The Washington herald., 1909-01-07
MARKETISIMPROVING
Reaction in Securities Fol
lowing Holiday Slump.
RISE LED By BROOKLYN R. 7.
Colorado and Southern Common and
Preferred Also Improves to No.
tieeabIe Degree-U- = steel Con-
tinues Same Peculiar Resistance
that Marked 1t the Day BEFORE.

New York, Jan 6-VieWs OF 4 strictly
speculative sort we're at a consensus in
Wall street his morning that on technical
grounds alone, no matter what might
be the general trend Of stock market
prices, the market was entitled 10 rally.
Yesterday and the day before. values Of
the standard shares had fallen cOnsid-
erably mora than points. simply be-
cause a single stock, and, that by nC
means a leading issue and one relating
10 a property wholly disconnected viii
general industrial and commercial rela-
tions. had suffered a severe break
SO far as this stock was concerned il
was reasoned that q fall OF 50 a share
which was increased TO 81 shortly after
the opening Of business this morning
would begin 10 provoke investment sup
port; and. therefore. as there were nd
Unfavorable developments over night. tht
greater number OF habitual operators II
the market were inclined 10 make pur-
ehases o5 stocks IL only for turn
BY reason Of the tendency OF opinion
there was an aIl-aroUnd rise In the mar
ket up to midday. the movement belng
led by an especially notable advance II
the Brooklyn Rapid Transit shares, and
BY display Of no small amount OF
strength IN several peculiar quarters
Prominent in this respect were the Col
orado and Southern, common and first
and second preferred shares. 3 supposi-
ton seeming to be more or less wide
spread that the acquisition Of the Col
orado and Southern lire by the Burling-
-on would result IN a permanent enhance
ment Of the value Of al the Colorado and
Southern issues.
United States Steel stock, too, exhibited
the same sort OF peculiar resistance tha'
il did yesterday, for which the announce
ment later IN the day Of the statistics OF
the production Of pig iron for December
showing a fair increase over The outpu
for the preceding month, was perhaps re
sponsibIe. In the afternoon. however. the
character Of the market was reversed
Under the influence Of a running break
. Of six points in the New York Contra
prices declined sharply, although no.
violently. and from then on until the END
Of the day moved IN q highly feverist
manner. closing with an irregular ad
vance and recession
The weakness IN New York Centra
stock was commonly attributed 10 th'
fact that at the meeting OF the director.
Of the company to-day, the only actor
OF importance taken WIS the election
Of Y. G Brown 70 the presidency Of III
road. Action Of this kind had indeeC
been q matter Of previous seni-Ofseia
announcement. but anticipation apPeare'
20 have been excited among speculative
interests that other changes OF an i'm
portant nature were 20 take place Jo-6al
in the New York Central directorate.
The real reason for the decline was
IN all probability. that the pool Jha,
has recently been operating IN the stocl
decided 70 Hquidate a portion Of its hold
irgs. Largely because OF the fJfullnes
Of the market, as recently evinced publ
participation in the dealings, was tO-da.
greatly diminished. and the bulk of stOcl
exchange operations was mostly OF q pro
fessional sort