The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-10-06
NEW YORK STOCKS
AFTER BAD WEEK
CLOSE RATHERFIRN
Shorts Lack Confidence
in Their Position and
Cover Daily.
Round Up in Canadian
Pacific-Hill Shares Sup
ported-The Figures.


NEW YORK. Oct 5.-Tke week in the
stock market has been disappointing 10
both the bears and bulls. II was a case
of backing and filling. Of selling stocks
short and rushing TO cover, with peri
Uds OF apparent strength and again Of
awful weakness, but after all is sand
and done the changes as compared with
a week ago are inCOnseIuential.
This In itself is an Improvement that
tie Wall Street traders have not seem
ed 10 recognize in that they have beer
talking bearish all week and predicting
lower prices ana calling attention to the
lack of support
1t has certainly been a traders mar
keJ. Support WAS lacking at times and
again there was support under stocks
as the shorts in Canadian Pacific found
10 their sOTrOw when they tried to Dor
row stock TO make deliveries and found
the market run up on them II points.
II is NOT often that the bears viii dare
10 play horse with such a safe invest
ment stock. but stated with the run o.
luck on their side they dared and lost
large wads Of their profits before they
were out OF the woods. After they hao
covered Canadian Pacific gagged down
again.
London Liquidations.
London has been d seller Of stocks
al week. and a tendency has Oeen
shown on the other side 10 husband
cash and credits. 1t must be admitted
that much Of this foreign liquidation
has been for home account. while except
for the manipulative buying, which las
shown itself in spots throughout the
market, most Of the orders have come
from the covering Of shorts.
Shorts Grow Conservative.
As the week progressed the shorts
became more and more conservative.
They seemed to realize that prices have
had an awful tumble and that there
are men with money who may be likely
TO buy and lock them away at these
prices, hence while they showed no hes
itation TO sell stock on every soft spot
theyt were not willing TO stay as hCdv-
lily short over night, but always made
a play toward covering in the after
Doon. with one or two exceptions.
In this way the market would be
soft and tired in the morning with
rally in the Afternoon, and generally a
strong closing.
This came to be such a regular thing
that many room traders followed it with
good results.
Sentiment Is Bearish.
There is no denying that sentiment
IS beaIish. The street doesn't like Ire
looks of the Copper situation, nor Is 1t
at all satisfied with the position OF
steel and iron. But the liquidation mas
brought out enormous amounts Of stock
and centralized them where they can be
heid. while at the same time 1t has
taken some centralized holdings and
distributed them III investors stronS
boxes.
Has tho depression been discounted
This is the question that many nen
with capital are asking themselves. If
copper is weak and sure TO 90 lower,
there has been heavy liquidation in
copper shares. IL the iron and steel
situation is bad, there has been Hquida-
ton in the stocks of the steel and irOa
comps mics. II is also admitted that
the position Of the United States Steel
Corporation Is strong, that any shut
down, or decrease in prices will be
gradual and -lgnihcd, and that the
company can and VIII maintain divi-
bends.
III ~AAf-AASAeAA OANA1NAS-s
The chief hope of those who expect
to see still further liquidation and lower
prices lies in the financial situation. The
banks have all that they can do 20
finance the crop movement. The South
is moving cotton now, and the West
corn and wheat, with other produce.
The Treasury Department is helping
along, but after the methods OF pre-
v.Ous Secretaries, Secretary CortelyCu
IS not at all lavish. but conservative. /
Money rates preclude much speculation
on margin. and the low prices for secu-
rifles demand tair margins from specu-
lative sellers. This is one Of the causes
OF the narrow market, for there have
been days with barely 20O00o shares of
stock sold.
The low prices Of the week were in
dicauve Of moderate declines. but the
subJoined table indicates that the losees
We're nearly all recovered.
Under Hill Stocks.
While the bears had their way with
Great Northern and Northern Pacific
this week. it was evident that suDport-
ing orders were under them in the clos
ing days, hence the stocks made actral
gain. A suspicion that there is supnort
10 stocks IS enough TO drive the hers ~
the tail timber The Pacifcs All sb.S-, ~
I'm the Improvement they were active
leaders Of the market. At one fine tbe
street thought they dtectd Hartman
selling Union Pacific but the final price
was above last weeks close.
Industrials.
The closing. too. on Amalgamated.
Anaconda. and the Steels showed that
these shares did not lose anything. net
on the week.
The Figures.
The closing today and on September
Is, on the stocks named, were as fol-
lows:
sept IS Oct 5.
Ar1algamated .............. 57Sk 59I'
Anaconda ................. 5S1 81
= = n -'--.-'-----'-'---' 81 81 49,
Chi. MIL 81 ST. Paul.. lIfss 117a