The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-06-23
Bears Make Sudden Attack
on RailroadS-Whole
List Reacts.
GLOOM OVERWHELMS
THE BULL FORCES
Much Doubt Exists Among Brokers
as to Size of Short
Interest.

NEW YORK. June 23.-Wau Street
was in a tremor OF fear at the open
ing Of the stock market today. Even the
best Informed brokers We're at q loss 70
account for the seemingly endless sup
ply OF stocks visible. when 1t had been
supposed the short interest was already
or large proportions Prices were ir-
regular from the start. and during the
first hour the entire list suffered a de-
cline from one-half to a full point. As
was 70 be expected, Rock Island de-
Veloped the greatest weakness.
after the first hour the better stocks
began 10 right themselves, and from
that time TO noon there was a gradual
rise. with the railroad stocks, cOppers,
and a few Of the industrials most &C
tive. At no time were the sales very
large, but n moderate volume Of busl-
ness was kept going, and by = o'clock
Smeiters had gained q point. st. Paul.
Union Pacific. Reading. and Canadian
Pacific had each registered gains from
one 10 two points.
The course OF the market at noon was
such as 10 inspire the hope that the
slump mad turned. thar the unloading
OF long stock by persons disappointed
over the turn in affairs yesterday, ana
The selling out of the profit selling
crowd had come TO an end. sd that the
market would swing back 10 its proper
level
Much doubt seems Lo exist n we'll in
formed circles as 10 the extent or the
short interest. Many believe that since
last Friday large lines of short selling
have been laid out. but II is difficult
10 explain some features Of the mar
ket yesterday and today on that basis
At no time has there been any scarcity
pOslte has been true. The pest predlc-
ton probably is that the short interest
IS only OF moderate proportions, most
intelligent brokers being Of the OplnOin
that the decline of the past two days
is only little backward set after the
pleasing results achieyed at Chicaa
last week Those who Hold to this Opin-
ion believe the market VIII grad@auy
rally and continue its upward CJuT Sc
without any great hustltng of the shorts
II this prediction Is correct no senSa-
tional developments need be looked for
and the market VIII gradually move
upward In an entirely healthful and
leIsurely manner
After the noon hour the market re-
acted from the forenoon advance a:;,i
some OF the railroads, notably CLesa-
peake and Ohio, developed marked
weakness. losing an advance Of a point
and a half and selling at I o'clock a
fraction below the opening.
At about the same time Atchison was
back TO 50, and the whole list began
TO move downward in sympathy with
the bear attack on Chesapeake and
Ohio. Baltimore and Ohio. and Atcnison.
followed by heavy selling Of Reading
and Union Pacific. At I o'clock appear
ances were greatly against any hopeful
net advance for the day.
The raid Of the bears was snOrt-liVCd
and only partially successful After
knocking of a point or two from several
OF the railroad shares and weakening
the list generally, their efforts failed
Prices from 100 O'Clock on, gradually
recovered the losses Of the noon shock
and closed fairly strong, in most cases
near the days highest.
The market evidently has support that
will not allow more than temporary
slump.