The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-11-06
DAYS GAINS.

NEW YORK. Nov. 6.-Infuences that
might generally De expected TO have di-
rect bearing on Wall Street operations
were dwarfed by the money situation.
by the decreasing surplus and the op-
position of banking interests TO further
expansion in view OF existing conditions.
IT has been demonstrated again and
again that the larger employment OF
funds in business draws seriously from
the surplus Of speculative funds. Add
10 this the fact that our English cousins
have grown into the habit of selling
American securities and you may come
10 the conclusion that there are times
when even a creeping bull market is
out OF order. With conditions as sound
as they are II the United States at the
present time. il is only g question of
a snort time when one OF these creep
ing markets viii get away Tor a Dig
rise-perhaps it viii come when the
trailing public becomes Disguised at the
in-and-Out policy that has been shown
for weeks.
It has been noticed of late that when
ever stocks have moved mp with ans
show Of stability the movement is
checked by a bunch of selling. The la-e
decline on Friday was Influenced by this
inside liquidation. which is nothing more
than proft-taking on stock purchased
early in the movement scalping opera
ton holding the market within rea-
s7nable bounds. not permitting much
radical change either way pending such
time as the return of crop money AMI
easier financial conditions abroad per
NIT of the start of the long Upwar
trend.
Discounting Bank Statement.
Today's decline was in the nature of
dlscounting a bad bank statement. :.
was general all through the list, both
industrials and rails joining in the
break, after a temporary display OF
strength Immediately following the open
ing, but in Copper, Smelling, Colorado
Fuel. the Hills. and many of the lesser
rails the sentiment was by no means
weak. nor were prices of much.
One of the most persistent of the
rumors has TO do with the Copper
stocks. They shared I'm the weakness.
put they were bOlstered by the kHOwl-
edge shat buying orders are under
Amalgamated on scale down Nor
power under the whole Copper situation,
and his name is heard even ia connec-
tiOn with Greene Cananea-
. Most Of the large commission hOusets
are deiuging their customers with pre-
cautiOnary signals. and yet they are
ordered displayed for few days. SO
2
houses fear the money outlook again.
Some OF these signals declare that the
technical position Of the market Is more
vulnerable. but here again only tenn
porarly- In contradiction there are q
few houses builiEh on Union Pacific. Ou
the theory that the buying Of the last
few days warrants purchases on all re-
Market Irregular.
Following the opening the market
=
gave evidence of being entirely subject
TO the operations OF the traders, many
Of whom were evening M their ac-
counts over the weeks end, while others
encouraged BY the expectation of an UNI
favorable bank statement, were making
ventures on the bear side, in the belief
that they could cover 10 advantage on
Monday morning particularly as they
thought the Bank OF Germany would
probably increase its discount rate at
confined 10 a few stocks, there was a
fair amount OF activity iu certain issues
and frequent opportunities were fac
tor in keeping up the volume of business
which otherwise would have been very
small.
some OF the traders thought tIfey
Gould see evidence that Mr.. Keene
vas active in the selling size OF the
s1a rltet, although the Impression pre-
sailed IN well informed quarters that
Shis operator had been doing very
did not act well. showing only indiffer-
Cut ability 10 take Neay moderate
volume Of realizing sales and although
buI tips on the stock We're current.
the traders showed very Little inclina-
tion 10 take these at their face value.
Pennsy's Movement.
The character Of the selling Of Penn
eyIvania appears 10 be well understood.
Some holders have been getting out Of
the stock and buying the rights, an
operation through which they obtained
the use OF considerable money during
the period -Of activity in the money
market al the same time assuring
themselves Of repurchase of their hold
ings AT the equivalent Of the present
price even in the event that the mar
ket should advance substantially I'm the
course of the next few months. This
operation has been going on for days
but has not been generally realized.
Some Recovery.
It was also evident IN the last half
hour OF the session that some Of the
bears were taking their profits without
waiting until Monday. This accounted
for the good recovery la the list as
EHoHlrU raTffae Of s.frF fr TrUfsFa