The Washington times., 1909-10-17
STOCKS MAY GAIN
STILL HIGHERLEvELS
Favorable and Unfavorable
Elements in the Situation
Given Consideration.

owen COnSlQeTauCl.
NEW YORK. Oct. lit is The gem
eral belief that the opening Of the
market tomorrow morning will be at
tended by a general advance all along
the line, with some more OF less eN-
tended gains in specislties. The gossip
is to the effect that Union Pacific VIII
be made q favoIite while it is next to
a certainty that the Vealisnment OF
Southern and Southwestern roads VIII
be . factor in continuing the upward
tendency in these stocks
Expectations of rise are based on
the Unexpectedly good bank statement
as even the experts had looked for a
had showing. To the surprise OF every
one the associated banks and the trust
companies showed a reduction In loans
Of about S50.OG0 900 and an actual gain
in surplus reserve of over 100000 In
Two weeks the loan reductions totaled
nearly $a3,co,eoo.
This is power enough for a stroug
opening gun. Experts can not account
for the loan reduction because there
has been no let-up in speculation, the
market has been in a whirI and the
siders who have been holding the bag
these many days. The big loan reduc-
zion looks like part of the play for
speculative rise and is the more surpIis-
ing at this time when London and the
Continent were supposed TO he calling
American loans and selling stocks at
the same time. It does not seem prob
able that the bank statement is q true
reflex of the credit position of the mar
ket There was heavy liquidation dur
ing the FIRST three days OF last week, but
il was not by the large interests, their
selling being on strong and not weak
spots
The money market is one Of the chief
est factors in the situation The week
5ust closed showed a little less SIrin-
gent conditions, because the West and
other sections. Influenced by the higher
rates, have poured money lQto new
York. Europe views the Wall street ST.
ua ton more TaVOTablN, as X undS con-
idence in the reports OF improved bust
ness conditions in the United states,
but a strained money market abroad IS
indicated by the advance IN the rate
or discount OF the Bank of England ana
the Bank OF Germany.
Tightening international credit and
expansion in speculative operations al
the same time. may make the cautious
watch their trades closely.
The Leaders.
steel, Union Pacific and Reading
have been the market leaders. A glance
At the adjoining table viii show TO what
extent these stocks have almost mo-
nopolized the market and the extent of
the weeks gains as well. The promise
As indicated at this time is for a con-
tinuation Of activity IN these stocks.
steel common Is now within speaking
distance OF its high record, 9s's. IL
would surprise rev d 4 should pass DC
during TIE present week. the up ncilis
that par is not beyond expectations o.
this rise. IuQuc STIGMA bly, the business
Of tie Steel Corpora non IL again 4 Z Or
near capacity, while harmonious rela-
lions with Tie independent companies IN
Lhe same line OF business is q favorable
ra.I Steel common around anything
Ike par in the immediate present calls
IoI an exhibition % great taith on tne
pant OF the buyer, although 1t certainly
people who are buying steel common are
not nuvInG il Tor long pull however
although there are eNcepuons-it Is q
Speculative mos emeDL based on the an
lIcipaIed increase IL dividend and on
The possibilities and probabilities OF the
future n i= likely 10 make further adj
1a2ees because the right men are oaeh
OF IL.
Morgan on Copper.
4 favorable sign Do the CLOSING days or
the las, vee,- was the strength displayed
in Copper ard The metal stocks sener-
ais. J. p. Morgan is said TO have step
ped back II Copper, and when the Nor
gan touches anythiue it IS generally
FURNISHED AMI Frightened as stock mar
IleJ possibility thereby Both OF the
stocks mentioned. Cope and Smelling,
have been frequent stumbling blocks ia
IE- -CEst1e %. ulaTEe- manipulation. \
desperate SHOW, Of weakness in Cope
H.HH aF# l.. O. @