The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-01-06
THE STOCK MARKET WAS ERRATIC,
WEAKNESS AND STRENGTH
ALTERNATING.

NEW YORK Jan h.-tne shock 10
Wall Street Monday afternoon when
the gas decision was given out, and the
continue liquidation incident TO 1T on
Tuesday. clarified the atmosphere very
much. shaking ont many thousands OF
uargiued accounts and making the
g. uatiou much better Moreover. III Gre
gted a short interest. But there are
fsv who believe that the reaction has
run it's course. Further declines are
confidently looked for. The wiping out
% much capital I'm the Italian disaster
has not as vet affected the market
The loss incident to the gas decision Is
variousIy estimated between S3oooewo
and &50001.00o Much credit Is given 70
n. II. Rogers for his discernment I'm adj
,-isiDe the BROOKLYN Union Gas Com
pauv to accept the S0-Cent gas law
without ouposition. thereby saving the
corporation l.500. 600 expenses. while al
the same time IL was in position 10
take ADVANTAGE of reverse decision
in the event of the court holding with
the Consolidated Gas Company's pleas.
II was a shrewd Standard OIL move.
W c. Brown, N. Y. c. President.
One Of the most important bits oil
reuys If the dsy was the election OF
" c. Brown to the presidency OF the
New, York Central. It was stated sehlo
dsvs ago that Tr Hartman favored
the election of Mr.. Loree, while the
yanderbius were for the election OF
Mr. Brown. II is now reported, how
ever, that the successful candidate hao
the Hartman Endorsement
IF New York Central made its sharp
gain on the prospect Of Hartman nam
ing the president 81 should De sldleu
Tor a reaction on the success or the
former vice president. now president OF
the great Vanderbilt system, although
the selection is IN the interest or Van
deTbilJ conservatism
Opening Firm.
At the immediate opening there was
a sharp advance. but before the market
was half an hour old there was another
down turn. This reaction sent many
stocks slightly below the final figure
of Yesterday. The short sellers tried
10 cover. and Immediately support APP
peared here and there throughout the
list with the result that a sharp up
ward movement developed. carrying the
active rails up g. to a point.
Union Pacific rallied above $50 by
small fraction, and the selling at this
1igure increased, indicating that this
price was about the limit Of the ad-
vance.
Later. however. it strengthened to
1907 with g better tone. st. Paul drop
ped from AS 20 1875 and recovered to
1888. Missouri Pacific was an active
leader improving from 6S7s where II had
touched from 69la 10 strong 10 Read
ing and Ntpper- were all about point
higher. Great Northern shared in the
advance.
Slump Again.
With the middle Of the noon hour the
market seemed 10 be a little tOppy and
as the earlier buyers showed disposi-
tiOn 20 take profits the list dropped
hack again. During the second hour Of
the afternoon the liquidation continued,
prices holdings AT moderate reactions
from the high Union Pacific the active
leader. dropped back from 1902 10 1872
and the list followed. This mSde the
ESQ tip on Union Pacific look fairly good.
Steel and Smelter Act SpIendidly.
The action o. steel, common. wss
something in the nature OF a tonic TO
abe entire list Moreover. that sick
weakIing, Shelters that caused general
weakness o few days ago is a. strong
as the very best stock on the list
showing ls tone and class through the
liquidation of Monday and Tuesday BY
standing unmoyed in the whir Of uqui-
datiOn.
Steel, common, rose from 517s 20 53ss
point above Tuesdays closing. SmelL-
or closed yesterday at Sc and rose TO
ssh
As = rule the industrial list acted
well For this reason and because OF
the fact that conditions in this group
are natural and prices therefor have
not been Inflated b. combinations and
capital there are many who look for
them 90 sell higher.
Gas Rebate May Be Distributed.
Notice was given the local banks hold
ing 100000 of Consolidated Gas trust
funds, deposited to secure the 20-cent
rebate 90 consumers 81 the highest
court sustained the law. 20 be prepared
10 PAY out the money without delay In
case the gas company accepts the de-
c,sion without further legal contest
The officials Of the Consolidated declare
that with so-eeut gas they can not make
per cent on their capitalization. It ia
held that the clause iu the decision.
without prejudice was clearly an in
vitstiou TO a retriai The directors NAV
ignore the lawyers Or ,aGy may fght.