The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-01-04
SHARP GAINS IN MINOR STOCKS.
LIQUIDATION ELSEWHERE AND
THEN SLUMPS.

NEW YORK, Jan. Union Pacific,
st. Paul. Northern Pacific, Southern Pa
cifc Illinois Central, Rock Island,
Reading. Eries. and many other stocks
were weak at the opening, with con-
siderable selling pressure. While this
was going ON Missouri Pacific opened,
the first shot out of the box, at q. as
compared with q close on Saturday of
OSa
This rise OF "a points was made with
Out rhyme or reason. IT, was evidently
Tie result of a precouCelved intention
of Swing IL a boost FOR the effect it
would have in aiding the liquidation in
other stocks. 1t was so utterly uucalIed
for that it surprised the Street and dis
Easted many conservative operators. It
was a pain case OF bidding up a stock
without giving sellers a chance 10 pu-
II In on natural market.
Hurrah in N. Y. Central.
New York Central was another hur-
1aE stock. IL started at 80 and sold
90 G2l2 or the theory OF Hartman I'm
Depew's n y. c. seat.
Pennsylvania followed suit with a rise
from 1925 10 134l8 or 2l2 net gain. Bal
ttmore and Ohio was a little higher and
Colorado Southern rose sharply. These
were strong spots. Ii did not require
she purchases of much stock al the ad-
vance TO hold these, but the fact that
they were strong while the leaders, the
hiEh-Erade stocks OF the list were weak
was patent evidence of the manipuIa-
lion.
Great Northern probably rose a little
un the fact that November earnings
while showing "a loss OF S419.g9 gross
was able TO report net increase of
Soi9.s02, evidently a decrease in main
JCnanCc account
Louisville and Nashville for NOvem-
her lost $4,000 gross and increased net
S5Ge,0po
Fries. Rock Island. Car Foundry.
1ueiler, Copper, ana Steel common were
The steel situation is said to he rather
tender, and predictions we're made that
unless supported by insiders the stock
would sell down TO -.
Harriman's Loft.
While the minor stocks were blazing
way TO a new high record. there was
heavy selling of the Pacihcs, and par
Jicularlv of Union Pacific. The activity
continued until the noon hour, when
there was a distinct let-up in the vol
uEae of trade.
Aud then cyclone hit the list. IL
came from the direction of Washington,
aud had 10 do with the constitutionality
oI the 60-ceut law. declaring that the
state had the right 10 fix the price gas
Tho first slump came i'm Consolidated
Gas. and ri was from l65l2 oU down 10
1-S and the decline came faster than
the ticker could tick 10 of
The whole list started slump DID
sympathy and because IL was evident
shat the leaders were selling the nigh
grade stocks right and left. while hold
ing up the minor securities
Downward Turn General
New York Central, which had been
advanced TO net "a advance. lost
every fraction of it. Union Pacific
dropped points to 1879. St Paul was
= lower. Southern Pacific a point OF
net Northern Pacihc and Reading
s.umped point and Missouri Pacific
went back from u 10 E9l4.
Entering the second hour OF the af-
ternoou the list was decidedly weak
with rush of profit taking by holders
who had been waiting for the ultimate
advance and who were satisfied with
the rise i'm Missouri Pacific and New
York Central i'm the early part of the
day.
The Gas decision was really the jar
that shook the market, but IL was ripe
for reaction.
The market continued 10 slump
throughout the entire list. and declines
reached more serious proportions. Con
sOlidated Gas siUmEed y points net and
an other stocks were nearly "a point
lower into the last hour of the ses-
sion than they were about 100 this
afternoon Moreover liquidation was IN
evidence throughout the list
The chances are for "a very weak
close.