The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-05-21

NEW YORK, May 2l.-After opening
as if bound 10 rise and keep on rising
after the usual fashion. and encourag-
ing a large number OF spectators TO
place orders, the market suddenly /
changed front. tuned a complete right
about and on the down grade with con-
siderable speed. The break yesterday
afternoon, surprised many traders who
had come 10 the opinion that there was
TO be no reaction
For two weeks or more this reaction
has been due. by all signs of CONNER
cial ana security weather, but the pow
ers rather that are. have masked il
behind good distribution of stock and
ostentatious purchases to give the mar
ket a bull tone. only losing command
occasionally In the dnal hour when the
market was compelled 10 take much
stock
In seeking for q cause for the re-
action, which up 20 noon had been es-
pecially severe only IN the stocks that
have been doing the skyTOCketlng. one
can but Cau IL past due, ana perhaps
attribute a little responsibility 10 the
fact that the SiXJteth Congress viii not
pass a currency bill. Traders have gone
on the theory that a currency bill would
be passed and that there would there
fore be no chance of a panic this fall,
or even of a real money sJringenCy con-
sequenJ on the movement Of the crops.
There is no telling how far this break
will go. II may be checked before the
day is over, as there are still financing
operations 10 be carried out.
Another reason for weakness was
found in the meeting this afternoon Of
steel and iron interests to consider
prices for product. There is said to
be some chance Of cutting, more or less
seriously, as some of the concerns out
side of the Steel Corporation are anX-
ious 10 test the market on a lower
scale of prices.
It is expected that the dividend on tie
preferred shares OF the Republic Iron
and Steel Company viii be cut at to-
days meeting and there are rumOrs az
recting the distribution OF the Sloss-
Sheffield Company.
Missouri Pacific started at 61A to 6ll4
a loss of y. then turning. advanced TO
IS and dropped back TO Ga. New York
Central was a point lower Chesapeake
and Ohio was Ia lower. Baltimore and
Ohio declined from 99Ss 10 Ssas. Great
Northern ~ or. and about the same
loss was sustained In St. Paul. Union
Pacific and other leaders. with Reading
of over a point.
Republic Iron and Steel preferred
dropped from 6gl4 TO Sc. Lead was 2
points of Copper ia. Steel common
Slightly easier preferred steady. Some
OF the minor stocks in both the rails
and the industrials were steady and
with little change up L. noon.
Market Becomes Irregular.
During the noon hour the market dis
played a decidedly better tone in many
of the leaders ana the declines Of the
earlier morning were recovered This
was not the general rule of the list but
the lower prices resulted in buying or
ders for Reading. Union Pacific. South
ern Pacific. Chesapeake and Ohio. St
Paul, and Shelter. The majority Of the
list recovered the loss, but Atlantic
Coast Line added a net gain Of ~ and
Shelter took a shoot upward for a gain
of points
baltimore ana Ohio lost points;
Cappe., /, St Paul, -, and Copper and
Lead / and Ia net. Republic Iron and
Steel, preferred, did not make any re
Midway between the first and second
hour Of the afternoon the market was
strong in spots, errauC and uncertain,
In the last hour of the afternoon
steam was turned on and the whole
market rose, with but few exceptions,
the losses of the morning being reCOv-
cred IN short order and additional adj
vonces made throughout the list. The
bears who had endeavOred to force
along the break OF the early hours OF
1he session were crazy TO cover, and
thew helped along the movement. The
reaction was simply due to the fact
that the big interests on the street have
not come TO the point where they can
AFFORD 10 have a runaway market on
the tObOggan.
Deals are TO be financed and with a
market sliding, scaling on the way,
there would be difficulty.
The table of advances indicates bet
ter the change of front than any COM
rnent can
The close was grinding on the top.
The sellers of the early morning re-
eretted IL and the big interests were
fhe chief buyers on the recovery