The Washington herald., 1909-01-08
But FIRM
Great Influence of Colorado
Securities on Market.
CONJECTURES ALONG STREET
Chicago and Alton, wisconsin Cen
trail, Colorado and Southern, and
Colorado Fuel and Iron Stocks
show Strong Upward Tendency,
and Were So-caIIed SPecialtfes.

New York. Jan IA dull and iistless
but Enthusiastically firm security market
during the greater portion Of the stock
exchange session to-day was changed in
the concluding hour Of business into q
market OF exceeding activity and
strength. The general impulse behind the
market appeared 10 proceed from the fact
that all indications favored the prob
ability that liquidation in the more or
less severe break Of the last three busi-
ness days had run its course and that
therefore a recovery Of stocks by specula-
tive sellers for the decline as well as pur-
chases by operators for the rise at the
lower levels established were in order.
IN the early part of the day the two
features Of the market so far as there
were any at all were an upward move
ment in certain Of the so-called special
ties, chief among these being the Chi
cago and Alton, Wisconsin Central, anc
Colorado and Southern. and Colorado
Fuel and Iron. and on the other hand a
decline in all the Chicago and Great
Western issues based on the idea. for
which basis IS not wanting. that a com
ing reorganization OF the Chicago and
Great Western must involve a fairly
heavy assessment upon all classes Of the
company's stock
The rise in Colorado Fuel and Iron and
IN the Colorado and Southern first and
second preferred stock was caused by
the circulation Of rumors. for which no
authority whatever was disclosed, that
the Chicago, Burlington and Quincy Com
r.F rr--
Colorado and Southern. through aequisi-
ton Of a majority Of the Company's COM
mon stock, would retire the Colorado and
Southern first and second preferred stocks
by an issue OF bonds. In the case Of the
Colorado Fuel and Iron Il was urged
that BurlingtOn's interests in The Colo
radO and Southern would also lead il %
buy the Colorado Fuel and Iron property
on account Of the industrial Importance
Of the latter concern. whose plant lies
in the Colorado and Southern -neighbor-
hood.
The United States Steel shares were
also rather strong IN the early part Of
the day. because the reports Of pig iron
production in the country for the month
Of November showed a larger gain over
that OF the preceding month. and more
than at any other time in 1915
Satisfaction over this showing was
however. abated by the adverse crit
cisEn that the increase in the production
OF pig iron was for the time being. al
least, ahead Of requirements for finished
products.
A violent Upturn IN American Smelt
ing and Refining common stocks was IN.
apparent occasion for the change for TIT
better in market affairs in the late aft
ernOOn. This movement was naturally
accompanied by stories of the curbst0nt
variety that a reconciliation had been -ef
fected between the American Smelling
and Refining and the new competing
smelling concern Of which so much has
been heard lately. The broad cOnsidera-
ton. was. however, reasonably plain thai
the speculative market had become bare
Of stocks, and that a comparatively ex
tended short interest thought L q wist
thing to reduce its contracts
Consolidated Gas and New York Centra
shares, whose declines earlier IN thl
week were the ostensibIe causes Of what
ever general fall in prices occurred. Old
not rally with Over-much VigOr- and
throughout the day the Erie issues were
al characterized BY heaviness for whicI
reports in speculative quarters that IN,
upstate public service commission
would decline to sanction the proposed
issue Of Erie bonds appeared TO be re
unouSibfe