The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-11-08


NEW YORK. Nov. S.-The opening
was favorably affected by the failure Of
the Bank of Germany to raise its rate
of discount. London took this as a
good sign. and started with a strong
opening, the reflect being evident In
our own market. At the same time the
volume Of business was not at all
large and after the start there were
recessions here and there throughout
the list. AS expected the higher open
ing was met with protit-taking, and this
kind of liquidation is likely TO meet
every attempt TO advance prices. After
the selling noted had subsidized the tone
was again a little more favorable, but
at no time was there the slightest show
of activity.
Advice from the commission houses
and brokers generally is of the same old
tenor wait d bit. buy on declines. and
sell on rallies.
With the exception of Union Pacific
in the rails. and Amalgamated Copper
in the industrials. the changes in values
up TO noon were few and unimportant,
that is, in the direction Of higher
figures.
Union Pacific made a net gain of a
point and held the greater part of it.
Copper rose nearly points on the
initial trading. Consolidated Gas and
General Electric were other strong in
dustrials. Katy" made Y point gain
in the rail- list
Morgan Busy in Copper.
The story on copper is TO the effect
that the Morgan interests contemplate
the control under a community of in
terest Of Is per cent Of the output Of
copper metal Boston is authority for
the statement that an increase in the
capital stock of Amalgamated Copper
Company 10 S5O0,000O00 is suggested in
order that il NAV be able TO acquire
stock enough 10 control the principal
producing companies and also the con
troll of copper output.
There is yet another reason for the
advance in copper. The improvement
in the metal market in London ad
vanced rs Cd ton in both the price OF
spot and future copper, and was a re-
sponsible factor in aiding the better
ment
Pacific Mail was another strong stock
being Influenced by the growing belief
that ship subsidy enactment is prac-
ucally certainty OF the coming session
Of Congress. Southern Pacific controls
PACING Mail, and this IN turn helped the
E1aTrimans.
Paris furnished another denial OF the
report anent the probable listing Of
Steel common in that city. Close OBJ
servers Of the operations IN Steel COM
mon have come to the conclusion that
some large interests are liquidating
carefully and using the proceeds for
operations elsewhere in the list.
Fear Taft's Message
Toward noon matters quoted materi-
ally, and the movement was slow and
not calculated to Inspire traders to
operations on ether side. There
was more or iess discussion Of
Roosevelt policies and the fear Of
an aggressive. RooseveItian message
from the President to Congress a few
weeks hence. is evident here and there
In financial circles.
Some Later Gains.
There was but little change in either
prices or the volume OF business dur
ing the noon hour. A little show Of
strength was evidenced in Reading. with
= net recovery for the day. New York
Central recovered its earlier loss;
Chesapeake and Ohio was y better, sell
ing TO S9lG. while Steel preferred after
dragging most of the day rallied |
sharply 10 1215, net improvement Of 1
= point.
Steel common, on the other hand gave 4
way 10 90S4 20 905s loss. the selling con- (
tinuing on a reduced scale. Copper lost (
& small fraction, but was very firm.
Southern Pacific held S gain. and 4
Union Pacific was steady around 203, a 4
= advance for the session.
The rest Of the list did not move suf-