The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-10-16
NEW YORK STOCKS
IN SERIOUS SLUMP
Open Strong, but Copper Is
the Club for Losses of
One to Five Points.

NEW YORK, Oct. 6.-Noon.-There
was considerable activity in the Sc
curitY market. but with more or less
irregularity. The accusation of rebat-
ing against the Southern Pacific. made
by Commissioner Lane, brought prompt
Genial thereof by Mr.. Hartman, but IL
! is not at all likely that the commits
sioner would call attention to this mat
ter unless he was perfectly satisfied of
his position. 1t may be that the evil
dence VIII prove that the misdemeanor
charged was in making 1t easier for the
San Francisco unfortunates to rebuild
after their disaster. IN which event the
punishment will not he serious
IN ike manner the reoating gLnt of
the Atchison system is said to be pay
tally duo to n desire TO assist In the
upbuildinR of San Francisco and in ad-
vancing beet sugar interests at certain
points along its line. The fines in these
cases will probably be moderate, but
these matters must be considered, else
1ebating would become common
The especially strong spots in the mar
ket were found IN the Hill shares and
MlsSQurl Pacffic. II was stated that
the Hill following was operating in
MISSOURI, Kansas and Texas shares, and
IN compliance with their desires the re-
cent break was forced 70 bring out for
elgn holdings-and IL was successful.
Hartman Stocks Weak.
The Hartman shares were weak.
This was but natural in view OF the re-
batting charges and the Fish sduabbIe
both aiding in destroying the confidence
OF shareholders. The weakness was all
the more noticeable in the face OF the
strength in other stocks, perhaps of
less actual value.
slightly easier over there and there was
some disposition TO buy Americans ON.
market responded with fai- improve
Inent. but hardly up to the London adj
While confidence is far from restored
Whlle any sharp advance in the general
llst Is next to impossible until money
becomes much easier. the trend is in
low range
Short Interest Heavy.
The short interest is stiu very heavy
This is one Of the hopes of the bulls
as any attempt at general covering
would advance prices. There is a big
demand in the loan crowd and stocks
are scarce for some issues.
Railroad earnings are holding I'D ex-
ccllently, and the industrial situation
has perhaps been knocked TOO hard. 1t
earnings for October would compare
favorably with those Of any correspond
Ing month save that Of 1906. The Steel
STOCKS are hrmer. but not especially
strong at that.
Rail Prices.
Northern Pacific, preferred, opened at
12l3s and advanced 10 12IA. or two points
above yesterdays close Great North
ern scored gain OF a fun point, al
though at one time Selling nearly two
points better. Missouri Pacific gained
u, but held only point Dayton and
OF d gain of IL ST Paul did not do
very well, just holding its own. Penn
syivania was weak ard 2 lower. Union
Pacific and Southern Pacific soft.
Industrials.
Steel, common, sold at 23H TO 23H,
back to 329S. Preferred, S3J4 to SS% to
s.. Copper was a point higher, but lost
II. Smelling was also a point up, but
. Only held IS Of the gain.
, p. m.-The rend OF values was TO a
lower range until shortly after the noon
hour, when there was an awful SLUMP
IL was reported that the dividend OH
Amalgamated Copper would be passed
entirely, and once again in this eeTatIc
industrial was responsible for a turn
Tor the worse the whole market
Prices melted away, and the bears. in
their glee, proved to be no respector OF
persons, taking falls out Of the Hill
stocks just the same as out OF Harrl-
man shares. and playing fast and loose
with United States Steel securities.
Copper dropped to 81, or nearly 4
points: Anaconda, points, while Smelt-
ing preferred turned a decline aggregat-
ing nearly points Steel common II
and preferred is lower. with some slight
Tecoveries on profit taking.
In the rails the losses anged from
1Glh for Southern Pacific. I1kd1 point
/ Tor Reading, IL TO l for st. Paul as
Tor Northern Pacific, B for Geat North
ern, : Tor Illinois Central, and for Mis-
souri, Pacific
mere Werc some recoVeries from low
! on snort covering. but II was a sad a :
! teTnoon as compared with the display OF
! strength az the opening. The bears had
/ away Ike a center rush