The Washington times., 1909-01-06
THE STOCK MARKET WAS ERRATIC,
WEAKNESS AND STRENGTH
ALTERNATING.


Wall Street Monday afternoon when
the gas decision was given out, and the
continued liquidation incident TO 1T on
Tuesday, clarified the atmosphere very
much. shaking out many thousands of
u5rgiued accounts and making the
s. uaIion much better Moreover, IT Gre
Rted a short interest. But there are
Few who believe that the reaction has
run it's course. Further declines are
confidently looked for. The Wiping out
Of much capital I'm the Italian disaster
has not as vet affected the market.
The loss incident to the gas decision Is
variously estimated between S5o.oh,WJ
and $4,000. GJ0 Much credit is given 10
H. H. Rogers for his discernmeut In ad-
wishing the Brooklyn Union Gas COM
pany to accept the S0-Cent gas law,
without opposition, thereby saving the
corporation $500. 600 expenses, while al
the same time & was in position 10
take advantage of reverse decision
IN the event of the court holding with
the Consolidated Gas COmpHny's pleas
II was a shrewd Standard oil move.
W. c. Brown, n. Y. c. President.
One Of the most important bits or
news of the day was the election OF
". C.. Brown 10 the presidency Of the
New York Central. IT was stated some
dsvs ago that MT Hartman favored
the election of Mr.. Loree, while the
yanderbits were for tie election Of
Mr.. Brown. Il is now reported now
ever, that the successful candidate had
the Hartman Endorsement
II New York Central made its sharp
gain on the prospect of Hartman nam
ing the president, IT should be slated
for a reaction on the success OF the
former vice president now president OF
the great Vanderbilt system, although
the selection is I'm the interest OF Van
derbilt conservatism
Opening Firm.
At the immediate opening there was
r. sharp advance. but before the market
was half an hour old there was another
down turn This reaction sent many
stocks slightly below the final figure
of Yesterday. The short sellers tried
10 cover, and Immediately support APP
peared here and there throughout the
list with the result that a sharp up
ward movement developed. carrying the
active rails up 81 to point.
Union Pacific rallied above $50 BY q
small fraction. and the selling at this
figure increased, indicating that this
price was about the limit Of the ad-
vance.
Later, however, 1t strengthened to
1907 with a better tone. st. Paul drop
ped from 14S TO 1875 and recovered 10
1885, Missouri Pacific was an active
leader improving from 6S7s where It lad
touched from 6e1z, TO a strong 20 Read
ing and Nipper were all about a point
higher. Great Northern shared in the
advance.
Slump Again.
With the middle Of the noon hour the
market seemed 10 be a little tOppy and
as the earlier buyers showed a disposi-
ton TO take profits the list dropped
hack again. During the second hour Of
the afternoon the liquidation continued,
prices holdings at moderate reactions
from the high Union Pacific the active
leader, dropped back from 1902 10 1872
and the list followed. This made the
lSe tip on Uaion Pacific look fairly good.
Steel and SmelteT Act Splendidly.
The action o. steel. common, was
something in the nature OF a tonic TO
the entire list Moreover. that sick
v-eakIing. Shelters. that caused general
weakness q few days ago, is a. strong
as the very best stock on the list
showing its tone and class through the
liquidation o. Monday and Tuesday By
rNctl4lllE Aliall GU III LLlE WHIT OF lti4li-
dation.
Steel, common, rose from 51Ts 70 53ss
a point above Tuesdays closing Smelt-
or closed yesterday at So and rose to
s5iz
As = rule tho industrial list acted
well For this reason and because OF
the fact that conditions ia this group
are natural and prices therefor have
not been Inflated b. combinations and
capital there are many who look for
them 10 sell higher.
Gas Rebate May Be Distributed.
HoJIce was given the local banks hold
ing s3OO.Oo0 Of Consolidated Gas trust
funds, deposited TO secure the Decent
rebate 10 consumers if the highest
court sustained the law. 10 be prepared
20 pay out the money without delay in
case the gas company accepts the de-
CIsion without further legal contest.
The officials Of the Consolidated declare
that U1rh S0-cent gas they can not make
per cent on their capitalization. IT is
held that the clause iu the decision,
without prejudice was clearly an in
vttstiOu 10 a retriaL The directors may
Ignore the lawyers, or .ley may dght.