The Washington herald., 1910-12-04
WALL STREET NEWS
Trading Is Active, but Price
Changes Small.
BULL POOL IS WEAKENED
No Explanation for Weakness of
Several Issues-Large Increase in
Number of Idle CarS-Bank state
ment Is Northumberland la
sharp Contrast 20 Previous Week.

New York. Dec 3-Trading was again
active and spirited in the stock market
to-day, but, with one or two exceptions,
price changes on the day were inslg-
nifcant a great many spectators ex-
peoted a rally on the ground that the la;e
trading would be marked by heavy coy
erng of short contracts put out in great
numbers in the latter days Of the week,
but big operators who are on the short
side Of the market were content to leave
their commitments outstanding over the
end OF the week They expressed them
selves as confident that the bull pool
had been so weakened by the weeks wide
break that an energetic movement
against the short interest was improb-
able,
Among the few stocks in which price
movements We're comparatively wide were
Brooklyn Gas. with a loss OF rs points,
American Sugar preferred, with "a loss
of 2h points, and Westinghouse, with d
loss o. IL points. No explanation for the
weakness of these shares was offered
apart from the suggestion that specu-
lators long of stocks may have been
compelled 10 sell investment issues in or
der 10 protect speculative commitments
Heavy Liquidation Explained.
The same suggestion was used TO eX-
plain the heavy liquidation in scNne of the.
purely investment issues yesterday and
the day before. News of the day was not
of great Importance nor of nature n
dicating any change in the trend OF BUSH
ness. The Burlington made an excep-
ti0nally fine statement of earnings for
October, showing an increase OF $546,o90
gross and an increase of S1.226.000 in net
earnings but Chicago and Northern
Western, which was a particularly weak
stock Yesterday. showed losses in both
gross and net, the loss in net amounting
TO $4,000
The fortnight bulletin of the American
Railway Association, showing for the
fortnight ended November 3 an increase
Of 15,ooe in the number of idle cars on
the railroads in this country and Canada
simply confirmed a multitude of previous
reports Of the TeacuOnary tendency of
Tie railroad business.
The bank statement. published after
the close of the market. was uneXpect-
eCly unfavOrable An expansion of loans
and q decrease in reserve had been an
ticipated. but surprise was general that
the Increase in loans amounted 10 more
than SlS000.000 that the loss in cash was
more than 100000 and that the sur
Plus reserve decreased By the large
amount of So GEO. Another feature Of
the statement which aroused adverse
comment was that the increase of loans
exceeded the increase Of deposits by 3d.
100000 The surplus reserve is now about
S55C00OO
In Sharp Contrast.
In all respects the trading in stocks
from the beginning 10 the end of the
week. was in very sharp contrast to last
weeks transactions. Last week the mar
ket grew steadily duller and duller. until
I'm the last few days trading was in
lighter volume than in two months. APP
parently. the market was in command
of the bull pool, which had so manipu-
lated the market as to disgust all ex-
pdienced spectators and TO restrain
them from commitments on either side
The change Immediately followed J. J.
Hills interview on business conditions,
but il could not be said that the abrupt
break, the heavy liquidation, and the
sudden increase Of activity were due as
much TO Mr.. HIS expressions as 10 the
fact that the market was tOpheavy and
that prices had been advanced in direct
opposition 20 business developments OBJ
vious to all fairly observant persons.
once the decline was started the liqui-
dalton proved too strong for the bull
party 70 Withstand, and most OF the de-
velopments of the week We're adverse TO
The bun forces.