Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-23
STRENGTH At OPENING
Group of Issues Affected by
Standard Oil Decision.
RAILWAYS, GAS, SMELLING
Amalgamated Copper Stocks Weaken
Under Heavy Selling.
SHARP REACTIONS ARE NOTED
Distribution of Profits in the An
thracite Railway Circle-Some
Rapid Changes.
SHARP REACTIONS ARE MOTEL
Special Dispatch 10 The Star.


aftermath of the Standard Oil decision
was CLEANED on the stock exchange to-
day. The harvesting was chiefly in the
group of issues supposed to have been
favorably affected by the so-ealled cop
per negotiations. and professional bears
were the cleaners.
The stock market opened with some
what irregular price changes and gen.
orally firm tone. special strength being
displayed by Union Pacific. Reading, Cen
solidated Gas and American Smelling.
Amalgamated Copper however, weak
ened rapidly under heavy selling in the
early dealings. and the pressure was
quickly extended to the whole copper
metal group In which prices crumbled
rather easily.
Amalgamated Copper was the most vul-
nerable of these issues and in the first
hour declineI about five points from last
nights close. The losses in the copper
and smelling stocks were about half Of
this amount, although. as Utah copper
is quoted in dollars, its decline was the
most extensive of all on a percentage
basis. The weakness in the copper
quarter unse ed the general market. but
nothing like decentralization appeared.
Reaction in Certain Quarters.
Reading, Pennsylvania, New York Cen
trail and Louisville and Nashville reacted
rather sharply, but elsewhere selling en-
countered rather firm resistance. Even
when the selling movement was most &C.
tive the Gould railroad stocks. particu-
larry Wabash preferred. scored advances
Before the end Of the second hour prices
hardened generally and short covering in
the copper group resulted In moderate
rallies.
Thereafter the trading became spas
modic. and the tone of the market i'm
proved. In the early part Of the after
noon losses. except in the copper group
and some Of the industrial specialties, had
been generally reduced to fractional pro-
portions, while aggressive strength was
displayed by Southern Pacific. Wabash
preferred, Consolidated Gas and Western
Union. Undoubtedly a quantity of stop
loss orders was uncovered in the copper
issues, and there was much real liquida-
ton Of speculative accounts In this
quarter.
Copper Classed as Vulnerable.
Much Of the selling. however, was OBJ
viously of bearish origin. Efforts to break
prices were made in other directions II
the strength Of suggestions of corporate
vulnerability to antitrust prosecution,
"oe TIC OhiJ ACoHy NuihCi 1Dic POSitiOu
seemed to be disclosed in the speculative
effects which had been produced by the
copper negotiations.
Although much was said to the con-
trary. Wall street seemed very much in
clined to believe that the copper negotia-
lions had been pretty effectually blocked
by the Standard Oil decision, not so much
because the project would necessarily run
counter to the law as thereby interpret
ed as because Of the rather dubious val
yur1f lob afRvt1t t$eN III f>y
ties In a government lawsuit.
1t may be that some form OF a new
copper project agreement for consolida-
ton MY now be effected and announced.
widespread disposition in intelligent quar-
fers to believe that 1t was not at all like
ly to have the proportions originally in
tended.
Some Favorable Developments.
All the Developments Of the day were
not unfavorable to security values or
prices. There was for one thing the in
crease In the dividend on Mackay COM
panies common at the rate of / per cent
a year. OF more general interest and
greater Importance was the intimation
afforded by the action Of the directors of
the Central Railroad Of New Jersey, that
at last some of the long mooted distri-
button of profits was under way in the
anthracite railroad group.
A dividend Of 1925 q share was declared
on the stock Of the Lehigh and Wilkes
barre Coal Company after an interval OF
years. AS the New Jersey Central owns
$s5OO.OO of the stock Of this company.
all but a trifiing minority. It is the chief
beneficiary. AS the Reading Company
owns $l4.5Oo.OO. or majority Of the
stock Of the New Jersey Central. it is the
chief beneficiary of the special dividend
Of per cent which was declared on New
Jersey Central stock today.
money situation. Call money ruled around
D Der cent.