The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-12-19
DAYS GAINS.

NEW YORK. Dec. 19.-The action Of
the market at the opening seemed TO in
dicate inside support in a number Of
stocks. It was also evident that some
Of the shorts were getting under oOven
for the recess. and this gave the mar
ket A generally firr,er opening. The
GUggeuheim statement showing the
position Of the Smelling Company and
ridiculing the position OF the opposI-
ton, had q wholesome effect on Smell
tiers. Then Colorado Southern showed
an especially strong position. which IS
accounted for by the fact that the Bur
Iington is said to have acquired the
property at an advance on the current
price. Wabash preferred was also
stronger. and Steel stocks did not show
any disposition to so off
Canadian Pacific.
Under these circumstances the mar
ket got a fair start, the more so as
Il was reported that Hartman inter-
ests were supporting their stocks on
the theory that Canadian Pacific had
secured an entrance into New York
city through the New Haven most
disastrous proposition, II true, for the
Hartman through freight TO the Pacific
Proposition. The story which was not
confirmed, was also pregnant with rate
cutting possibilities
Every one expected a poor bank
statement, and in this they were not
disappointed, hut the Canadian Pacific
runners was perhaps the influence that
the last twenty minutes OF the session
Break Came Late.
Shortly after the second hour started
the market appeared 10 be a little un-
certain, but it was not until near I2.20
p. m. that the cyclone struck the market.
market
II hit the Hartman stocks first and
hard Union Pacific soon made A new
low record Of the week. dropping back TO
las. or 2ie points belor, tho closing OF
Friday ST Paul dropped to az. South
ern Pacific made a new low at I17s6,
nearly points of; New York Central
went of p, Northern Pacific q, and
Reading a full point, these losses being
in addition to gains of sax made in the
first hour of the short session. IN the
less important stocks Atchiscn and
CHeSaT cane and Ohio lost q, hut Great
Northern remained steady and Illinois
Central actually improved.
The bears became very busy in the
last twenty minutes Of the session The
ease with which the list gave way be-
fore their raids encouraged them to hit
the line here and there, but Union Pa
cific and Southern Pacific were the
most vulnerable, and they sold more
Of this and Southern Pacific than Of
any other rail
The closing was right at the bottom
OF the session, on the Hartman shares
other than Illinois Central.
Colorado Southern Higher.
Colorado Southern gained 1 on the
common, 2E on the first preferred. and
81 on the second preferred. this being
the strongest spot in the whole list, and
the only one with gains worthy of spe-
Cial comment
After a time. Smelter. having rose to
81 from an0O opening at 1855. turned and
dropped back TO 1914. Copper also slid
back from l9S. 10 1874.
The list was very erratiC, but the
general tone Of the list was decidedly
weak in the closing.
II Is reported in weil-infOTmed circles
that the recent selling of Steel common
and Shelters was not due 20 Lawson
or tariff talk, but to the calling OF
loans OF a former financial institution
and prominent operator