The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-01-08
But
STOCKS WERE RATHER IRREGULAR.
FIRM EARLY, THEN WEAK,
WITH RECOVERIES.

NEW YORK. Jan S-GeueTaIly
speaking the opening of the market was
good. there being fewer than usual sen
zstionaI advances while the list acted
we'll Some sharp gains were reported
iu SauIt Ste Marie, Missouri, Kansas
and Texas. Kansas City Southern. Wa
bash and Colorado Southern, and for
once they did NOT create the impression
that they were being doomed for the
purpose Of helping the rest OF the list
ON the up-turu.
For nearly an hour the trend was I'm
the direction of higher prices and then
there VAS reaction of moderate proper
tious. It is admitted that the advances
Of Yesterday drove most OF the shorts
60 cover and that thereby the technical
position of the market was made less
favorable 10 the bulls, but the manner
in which the latter took the market
away from the bears. when the entire
list was very weak indicated the
strength of the market control in no
wise weakened, as vet, because of the
Gas Cataclysm.
Little Public Buying.
Commission houses do not seem to be
greatly burdened with orders from the
general public and much OF the bust
ness is of the professional order from in
Siders and room traders ready 10 fol-
low the market GlLher way. The loan
crowd showed that much Of the short
interest had been eliminaIsds indeed. il
has been day-to-day line of shorts
generally covered before adjournment
A number OF minor railroads reported
fairly good eaTminES-net increases
through CuTtaiiment OF expenses, The
ported as active 10 the extent Of - per
cent of its capacity. Chicago and Alton
common stock is said to be going on a
4 per cent basis, and the company IS
said TO have arranged for the retire
ment OF its notes. It was reported that
the BuTliugt on would acquire @ con
trolling interest in the first and second
preferred stocks OF the Colorado South
ern, as well as In the common stock
Announcement was made that syndi-
cate had aurchased SlIs000,OO0 Denver
and Rio GTande 3 per cent gold rs and
was certain OF a good market Tor the
bonds at 925k and interest This may be
q bull card, but there are many per
cent bonds selling above par The
other announcements were rather raw
0rabIe. Moreover. there is so much bull
talk on the Missouri, Kansas and Texas
that the Street is confidently expecting
some favorable development i'm the I'M
mediate future.
hEdJLlUu-
After the first hour there was q re-
action averaging from = to L point in
many Of the leading securities, Union
Pacific going 20 lSJ3z, from 1S1ls. ST.
paul &c 149ls, from 1905, Baltimore and
Ohio 10 1ieSs. from 11li4, and Pennsyl-
vauia and Reading about the Same
amount. Copper was of p, and Steel.
common, S, while Smelter broke from
a9if TO $50. Brooklyn Rapid Transit
slumped to 695k, from T1a, New York
Central went back to l2iss, from 135lz.
This reaction did not affect Missouri
Pacific, Kansas City Southern, 500
Saint Marie or Wabash, nor yet Col
OTauO Southern, this last named group
of stocks being especially strong with
advances of : TO IS points.
The lower range brought more buy
inc orders. and there were evidences OF
clique buying here and there the nat
UTaI result being q little recovery in
the weak spots and added strength
DID the strong shares.
Good Recovery.
ON this recovery, Missouri Pacific
again touched u Union Pacific rose 10
1905. Southern Pacific, to 119E: while
Reading moved up for y point net gain.
Great Northern. 1a5s. Pennsylvania,
13i. Smelling was rather soft. breaking
10 Sslz, from 69as, and remaining soft
Steeis We're e lower Many OF the iU-
dustrials were barely steady.