The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-01-22
NEW YORK STOCKS
GENERALLY LOWER
Hill Shares, Reading, and
Union Pacific in Late Re-
cOVery-Abundance of
Bear RumOrS.

NEW YORK, Jan, 22-Close-In the
hour between 1:l5 and D. M. the mar
ket recovered about q OF a point, and
was apparently fairly steady. Entering
the last hour of the day the market
while slow, was steady, but shortly
thereafter it became very soft, and de-
cllneS of point followed. The closing
was Ike the opening, unIaVOTdDlc, ana
with the bears acting in an aggressive
manner.
NEW YORK, Jan. 22-Eoon-The
upsJeTs OF Wall Street are wizards al
making their gossip ut the market con-
diJIOus. For the last two or three
weeks we have heard nothing but bull
news, how business was picking up here
and there and how really strong the
situation was with ample funds and a
strong following that would surely al
vance prices materially. Railroad earn %
inEs were admittedly poOr-buL they did
not count, and other bearlSl reports
were looked at through the small enc
OF the feld' glasses, while the bull news
was immediately magnited. The sug-
gesUIOn that d reaction was due was
heresy.. Now, however, the condition
has changed, and opinion has changed
with It. IL viii be some six months
before business Will assume normal pro-
portions. The banks have distributed
their stocks and have Withdrawn their
support. The bulls in Reading We're
easily dIslOdged and now the bears are
. cunning after others The reaction has
been due for ten days.
And from the Reading Office came an
announcement that II would close down
most Of its Collieries, as a partial re-
suit Of the unreasonable weather, Caus-
ing the laying of of many men and
reduced earnings for the road.
Taking Profits.
Everyone started TO take profits at
about the same time, many stop orders
being placed a. point or two below
ruling quotations. and as one Tot was
GislOdgcd, another was brought into the
liquidation zone, until tie liquidation be-
came rout. This carried the list
down to the weak Closings Of Tuesday,
and further accentuated this weakness
On the opening this morning when tie
many bearish rumoTs induced HQuida-
ton.
Moreover the decline has apparently
started after the manner of the advance.
There was no TeaCJiOuary movement in
connection with the upturn, and there
has been but little sign OF rally so far.
The bull movement drove in the shorts
and took their support out Of the lists.
The bear movement promises to act the
same way.
Immediately after the opening theirs
was some little show Of strength, but
IL failed TO last through re first hour.
ana after thirty minutes Of trading the
list was going OF and continued weak.
Declines to Noon.
At noon Reading had lost rs with g
recovery; Delaware and Hudson. 2l
Great Northern. IL; Missouri Pacific
and Norfolk and Western, s.; St Paul,
points. Union Pacific, a point; Louis
Vile and Nashville, a point; General
Electric, 21z; Baltimore and Ohio, IL;
Shelter, q, and Copper a like fraction.
Sugar was the only firm stock. The
Steels were g lower, with what ap-
peared 10 be good selling from Pitts
burg.
l15 o. m.-Entering the last half OF
the noon hour the market began to dis
play a little more strength. and on Gov
ering by shorts, under the Leadership
OF Reading, the Hill shares and Union
Pacific there was quite a little rally
the stocks named moving up 10 slightly
better figures than those current yes
terday afternoon. It actually seems
rather hard for bears 20 make profits
on the short side, as any show of con
CeTted covering is as bad as the rusI
10 get profits So far as could be as.
certained there was no particular req
son for any advance. Some of the best
informed brokers on the exchange hOIs
bearish views, and fail to see any rea-
son for change
Just what the action Of the market
will be IN the final closing is not Judge
able from conditions at this hour.