The Washington times., 1909-10-16
DAYS GAINS.

] Northern and western. - ]
/ North American. -----.--.-------.--- 3 1
/ Rock Island. pfd--.----...-.---.---. = 4
/ Southern Railway 49,. .-..--...-- i
1 Southern Railway, pfd...,,..,,,.... 2 !
/ Copper ....----------.--.-. .-----.'--- i7s
/ Cotton Oh -.-.....-.-..-----..'.-s IS /
| Smelling .-.---.-.-..-..--.....-- lss /
/ Lead --..-.,.---.------------ -
NEW YORK. oct 1.-THE general
trend Of the list was toward lower
range. although there We're exceptions.
hut they we're more numerous in the
cheaper shares. Sentiment along the
street is not extremely bearish, and
vet the strength of the money market
with the prospects of continued stin-
ness in money rates. keeps conservative
operators from doing business as freely
as they otherwise would. Foreign con-
ditions in the money markets are all
adverse Just now. This has been eX-
emplihe5 in the advances during the
week in the discount rates OF the Bank
Of England and the Bank Of Germany
both to an exceptionally high figure
some OF the more hopeful are inclined
10 the belief that stocks viii continue
10 rise under the leadership OF the
FTzwIev shares and that the HaWiey-
Moore Reid combination vii carry many
other stocks up with their own. me
Southern and Southwestern stocks were
especially firm on the short session
Where they made few gains they at
least held their own. which was DONG
well on a declining market where
prices were point 10 nearly points
lover on many of the old-tinle leaders
The enormous activity in Steel com
mon still continues Yesterday Il least
one-third of the business was IN this
stock over 90. 900 shares being sold. At
times it looks as If the leaders were
scalping back and forth IN II, then again
q II the buying was excellent and
agsinst the earnings for the quarter, the
untitled orders of some 10000 tons, and
a certainty Of an increased dividend, Al
least on the basis OF 4 per cent Today
steel common sold within rs points OF
the record high OF the year. It jumped
from 915z 10 SO. and back again 70 SlS<,
recovering to ..
The technical position of the market
has been made less favorable b. the
heavy covering during the last lev
DAYS. shorts could not remain idle and
watch the advancing pace-they took
the necessary losses and waited Tor the
inevitable rise before going IN again
Foreigners Buying.
Despite the stronger rates for money
on the continent, foreigners have been
buyers of American stocks. at least
70000 shares being taken on yesterday
and more today. This is largely based
on the appreciation OF the real pros
perfty that has come back to the Ameri-
can nation: the Increasing earnings OF
railroads, and the enormous business
booked by our steel and iron companies
Another matter in connection with laIe
developments in the steel industry that
Is satisfactory TO shareholders is the
work in harmony hereafter with the
steel Corporation 70 The end that there
snail hereafter be no further III con-
Eldered and expensive antagOnism.
out on Pennsylvania Some operators
assert that the buying is based on
prospects OF increased dividends and
upon the expectation Of forthcoming
announcement Of an extra stock issue.
Europe has reports tNat there has been
trouble In financing a stock issue, but
this story fnds few believers
Union Pacific a Favorite.
Despite the sharp decline in Union
Pacific today il is stan favored as the
legitimate leader Of the rails. just as
steel is OF the industrials. with Copper
and Smelling a good second. The South
EN- Pacific is also favored HiH stocks
are disappointing 70 spectators. though
paying their Z per cent to investors
They have made no advances com
Inensurate with the Improvement IN
Union Pacific. Reading, or any Of the
AiEh grade shares In the list
The Hawley Bunch.
Louisville and Nashville and Atlantic
Cpast Line were decidedly strong spots
lining UP with Rock Island, Southern
and Southwestern shares generally
and the Hawley stocks. The close
friendship existing between Atlantic
Coast Line and Louisville and Nash
Vile and the Hawiey roads Is expected
20 be OF advantage TO the two FIRST
named companies. and they were both
the former selling ~ 10 1891 and
Louisville and Nashville TO 15j5s, at the
outside an advance OF points. but the
full gain was not maintained St Louis
and san Francisco gained = KATY
solo up 70 - and held at the advance
yplendidly But for the fact that tht
1Iuquestionably have been decidedlz
strong and showed the effect Of the
Hav1sy leadership
Copper and Smelling.
Conner and Smelling were weak early
hut gradually became very strong. The
former rose from Sl5s 10 Sss, white
Smelling moved up points 10 %. and
both closed firm. The explanation naS
~ found IN Che following Boston dis
Iatcn 70 a financial agency
The president OF a leading Boston
owned producing copper property says
i have just returned from New York
where ] made some inquiries concerning
rho published statement that J. T. Nor
San 4 Co.. were becoming interested
fn copper combination / learne-
enough 20 convince the that there q
basis Tor this report. and that George
" Perkins, Of the Morgan frm5 has t1'
matter in charge There Is little infOr'
atlOn available As 10 the scope Of q
CODner combination. whether il will take
me form OF an actual conTo lidauon oi
properties OF whether the Morgan hOusa
viii simply use its eudcavors To briag
shout a settlement Of certain disagr &C.
Tents now existing between some Of the
leading copper interests
The Close
There was a fair recovery is the last
few minutes OF the session on shorts
covering
The hank statement was q distiu 4
surprise. showing a So go 90 reduction
on loans and nearly s. 90, 900 IN reserves
: bad statement was expected The
showing evidently reflected the heavy
liquidation IN the FIRST half VI the week