The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-11-24
NEW YORK MARKET IS VERY ERRATIC.
SUPPORT NEEDED TO CHECK
BEAR RAIDS.

n
ter tone. and Is 2O1Ss- Reading and the
Hills are acting well.
New York Central is even weaker than
1t was during the noon hour and has
settled back to 12NI or "a points net
loss. with little rallying power.
Copper is weak at $50. a point net loss.
Steel common is slow at S75s, also a
point loss.
The market IS not active, nor is the
general list higher, the activity being
confined TO specialties.
NEW YORK, Nov PAS usual the
opening was at slightly higher prices and
then the bears became active in their
assaults. playing for Copper in the in
dustrials and New York Central IN the
rails They found both of the leaders
yielding and soon had the market going
their way with an apparently clear field
before them. Steel common was almost
as weak as Copper and here and there
throughout the list there were other
weaklings- While things were going
the way the bears wanted them TO, there
was a halt in the program and the uneX-
pected support of leading interests soon
turned the tide the other way. There
were ample scalping opportunities for
the room traders in the first hour, dur
ing which the chief fluctuations occur
red.
Entering the noon hour the market
became more sedate, moving less &C
lively and with better show OF
strength. The fact is that most of the
margined accounts have been closed
out or sufficiently strengthened to make
them tnvulnerable. With the liQuida-
tiOn largely over. save in speciaitest II
was not hard for the insiders to check
a
nervous over their position. and anxious
TO even up over the holiday, for the
exchange in common with other bust
ness bodies Will stand adjourned from
this afternoon until Friday morning.
New York Central the WeakIing.
The selling of New York Central was
steady, and continuous, and it did not
recover with the rest of the list The
financial plan OF the company is not to
the liking Of the Wall Street people.
while a feeling of doubt as to any in
crease in the dividend, which has been
confidently &C united upon, is evidenced
on all sides. Hence the weakness, the
bear raid and the failure 70 rally.
St Paul showed good tone, and the
Southern Pacific report made public yes
terday was the cause of a good many
buying orders IN Western stocks on
the theory that the same conditions
that made IL possible for Southern Pa
cihc to make it's good showing would
also make Il possible for other roads in
like territory 10 make equally good.
Reading was much firmer. The passing
OF summer weather was effective In
way. and the Street was inclined to give
credence to reports OF a record-breaking
tonnage of anthracite in the next few
months.
Consolidated Gas was the strongest
stock on the list, opening with an ad
vance Of Z point and extending IL. The
Street expec-s a large gain in receipts
without corI esponding increase in cost.
Copper Shares Easier.
The copper merger may go through
after all. but It is generally believed
that it's scope will be greatly restricted
so as not TO reach the limit OF a monop-
oily trust Steel common was weak, but
the preferred held its own with tenacity.
Wabash preferred was strong on the
theory of a 4 per cent guaranteed divi-
dend
New York Central started at 13l.
loss of T. broke to 1855. and recovered
but a fraction. Pennsylvania was a
shade lower, St. Paul a little higher.
Union Pacific steady 70 an eighth either
way. Northern Pacific and Great North
ern both firm. the. latter especially
showing class, rising TO 1929, nearly a
point net advance, but eased to 1F2is.
Reading opened at 1924. eased 10 1888.
then rose 10 17IL, with most Of the &C
tive operations in this issue. AtchIsoD
was a shade firmer.
Copper started ct 9Ok, eased to SS5s
and recovered to 50. Smelling was q
Of. Tennessee Copper, Anaconda and
Utah about y OF. Steel common drop
ped from Ss3i to S75s and rallied to 8Sis
These figures represent the extreme
movement in the industrials. most OF
which were more or less neglected and
steady.