The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-09-22
NEW YORK STOCKS
HAVE FAIR WEEK
AND CLOSE HIGHER
Both Hill and Morgan
Are important
Factors.
Bankers viii Not Stand
for a Bull Move
ment


ment.
NEW YORK. Sept. 2l.-During nc
week Just closed there have been dScided
rifles IL the clouds through when the
discouraged shareholders in Americas
industrials and railway stocks have
seen shmpses Of the long-iooked-for Tc-
action.
They nave suffered severely during
The last few months and have ben
forced TO watcL the gambols Of the
bears. selling good dividend payers down
with inpunity, wringing over $500,
600. 900 in good money from the lace
value Of securities and continuing to
make profits on every short sale. until
the stocks that were their favorite mar
ket weapons actually loaned at a bis
premium
1t turns out that much Of the weak
ness that has characterized the mar
ket during the last two months mas
been due to fear OF the physical col
lapse OF H H Rogers and the chaotic
condition that such a Wall Street cal
amlty might produce. Because OF the
enormous interests that he has conduct
cd and Of the potent infiuerce Of the
standard Oil Company's millions in the
Street, his illness, known 10 many be-
fore it was public property, caused muck
liquidation. That his house has been
put in order" is generally believed.
and the rumor that that strong per
sonality. Henry c. Fricke. is 10 TAKE
the helm will not down.
Great Short Interest.
The Standard Oil fine. suit TO dissolve
the trust. illness Of Mr.. Rogers. lower
freight and passenger rates Tor rall-
ROADS. and the lack of backbone 10 the
whole market 50 encouraged the sue
cessful bears that they oversold them
selves and when they came 70 cover
with the opening Of the past week they
found but little stock offered and hOiG-
CTS not at all anxious TO liquidate. The
turn in the lane was due, but IT CD not
arrive a minute too soon
The Bullish Influences.
Among the bullish influences that aid
Cd in stemming the bear attacks, the
crop reports were unduestionably the
most important. coupled as they were
with actual increases in gross earnings
OF many Of the railroads OF the country
The movement Ct The crops has pro-
crossed favorable and business has not
shown the response to the tremendous
shrfnkage in security values that the
pessimistiC ones anticipated. That this
IS true is an evidence OF the growing
tendency OF the business interests Of
the country to stand on their own bot
tom. although the Influences that affect
the New York stock market cannot be
wholly disregarded as commercial sign
posts.
Money vas materially easier. and the
bank statement showed an actual in
crease in reserves. deposits. specie, and.
unfortunately. in loans as well.
Hill Morgan Bullish.
Another good feature OF the week has
been the entrance OF the Hil-Morgan
faction. as buyers of the Hill stocks.
The feeling that there Will be no Gov
crnmentaI interference with the Hin
railroads and the belief that the North
ern Pacific shareholders viii receive a
good big cash dividend. as the result OF
sending the transfer OF the Burlington
to Great Northern. helped the market
Immensely, these shares blazing the way
for the general upturn, which was fol-
lowed by the majority OF the rails and
later by the industrials.
The feeling that the Standard Oil
Company had lived within the letter Of
the law. OF late. at least. and that the
investigation now under way would pro
duce no sensational action, was also
help II the list
Industrials.
For weeks the industrials have been
so inordinately heavy that there seemed
to be little recuperptive power 10 the
list Copper and the steels were on
the down grade on their own weight
and much lower prices were freely pre-
dicted. The enormous overDroduction
OF the metal and the action OF agents
in cutting prices has been responsible
for continued siashing in stock values.
Tnis week the reports were Of an agree
ment to curtail production by 80 per
cent. and this with the big short in
terest caused the rise in Coppers.
Steel stocks did better in common
with the list, although at times they
were soft and at nc time were they
strong enough to warrant prediction OF
a SAiai y If|ONelN- NdI Llefe mas been
no shut down OF any OF the plants Of
the United States Steel Corporation is
taken by some to mean that there have
been cuts in product prices.
Chairman Gary is optimistic OF the
future and is OF the opinion that the
great corn crop, generally estimated at
2,5oc,9 600 bushels. and the large crops
generally. when safely gathered. will
inspire confidence on the part OF rail-
road men and result in the placing Of
large orders for supplies.
The heavy liquidation IN 10th the COM
mon and preferred Steel shares has per-
haps. resulted in dslodging nearly all
the weakly held stock Unless the bears
can bring more pressure to bear and
produce new liquidation, Steel shares
arc likely 10 show more resistance TO
attacks. especially Il Mr.. Cars belief
in the suture is well grounded.
Closing Strong.
Closing prices for the week were not
far from tie top figures. although there
were come slight reactions. one Of the
features IN the closing session was the
strength in the New York Traction
shares. especially in Brooklyn Rapid
Transit.
While the week closing today has