The Washington times., 1909-11-27

NEW YORK. Nov. 27.-Close.-After
one day Of decided strength from open
ting 20 close, wan Street was in
cheerful mood, With the coming Of to-
day. the more so because the promise
was for good bank statement, in loan
reduction, even if gold shipments prac-
tically equaled the receipts from the
interior But il is the unexpected that
Jars the stock market and il was Jared
from the very opening.
Another hitch in the plans of Mr..
Morgan md his allies in their efforts TO
bring about the much talked of Copper
merger was the club and IL was effect
i've. in spots. throughout TIE list. This
started the COppers at fractional losses,
quickly extended TO ga On Amalgamated,
a. on Utah Copper, = on Anaconda, and
= point on Tennessee Copper.
These declines naturally affected the
tnduStrials, hut not as seriously. Breaks
followed in some of the railroads, and
the market was weak all around. Some
1c-y rails stubbOrnly resisted all at
tCTnpts to break them.
Encouraged by the situation. the
bears, whipped TO a standStilf on Friday,
came back good and strong, and were
decidedly active in their efforts at fore
ing concessions. The news Of the morn
ing was not unfavorable save as TO the
possible fate Of the Copper combine,
and the bears seems to forget the past
reS0rd OF J. Pierpont Morgan, who has,
heretofore. accomplished that which he
has set out to do.
The reported separation of the St.
Louis and San Francisco. and its de
tendencies from the Rock ISLAND
doesn't mean any trouble. If il actually
occurs it will be but an upbuilding of
the Hawley system. a unihcation Of
the vaEious Hawley properties was made
yesterday, so tRat they are now under
the same manaEement.
Pools May Be Selling.
There are those who think that some
OF the big pools have been taking adj
vantage of the strong market to liqui-
date. but the manner In which prices
come back after slumps does not seem
10 be conhmatory OF their theory. The
bears, in making a raid. could pick out
no more vulnerable stock than Copper
in the present uncertainty of the pro-
posed plans. It is a good scalping mar
ket. for the shorts usually have only
moderate confidence and cover on small
profits It's just a trading market, and
This is satisfactory to market leaders
pending the removal Of the Standard
OH decision cloud. the fear Of the
Presidents suggestion TO Congress and
even moderate stringency in the money
market.
s. In the rails the Hills New York Cen
trail and Reading were weak spots, all
-~oming back fairly well. Atchison,
II
st. Paul, and Southern Pacific put up
p bold front 70 the effort Of the bears
Union Pacific yielded ~ points. with
partial recovery.
Prearranged Raid.
Late in the session the action OF the
Coppers, followed by further sIumps in
Shelters and Steel, suggested that the
Copper raid was prearranged and for
effect. II IS just possible that tenn
porary hitch in negotiations was taken
es the basis OF a profit making raid
on the stocks in the metal group. The
trading was especially heavy and Anal
Eamated eXtendeS its break 10 points.
Smelling 20 gSi5 o. points OF. Steel to
s. after touching 90.
Some OF the recOVeries in the rails
were lost I'm the last hour and there
were rumors Of less favorable bank
statement
Copper to s69i.
When Copper fell just before y O'Clock
&c S62s or practically points loss, Il
looked very much as II there was really
something wrong. other Coppers did
not go Off relatively. although very
weak
, In the rails Atchison held its own. and
so did 3. a. O., Denver, NJ. o. j.. St Paul
and Rock Island. Losses Of half-point
limits were noticed in New York Cen
tral. Northern Pacific. and Great North
eTn. Reading lost 3 points. Southern Pa
c1nc H. Union Pacific IL, Katy Ia.
The bank statement was less favor
able than expected