and there We're reaction
airy declines of y point in the majority
of the leaders. The second tit Of weak
ness sent most Of the traders TO the
fence and by the beginning OF the sec
ond hour Of the afternoon the ticker
was having its first rest during busi-
ness hours for some time. Some Of the
leaders were back near to SATURDAYS
closing The Harrimans were - higher
net Chesapeake and Ohio, Colorado
southern, Baltimore and Ohio, and
Northern Pacific were y better net The
chances Tor change either way in the
unal hour were promising. 1t was
neither bull nor q bear market and
was not satisfactory to either