The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-11-21
STOCKS ARE ACTIVE
At HIGHER LEVELS
Week May Witness IncreaS-
ing Broadness in Spec
ialty Operations.

direction or gains me sensational
features We're furnished by Central of
New Jersey with - points ne, advance;
Delaware, Lackawanna, and Western, a
like gain; the express stocks. with Wells
Fargo leading with a 50-poiut improve
meut The lesser mining shares and
Copper, Smelling. steel, and Republic
Iron and steel all did well. In the rails
Reading was clearly the feature, with a
revival of interest in Union Pacific, the
former reported TO be the result of q
run in of a heavy short line. and the lat
ter on the theory Of discounting some
thing coming that seems to be well UNI
darstOOd by the few brokers who are
better informed tran the average brok-
er.
sentiment cautious, out Improving.
While sentiment is gradually improv-
ing, conditions are not ripe, as yet, for
a prolonged upW ard movement Indi-
cations rather point to an effort on the
part of market leaders TO prevent any
special disposition TO violent fluctuations
either way, and financial interests viii
second their efforts
Money is still the stumbling block of
the holders Ct the great bulk of Sc
curities and until there is a sufficient
surplus over the demands of business
ana crop movement, important price
expansion is not likely. Crop money
has commenced TO come back, but not in
any large volume. Financiers are look
ing for easier money in the immediate
future The heavy cotton exports are
sure 10 weaken rates for sterling ex-
change, but they do not give any prom
Use of imports of sold. simply Offering
more assurance against its export. south
America is drawing gold, bat only I'm
relatively small amounts from this cen
ter The long expected call for a state
ment by the Comptroller of the Chr
reney released a large volume of cur
rency that he'd been held very CLOSELY.
in expectation Of the call The showing
made, the money viii ma its way I'm
larger volume into the channels of trade
and speculation.
Conditions Satisfactory.
The underlying conditions Of the Sc
cuTity trade are satisfactory. other than
the fact that stocks are on a birb
basis. This argument was advanced
through the entire period of imitation
after the panic. Traders followed the
market, but always with vyatchfuI can
ton and ultimately the recovery in all
lines of business gave warrant for the
high values
The contention of the great financial
interests of today is that conditions as
they now exist, after the harvesting of
the greatest and most valuable Weld OF
agricultural products ever garneEed and
the addition OF billions 10 the wealth of
the country, VIII warrant srih higher
prices than now prevail perhaps than
have ever been recorded.
That an advance can ne established
on easier money is PROBABLY conceded
raH Tax.
saTy, ia order TO make market where
the big men Of the Street can drop part
OF their burden IS also admitted,
The question with the speculative
trader and with the conservative i'm
weston is when viii this movement be
started For the investor looking for
SAFETY and returns there are 0ppor-
tunltleS All over the board. To this
latter class the Hills should offer Op-
lortunitles. Pennsylvania and Steel.
preferred are safe and sane invest
ern roads have most favorable out
look. There are numerous iudustriaIs
tzat are inviting.
No Prospect Of Serious Declines.
There does not seem 10 he much pros
Esct of serious declines al this time nor
in the immediate future. Wall Street
recognizes that il is only day OF two
until the lawmakers will meet, that TREY
are likely to receive a warm message
from President Taft and another era of
talk anent the policies Of Roosevelt.
They expect 10 hear mueu OF corporate
control. of restriction Or stock I'D bond
issues and other theories Tor The en-
fCrcement of corporate rIglteDusnesS.
but for some reason or other Wall
street has firm and abiding belief II
the intent of the President TO DO nothing
has returned and which has been so
cordially welcomed by capital and labor
and all Intervening classes.
II is a fact that the bear side of the
market IS growing unpopular. For
some weeks heavy liquidation here and
there throughout the list rather encOur-
aged bear operations The sHlI stocks
were sold freely and the suggestion was
that this stock came from the strong
box Of the Hartman estate. This
liquidation Us apparently nearly over
More Hopeful Views.
For several weeks room traders
have been holding OFF. doing httle OF
nothing on the advice Of their brokers
who generally urged the neutral posi-
ton as the only safe plan IN a market
where the tendencies and indications
were hazy and, to certain extent,
undetermined These same brokers
while stiH advising conservatism. are
growing more inclined 10 favor higher
prices. but are specializing on their
favOrites.
The bank statement was again a fav-
cradle surprise. the feature being the
heavy reduction I'm loans, although
without evidence Of the return flow VI
crop money. II was better than ex-
Dccted. Local nnaucleIs seem to be
able TO handle the money question and
from now on there should be "a gradual
Improvement. Actual decrease iu loans
was much heavier than shown.
The Standard oil. decision had q bad
effect on yesterday S market. sDecaIat-
ors being very nervous over b. After
n has been digestcd and dissected hy
the legal lights its fun effect viii De-
better understood il IS said 60 bee "a
serious blow at the very existence of
the big oil company. but court decisions
are not final sometime
Specialties to the Fore.
Specialfies arc likely 10 dominate I
the immediate future. The signs of the
times point stronSly 10 important deveE
opmants in Coppers ana Smelling. THE
Street knows. ia a general way of q
consolidation OF copper producing com
panies and the market has. at least
partially. discounted developments. but
the fun extent OF the scheme is mol
known. Smelling is very strong on tht
report that % Is 10 turn over copper
properties TO the combine. Reports Of