The star and Newark advertiser. [volume] (Newark, N.J.) 1908-1909, 1908-12-18
BULL MOVEMENT
MET BY SELLING
AND MARKET Says
Covering by Shorts Causes
Sharp Rally, but Reaction
F0Ilows-Rails Go Low.

NEW YORK, Dec. 1S.-Stocks still
showed the effect of selling pressure
when business began today. There
were running sales of 10000 shares of
American Smelling at so to SOS, COM
pared with SIS last night. Pressed
Steel Car fell IA, Great Northern pre-
ferred, Delaware and Hudson l, and
American Smelling preferred, Northern
Pacific, New York Central Chesapeake
and Ohio, Southern Railway and Cen
eral Electric large fractions.
II a. m.-Covering by the shorts and
a renewal of the bull manipulation IN
the local traction-stocks caused a sharp
rally which carried some stocks a point
or more above their low prices. Ameri-
can Smelling rose from so to S1%. In
ACKNOWLEDGEMENTS preferred sold
IA above yesterdays closing and the
common, American Sugar. %Interna-
.~tional Pump, and Denver and Rio
Grande 1, and American Car preferred
IL. Heavy selling drove some of the
railroad stocks down to near their low
prices again and the whole market
fell back sharply. st. Louis South
western preferred gave way 3B under
the previous close. the common is,
Chicago, st. Paul. Minneapolis and
Omaha 2 and Westinghouse Electric
and National Lead preferred 1. Lack
awanna opened 91a off at 555.
Noon-The support accorded the mar
ket on declines intimidated the bears.
The buying abated greatly as prices
advanced. Iowa Central preferred rose
1B and Canadian Pacific n Wabash
preferred /. Pittsburg, c. c. and S.
Louis preferred sold at a decline of 4A.
Cleveland, C. C. and st. Louis 3. Bonds
were steady.
l p? m.-Many stop-loss orders were
uncovered n.American Smelling when
it broke 3b to rs. The rest of the list
also gave way at a rapid rate and
there We're numerous material declines
before a slight rally set in. Westing-
house Electric lost 21s, American
Wooden IL. Denver and Rio Grande
preferred and Illinois Central 1ss,
Southern Railway preferred and Texas
and Pacific Ia, andHSt. Paul, Union
Pacific, New York Central, Northern
- 'NiAhS DAlo VII
Copper and Anaconda 1.
2 p. m.H-Liquidation was renewed in
American Smelling, driving it down to
76A, a loss of AS. The general market
sympathized in the decline, a number
of leading stocks going lower than on
the previous selling movement. Fed
eral Mining preferred dropped 3h,
American Smelling preferred 3, United
Railways and Investment preferred "a,
international Harvester 2, Iowa Central
Ia, Amalgamated Gopher III. Wiscon-
sin Central preferred III and Reading
Southern Pacific, Louisville and Nash
vile, Atlantic Coast Line, CONSOLIDATED
Gas, ssGeneral Electric and Republic
Steel l.. A rally followed, which ran to
a point in Union Pacific, Amalgamated
Copper and American Smelling.
3 p. m.-The market closed heavy and
dull. The extent of the short interest
created by the earlier selling vas re-
yealed by the demand to cover in the
last hour, Active stocks quite gener-
ally rose a fraction over last night.
Electromagnetic Metropolitan preferred
"a, Brooklyn Transit ia. Iowa Central
preferred and United States Steel pre-
ferred 1as, and Colorado and Southern,
Wabash preferred and Interborough-
Metropolitan l. American Smelling
ra 11ie1 2