The Washington times., 1908-09-27

week Started the Bryan scare was more
or less Of a reality on Wall Street, and
the process Of liquidation took the APP
pearance of trimming ship 70 meet
squalls ahead, or from the rear. II
was taken TO mean that the signs Of the
times We're such that Mr.. Hartman and
his followers who have been standing
under the stock market tor ten weeks
or threei months, decided that it was
about time 10 distribute the burden. 10
stand from under as much as possible
The contention was made in brokers
offices that, If the market was held up IL
was for the sole purpose OF aiding this
distribution, and this was also the story
when some OF the minor stocks were
given support-'Just an effort to make II
8hold while the clique distributes Union
Pacific, Reading, and Southern Pa
cific"
The scare threw many investors who
acquired their securities at twenty-five
10 forty points below present prices, and
who have been waiting for a sign that
the top was near at nand, who We're
after the ultimate dollar on the rise,
took fright and sold out. while the army
OF pyran.iders OF professional ROOM
traders type, who have been following
the rise. and increasing their holdings
right along, protected by slim margins
and stop-Ioss orders, also took alarm,
and sold stocks right and left,
Drop 8 to 10 Points.
And the result was a drop of TO 10
points, with enormous trading in a Few
stocks. and slumps throughout the list.
The Bryan scare frightened Wall Street
10 the foundations OF the historic thor
oughfare. To add to the confusion,
there came a story that Hill stocks
would not be able 10 earn their Gtvi-
dends, especially Great Northern, on
which a distribution was due In mid
week. There was nothing of an official
tinge TO this rUmOr, but it found, as all
rumors will, some believers, and added
TO the reported damage by forest fires
10 the Northwest, and the fact that
there was no inside support of Hin
stocks, it resulted I'm a slump from 6a61a
points.
Enormous Trading.
The effect on other securities was con
siderable, coupled with the political
cataclysm and the enormous selling. Up
20 Friday night the sales for six days in
Reading had reached 1.250.O0 shares, IN
Union Pacific $4,000, Southern Pacific
100000 shares, United States Steel pre-
ferred $4,000. Erie 175,OOO, Northern Pa
cffc 5000 shares, and Shelters 5000
shares. These were the market leaders.
these the stocks that presented the
greatest fluctuations and caused the
Sharpest breaks
AS stocks declined bears gave them
a swift push along the slide, selling ire
ouently and covering Just as frequently
at a profit. only 10 put out a new line
of shorts the next morning. As stop
loss orders were uncovered and the
stock dumped the decline extended 20
81 points on St. Paul. on Illinois Cen
trail, on Fries. go on Great Northern,
nearly II on Union Pacific. and on
Southern Pacific, while Reading drop
ped q fraction less than 10 points. Steels
: points off.
Exit the Scare
And then the President said some
things IN his own peculiar. impressive,
and virile manner and the situation
changed. Exit the scare, scurrying OF
the shorts TO cover and Hartman back
on the Job. The three together brought
prices right about up 10 the closing
figures Of last week, minus a point or
two, but the recovery was quick, gen.
eraL and left the declines inconse-
genital
The situation was materially helped
by the fact that some Of the big in
,Ierests of the Street were ready 10
island under again. They had dis
! tribUted much stock around the top and
on the way down. they had bought
dots OF stock at the bottom and around
there and they had the assistance Of a
little boom work on the side. This was
given IN minor stocks, such as the Fries
and Rock Island. hardly minors. but
not usually considered in the big plays
of the masters Of the Street.
Story of Control.
The story was that Harriman-N1or-
gan were in a fight for control Of the
Erie system and that Harriman-no
story goes on the Street these days
without this potent name-Wanted It for
an Eastern outlet for his Western sys-
TENS which would then give him almost
a through system Morgan was said 10
Zoe buying 20 add to his holdings and
they ran Erie up on this, the meanwhile
distributing a little more high-priced
stock on the firmer tone in the market.
Something hit the Hi shares about this
time Where the buying came from was
unknown Great Northern declared its
dividend as usual. thereby mailing an
other rumOr, and the shorts helped
some inside support and advanced Il
sharply.
Rock Islands Day.
Rock Island had its day. too It was
reported that Speyer & Co. would finance
Rock Island, and that there would
therefore be no trouble about a mat