The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-09-17


ket is still steady. moderately active,
and firm.
Southern Pacific 1924. Union Pacific
2o6is. St. Paul 1sS, Reading 1855, and
Steel common S3Iz. Preferred Steel is
While there is a firm tone to the list,
it looks toppy.
NEW YORK. Sept 17-An unusually
strong opening that furnished the in
centive TO much profit-taking later N;
sharp advances here and there through
out the list. some declines, but more
gains. The gains proved an induce
ment % the army OF followers on the
upward trend to get out. and soon after
the opening there was an easier tone.
and general recessions that affected tho
list with few exceptions. The advance
has certainly been Of generous propoc-
tons with the exception of A few
stocks, prices are today near the high
records before the passing OF the great
est nagnate the Street has ever known.
There is a suspicion that the sharp
upward movement in prices was forced; ;
that IL was made for the especial pur-
pose Of making a market 70 sell on. And
yet the feeling on the Street does not
extent. and some Of the usually right
houses are favorable to a continued ad-
vance, despite the growing 'firmness in
the money market
II has come 70 be a market more or
less devoted TO speCialties. Yesterday
three stocks, Union Pacific, Reading.
and little Steel actually furnished
about half the days recorded transact
tons. The strength in the latter has
proved TO be the chief factor in sus-
tanning the entire market.
II has been generally predicted. and
with every assurance Of certainty, that
the stock is going on per cent basis
in the immediate future. But that is
not all The future Of Little Steel
is suggestive OF a small mine from
which the rFturns will be wonderfully
large-it is on the basis Of the nOt-dis-
tant future that Steel common is being
acquired in such large blocks. II is a
good investment for estates.
Pace Has Been Fast.
The pace has been fast. IL has been
entirely too fast with the lessening sur
Plus reserves. The magnates of the
Street have burdens TO liquidate. They
had TO support stocks ten days ago.
IT is hardly probable that the public
has taken any particularly large interest
in the market. II was sepa rated from
its securities quite generally during the
period of liquidation ten days ago, and
IL is not a habit OF the people to come
back again until after a period OF re-
Election Even the room traders are but
cautiously following the pace. and a
long line Of stop-orders is left behind
the accumulative buying.
As rule prices were higher than the
final figures OF yesterday, but there were
exceptions and much OF the gains faded
in the second hour of the session under
the prOfit-taking
WITH the advent OF the noon hour
the buying power OF the market seemed
to gradually Increase, and the whole list
responded in better shape than might
have been expected. The profit-taking
seemed 10 have been accomplished, and
some of the spectators who turned
bear in the second hour Of the day 10
covering at a modest loss.
St. Paul came TO the front with a
rush There was much bull gossip on
the Street on this stock, but Il usually
unoacked by substantial facts Of any
character But the Impression that
something warrented a movement in the
direction Of higher prices was esta blish-
ed and was, for the time being. quite
effective.
st Paul opened at 1901. a rise Of two
points, moved up TO 1919 and eased off
and then in the seOnd hour of the after
noon touched 1888 Southern Pacific
started at 1879. eased off but recovered
10 1291a again, a small betterment. Union
Pacific started at 3l55s. rose to 207. drop
ped to a5I4 and rose to 206@s. The pres
sure on this stock was evident. Read
ing was strong, rising TO 1881. These
were the leaders. Moderate gains were
scored In the general list.
Steel common got under way at S3iL
touched 81, and eased 10 S3it. recovering
20 S35s. Copper was weak. Smelling lost
q fraction. Many Of the industrials lost
fraCtiOnally.