The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-01-21
NEW YORK STOCKS
IN BAD DECLINE
Long-Looked for Reaction
Gets Poor Start, But Bears
Put Market on the Run.

NEW YORK, Jan. 21.-Close-After
waiting, hoping. and expecting a reac-
ton for twenty days the bears found
their revenge today. Starting out spot
~, but with only two or three stocks
strong. the market dropped into dull
ness and gradually gave way until mid
way. between 1 and > o'clock it
turned into wild scramble TO dump Sc
curities. Everybody wanted to save
part Of their profits and rushed TO sell.
The good buying that has met every re-
action of point or two since January ].
was absent and the declines in prices
came thick and fast. The bears helped
the reaction by selling stocks right and
left.
In this liquidation Reading broke near
y 5 points or to 1888, Union Pacific sold
10 124, or IL eff, St. Paul lost 21z points
Pennsylvania ~, New York Central .,
Northern Pacific g, Great Northern %,
Delaware and Ohio 655. Canadian Pacific
80. AtChisOn rs, and Copper ?.
The Steels were a point lower
The transactions in the last hour were
enormous. and many newly margined
accounts were liquidated.
Stop orders were said to be responsible
for the slide stop orders were recovered
here and there through the market as
point declines brought more stock to
the block. Fully 10000 shares of Read
ing were sold in one or two minutes.
NEW YORK. Jan. FL p. NAT
the immediate opening the market was
unquestionably soft. The start of on
Shelter a loss Of q points, caused
much uneasiness. Moreover the bull
movement seems TO be getting tired
and the shorts are being eliminated
The natural effect Of these conditions
is a tendency TO pay more attention
TO the bear news and To get out or
signs Of weakness. It is also evident
that there has been a very heavy dis
tTibutiOn Of securities during the last
ten days, and that from now on there
Will be much more selling on rallies
than there has been. Some of the
most conservative operators on the
Street are advising this now. coupled
with the additional advice TO buy or
weak spots.
In the declines that followed the open
ing the list dropped an average of g
Point all around with the SteeIs anC
Missouri Pacific an exception in tbs
TACT that they held their own fairly
well Up to the middle of the last
hour Of the morning the trend was
toward lower range, then the market
ANli AiEA llE lilEI ana tUltLt4 TIE H0O1
hour with a show of strength.
The coming Of hesitauug market j,
likely to check the trading OF the army
or professionals who do not ike TO bus
on a market where the indications arc
not we'll defined.
l'20 2. n.-The market continued slow
and uncertain into the last half-hOuT
of the second hour of the afternoon
With few exceptions the list varied from
= 10 IL lower than the ClOsings OF
yesterday. Strange as il may seen
the cause Of the opening weakness
Smelter was one OF the executions II
became very strong and advanced FOR
the session IA net, and this after the
severe break at the opening Another
exception was the Steels which were
fTaCtiOnaliy higher. Pennsylvania anc
Missouri Pacific were = point higher
Southern Pacific was firm Reading wa.
of II; Union Pacific p; Northern Pa
citiC 3; Copper q, and Chesapeake ant
ohio, Baltimore and Ohio, and Canadian
Pacific from l 20 IL points of
1t was far from a satisfactory mar
ket