The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-11-30
DAYS DECLINES.


ESubpef PI---.'...---'--. --'--.---- lT5 o.
steel conf. ....--.-......-.....-.. Us
NEW YORK. Nov. SO.-The market
vas very irregular with a few strong
pots where pools were operating or
manipulation was working, but with
more weak stocks soon after the open
pg. An effort is apparently being made
advance the list for the purpose of
Unloading stocks, but q break is due
iefOre the January rise. 1t Is not like
y that there will be any serious loss,
Iut shakeout is in order and the indi-
atiOns seem TO point 10 its arrival on
chedule early in December.
The rails We're better than the indus
rails, the slump In Steel common being
responsible for a rush Oh the part OF
folders OF Copper SmelIer. and other
Industrial shares 10 Iquidate.
one of the pools that was agETes-
i've on Friday and Saturday met con
Ederable stock in today's operations.
md Missouri, Kansas and Texas, the
lecurity in which the pool is interested,
vas but little better higher. The Street
Doesn't take seriously the pool talk Of
burlington being after Missouri, kan
Ias and Texas. II Is recalled that
tbOut a year ago IL was reported that
Dodge was buying this stock for HILL
AZ that time they bulled the shares TO
=, and since then il has dragged at IS.
4 IS reported on the Street that the
whole cloth from which the present
ale is cut was nothing more than a
chance meeting OF Miller and Joline, of
he respective roads. at a resort.
Boom in c. & o.
rOnt, apparently without good reason.
and advanced from a close at IS on
Saturday night to CO.'S from an opening
AZ 4SA. The advance was well main
aimed right up to well into the after
iOOn.
Rock Island sold $4,000 Colorado
Southern As from it's treasury and
Rock Island preferred started a strong
advance, turning 53Ss from a close last
week at 5l12 and going or later To 52z
IL was stated that the bond sale was
n no way responsible for the advance.
Reading was stronger, and for this
ADVANCE which was not maintained
nor did il reach more than fractional
Importance, il was said that a decision
IN the fight on the 2-csut-a-miIe law
vas expected.
ST. Paul gained IA with great activity.
Used as Levers.
lsed as levers to make a selling mar
get, but they did not entirely accom-
1lish it, The gains were shOrt-lived.
With the gains made came an effort 10
lake profits and the movement turned
-4ther the other way save IN the case
Of a lew stocks. chief Of which was
chesapeake and Ohio. The Missouri,
Kansas ana Texas pool had 10 pc con-
tented with about Saturdays closing
Igures.
There is very little short interest in
he market and the public hasn't any,
hing Ike the holdings accredited TO il a
'eW weeks ago There are many trad
.rs confident Of a slump being nearly
sue, and these viii take prohts on any
show of strength going in and out in
anticipation OF the reaction
UndertOne Fair.
The undertone Of the market is ad-
nittedly fair. Money is cheap enough,
though the call of improved business
S sure 10 raise rates before long.
In order TO get the public in the mar
Eet again, good and proper concessions
viii probably be made with view Of
stimulating the January rise
The reaction in Steel was caused by
probable tariff changes. There seems to
Be reason To believe that there Will be
revision of the steel schedule, but the
pig corporation IS so much better pre-
pared 10 meet any foreign competition
any moderate change would appear to
De more or less harml ess-pOssibly fav-
5rable to the big company.
How They Acted.
St. Paul held a point of its gain, being
around 15l into the second hour OF the
afternoon
New York Central was one of the
strong stocks, without pool efforts, as
1 rose TO 1852 or ia points, and held
4 point net gain. Northern Pacific
gain $ and lost a like amount net in
he later dealings.
Southern Pacific could not hold q
gain Of fraction, declining to llSIa,
let loss of q of a point Union Pacific
taTted at lA43sQlN44. and turned down
q 1881, with 4 point recovery. Read
ng started well, and went back to
let loss OF =, becoming firmer at noon.
Missouri Pacific, $50 20 622t. Great
Northern, = of. Fries were barely
ueady.
in the industrial list Copper broke
rom S5S4 to S4sa 10 S.. Shelter opened
irm at 9ra. but dropped back to CPS
Anaconda easier. Pennsylvania slightly
over.
steel common opened at 56at. sold to
81 recovered 10 SOS. Preferred dull
Sut steady at 11224Q1I3
The declaration of the uncOnstitutiOn-
llity. Of the 2-cents a mile law on
Readings application. was announced
bout 2:30 this afternoon Reading rose
rom 1855, when it has sold from 1903,
o 1899
The weakness manifested in the gen
iral market was intensified in the early
lfternoon, gains other than I'm special
gOol stocks being wiped out In the
asst half hour stocks began to rally as
ihoTts covered, and the daily evening
10 process started.
Steel common lost ia and recovered
Emelter rose from 9224 10 93IA. Most
. the indUstrials were q of. Sugar
- an exception and Car Foundry
- strong. late in the session OF
- Atchison, New York Central