The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-11-26

NEW YORK, Nov. 90 y. NAT this
hour the market is a trihe easier but
the undertone is still satisfactory. The
advance IS maintained.
Copper is now 91lk1k. Smelling 1Olz,
Steel S9H. Union Pacific is 2O2Ss, South
ern Pacific 1905, St Paul 1861, and
Reading 172h.
NEW YORK Nov. 26.-The Immediate
opening was attended with considerable
activity and strength, the coppers, Read
ing. Wabash preferred. and Canadian
Pacific with Consolidated Gas making
strong play for the leadership and the
rest Of the list almost without exception
following with excellent tone. Before
the session was half-hour. advanced the
taking of profits turned the list in a
reactionary movement frequently reach
"a the levels of Wednesdays closing.
but as a rule some part of the better
ment was sustained. Then came another
sharp upturn which was maintained
with moderate trading. although the
movement was not at all active, save
in a few stocks.
Despite these favorable indications and
actual Improvement in values, sentiment
on the Street was not especially en-
thusiastic. Traders were nervous will
ing TO follow the market in an advance
but always with great caution. almost
any kind OF a profit being considered
sufficient to be ga.nered while the turn
the other way was quickly closed to
minimize the loss. The advance was
accredited to the buying Of pools inter
ested in various securities
Mr.. Morgan is said to have found a
way to lock UP surplus coppers and
finance the metal for the needed time:
the Standard Oil decision is yet 10
pass in final review, but IL is by no
means forgotten-there are those who
There were rumors of dissensiors in
some Of the big pools. and some fears
expressed Of thrOw-down. Despite
these rumors the big interests seemed
to have the market in hand. A good
bank statement is expected on Satur-
day, the heavy liquidation of last Sat
day being counted on TO bring about
reduction in loans and an increase
In surplus.
Railroad men have received advices
from President Taft to the principle
recommendations that he expects to
make in connection with the Interstate
Commerce law. Evidently they are not
considered drastic, the Shermeu anti
trust law having been demOnstfa ted as
effective in its force and scope.
Great Crops Garnered
There is one thing coming out n the
near future. and that is the firal esti-
mate OF the value of the crops of 1909.
Some Wall Street houses have received
information from Washington 70 the
effect that this report will be surprising
in the addition Of actual wealth 10 this
nation, that II will show such an
enormous gain over last years crop
value that il will at once direct atten-
ton to the granger roads and again
cause sharp advances therein. Rumor
SAYS that the record will be over eight
and one-half billions of dollars, an i'll
crease practically equal TO 10 per cent
OF this vast sum. These figures viii
Certainly make men of money look into
granger investments.
Revival OF industry in some lines
where there were some indications or
let-up is reported. November contracts
for structural steels win aggregate near
" 100000 tons. The tonnage placed by
railroads is very heavy Including many
contracts for structural steel, railroad
bridges. etc, and many new orders are
slated for December contract
Disbursements.
Estimates for December disbursements
place the figure at $4,000 900. January
disbursements will be very heavy. Prob
ably S225 100000 will be needed and the
banks are likely to commence prepar-
ing for these payments in the near fu-
ture Some loan calling is started rouhd
the tenth Of December and this year is
not likely 20 be exceptional
Market Very Strong.
As the session wore on the movement
toward higher levels continued and
with more aggressiveness. on the first
rise selling developed and the buying
orders seemed to be slightly below the
current quotations. On the second ad-
vance the limit on many orders was
raised. and the fact that the bulls were
making such a strong show Of strength
turned many-bears TO covering. Higher
prices than any reached during the
morning were current during the noon
hour, and the specially featuH was
more or less lost I'm the general char
acter Of the betterment
Some of the Gains.
Copper rose to 9124, over points, and
held firmly. Smelling moved up IL
points. Lead and Locomotive point,
Anaconda x Most Of the minor indus
trials lza2l higher. Steel had had hard
work getting under way. but finally dis
PLAYED good tone and reached S99s, or la
gain. The preferred was steady around
124i4d124ik, and then reached l25. Re
ports on coppers abroad were enCourag-
ing. The rails were prominent IN the
gains as well as the industrials. Union
Pacific turned 202z, Southern Pacific,
1905. and St Paul 155lE The two first
named were a point higher. Reading
was high at llLls. lacking all eighth OF
points gain. Northern Pacific made an
average Improvement, but Great North
-ern was slow. barely holding it's own.
New York Central gained y. Missouri
Pacific hrner. Talk OF resumption OF
dividends on Rock Island preferred
made II very strong.
Much Of the late gossip OF the street
showed that brokers were greatly en-
couraged BY the display Of strength, and
somewhat surprised at Il, iu view os the
fact that many prominent traders were
out OF town not having returned from
their holiday festivities.