The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-11-13
DAYS DECLINES

NEW YORK, Nov. 13.-Close-@The show
of strength in Fridays transactions, de-
spite the practical certainty OF a poor
bank showing and high rates for money
caused some covering by shorts immedi-
ately following the opening. The vol
ume OF business was very light, and
feentered largely In q few stocks. Com
mission houses were doing very little,
most Of their customers preferring 20
keep out yet a little longer. Sentiment
among the room traders is gradually
growing more favorable. and the opin-
ion is freely expressed that prices are
not likely 70 go materially lower.
Grinding along the bottom and getting
ready for O rise when crop money comes
back about covers the concensus OF
opinion.
favorites. With the great and impress
sive activity in al lines of manufac-
turing traders seem TO believe thaL
these stocks have the best chance to
lead In the rally.
Coppers In Big Upward Trend.
The movement in Copper and Metal
shares generally was distinctively bull
ish. The Street has q revival of a story
that the various copper companies are
10 be brought into a consolidation by
Mr.. Morgan. and the result Is a rush OF
speculative buying that viii not be
stopped even by the sharpest kind Of
advances. Just what part Tennessee
Copper viii play IN the Amalgamation
IS more or less OF a conundrum. but
sensational advance from an opening
at So TO 59lz indicates that Il will go
IA. If at all at much higher figures.
The net gain over Fridays closing was
6sk points, though there was some slight
recession from the high The buying
OF Utah was supposed 70 be for leading
interests IN the property.
Hut al other coppers we're also much
higher. though their gains were more
modest Amalgamated rose frCm 1914
70 SOS. Anaconda from g 70 500 and
Tennessee Copper from 6lss 10 81
Most of these gains were reid and the
active movement here ana IL some
other industr.aIs favOrably affected tho
Steel common absorbed a large share
of the sessions business. Smelling
moved up Al &c 99A. but eased of y
The Steel Corporation has advanced
prices on certain material, tinpiaLe and
sheet bars and as a result Of this ana
the great production, IL is expected
that the earnings for the last quarter
Of the year viii st new record
Gains of y TO y point were quite
general throughout the list during the
? first hour, other than in the specialized
cases as noted. IN the last half hour
OF the session the probability OF a bad
bank statement which had been ignored
IA the great STOW II SERuELn IN COD
pers. caused profit-taking here and
there. and many livelier gains were en-
tirely wiped out or materially reduced,
while some net losses We're sustained.
The easier tone was also partially due
10 the fact that shorts had covered
more or less freely and were out Of the
market
The cOppers continued active right up
10 the close. They also held most Of
their gains. Steel was SHADE firmer
on common and 2 better on the pre-
fcrred.
Leading Rails Higher.
Reading, Southern Pacific and Union
Pacific. with Missouri Pacific. NJ. X
& T., were the strongest OF the rails,
all showing fairly good gains. Great
Northern was steady. but Northern Pa
cific was weak at >. loss.
fractions were decidedly easy on
proft-takiBg after their GENEROUS ad-
vance