The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-12-09
WALL STREET NEWS
Market Now Treading on
Much Firmer Ground.
RALLY FOLLOWS SEVERE DROP
Prices Sag at Opening Under Pres
sure OF Much Realizing, but De-
cline stops Suddenly and Prices
Take Upward Trend Before Clos
tns-Ginning Report n Factor.

New York, Dec authorizations in
prices passed through a series of con
fusing gyrations to-day. but their course.
taken on the whole. went a good way to-
ward demonstrating that the stock mar
ket is now reading upon somewhat
firmer ground than II has in the last two
months.
The market seemed at first TO be in
clined to move upward, in a more or less
hesitating way continuing its advance Of
yesterday, but a good deal of realizing
put IN its appearance, ana prices sagged
under its weight This led in the early
afternoon 10 a rather sharp decline. TO
which, as must be confessed the market
presented no very decided resistance.
It soon became reasonably evident,
however, that the selling which brought
about this latter movement originated on
the floor OF the stock exchange and was
OF purely professional and rather light
wasted order. 1t ceased suddenly when
a decline from the high prices of the
morning. approximating a couple of
points in the leading stocks, had been
brought about. Then, when the pressure
was removed, the real rallying power OF
the market was displayed
On
Prices rebounded more quickly even
than they fell and the activity Of the
market increased as the upward move
ment gained Roadway. AT the close ad-
vances even over yesterdays rise were
shown in practically all Of the prominent
issues. The market action Of the Chi
cago. Milwaukee and St. Paul common
shares attracted a good deal OF attention
during the day.
II was one OF the strongest features
of the market and in the drive at the
market after midday declined hardly al
all Much the same peculiar residence
was also shown by Lehigh Valley stock.
What seemed TO be the case generally
regarding the stock market to-day was
that manipulation for the decline was
present which failed TO produce a re-
currence of liquidation. Substantial de-
velopments to-day were pretty uniformly
favorable 20 values; and even when they
were not appeared to refer to conditions
that have already been discounted in Sc
curity prices.
Cotton Report "A Factor.
The cotton ginning report Of the Cen
sus Bureau published this morning show
ed 10159,OO0 bales Of cotton ginned from
the seasons crop up 10 December l.
compared with S.S76,OOO bales on the same
date last year. This was a pretty Sc
rious blow 10 the crop estimates of pri-
vete experts that have been current
lately Of a cotton yield for the entire
season of under 100000 bales.
The report seemed TO point 10 the prob
ability that the next government esti-
mate as TO the size Of the crop. which
is expected in a few days. will declare
the crop as being in the neighborhoOd
OF 1850 900 and because Of these figures
a violent break occurred in the price of
the speculative cotton options.
The monthly report of the Copper
Producers Association exhibited a re-
duction in surplus stocks OF copper dur
ing last month of $50, 900 pounds, bring
ing the surplus down to the lowest to-
tails shown since March