The Washington times., 1909-05-21
NEW YORK STOCKS OPEN HIGHER,
BUT REACT ABOUT NOON. AND
BECOME DULL.

NEW YORK, May ~ p. m.-The
dulIness continued and the decline also
until practically the list was where 1t
was at the close yesterday when there
was q little activity and gains OF 12d9s
were quite frequent. Union Pacific
dropped to 1SSss and recovered Just a
fraction. about = of point. Reading
sold to 157 and recovered to 1873.
southern Pacific was barely steady
ST. Paul held y recovery. The His
TONED the rest of the weak stocks,
Cerat Northern going back from 1853
to 145St, Northern Pacific from 1868 TO
144s. to 1855. Erie weak.
Some of the gossips seemed to see IN
the dunness that attends thef reaction
arr tendency Of the market faVoraoie
signs, I'm that there is nc bear attempt
to break it fursher. This may De &C
counted for by the fact that the DIG
men of New York are in posluoh =
do what they will with the market as
it stands today. Little Steel was q
higher that last evenings close.
NEW. YORK. May I'll p. m.-Wall
Street is giving the market more that
the usual amount of consideration JUST
now. this being necessary because OF
and furthermore because Of the peculiar
action of stocks. Before noon on Thurs
day they were strong. and appeared to
he scheduled for sharp additional gains
Then they turned around and it seemed
next 10 impossible to execute limit
order. so rapidly were the fractions
clipped from values. The closing indi-
Gated a weak opening. but for some
n
cided that it was all a mistake. and all
stocks were opened y 10 z OF a point
higher this morning, thereby giving the
shorts no opportunity to cover at
profits and forcing the covering at
losses.
That there was actually change for
the better in the security situation over
night is not alleged. Conditions are I'M
ehaged, unless there has been cliques
or combinations formed over night.
Financial interests profess 10 see the
end OF the gold export movement. The
Hartman talk Is that Southern Pacific
VIII be a z per cent dividend payer be-
fore the end of the year. and that stocks
should therefore be purchased.
The West a Seller.
The West sold yesterday. The Western
speculative contingent have made much
money in the last eighteen months,
forcing the bull market all of the time,
while yet the East hesitated. The
East was said to be buying today. To
an unbiased observer the market today
presented every indication Of manipula-
ton 10 make strong spots 10 help
Eastern liquidation. And yet there are
those who consider that the unsettled
condition of the market IS indicative
Of a plan TO get the bears busy selling
w xHrs41 ha s-q~F4 -
And the market leader is the common
ock Of the United States Steel Cor
loFatiOn. IT is but a few days ago,
comparatively speaking, that there was
a general dread on the Street that this
stock would pass under 30, when il
would be scheduled for 10 points lower,
according to the views then held by
people who are its friends today. The
Street had a report that John ". Gates
had been assigned the job Of boosting
this stock In any event he has pre-
dicted g. for It. This stock struck 605z,
a new high record today. Moreover II
rose on the tap OF the opening bell from
OS.s TO 5SSs and to 60 before the people
chance 20 buy IL back. A big line of
shorts was run IN.
Weakens At Noon.
Everything else on the list responded
well, and things presented a rather
roseate hue until just about noon. when
the market again turned. just as it did
twenty-fOur hours ago. the volume of
business decreased. price recessioT.s
were common throughout the list. aud
the most noticeable feature was dull
ness.
The manner in which Union Pacific
moved was not to the liking Of the
Street, and yet II was not without re-
siIienCy. although barely holding It's
own, IN the midst OF q fair degree OF
strength All around Reading was too
SLOW, but here there was more firmness
The Hills held as we'll as anything else,
Great Northern rising 4 and Nipper 1ss.
Point gains were quite general through
out. partially maintained.
Steel dropped back TO 59A. Westing-
house, Republic Iron and Steel. Snelt-
ing and Copper, with many Industrials
IN 1z6f1 point advances.