The Washington times., 1909-06-17

of the month in the noon hour. Stop
orders were caught freely, and the
bears found much liquidation OF
actual stock 20 help their efforts ia
deprcss prices. Sugar broke 4 points.
Little steel >, Reading -, Copper
3I-4. New York Central s, st. Paul
SIS, and list likewise. Rally fol-
lows.
NEW YORK, June IT. p. m.-Stocks
are now about a point above the low
figures OF the break, although Sugar
has risen from 12 TO 1875 under good
support. Copper is selling at Sis,
Cmelting, 9O5s. Steel common, 665s, the
preferred, 123, the SteeIs being firmer
than rails. st. Poul IS 23s of net for
the day, Reading points. Northern
Pacific 1ss. and Rock Island 15s lower.
The market is active. nervous. and
liable to turn quickly either way. but
the heavy short selling suggests good
covering ana better closing,
NEW YORK. June 17.-Llquidation
was again the order OF the day. 1t
started on the tap of the bell was
checked by good buying orders that APP
parently came from shorts. nervous
over the display Of strength, and was
severe reaction when the orders were
Withdrawn. the bears playing hob with
the list while selling orders from the
West and actual liquidation OF much
stock added to the pressure and brought
about a serious decline.
Indications point to the belief that
the Westerners were right in predicting
more or less serious reaction, ard
that the bulls Of the cast viii not be
able TO annex any Of the Westerners
pianos or autos. It Is a fact that the
West was literally out o. stocks a week
to ten days ago. GOssips from the brok-
ers' offices today are more or less bear
ish In character.
The good effect Of the clean bill Of
health and usefulness given by the
Hughes commission TO The New York
Stock Exchange, would have helped
stocks, but FOR the uneasiness in the
metal market this being the distuI bling
factor in the situation.
Then, too, the corporation tax scheme
has caused some uneasiness on the part
Of shareholders, the per cent tax on
net EARRINGS as proposed by President
4aIt ana his advisers Two per cent
from net revenues OF some corporations
would Of necessity force the cutting OF
dividends on a humber of stocks.
The delay in making the Paris listing
IS but conf1rmatory Of q hitch in the
plans of Morgan ct al and has aroused
dlsbeiieVers III the success OF their
scheme.
Coppers Very Weak.
But the chief uneasiness in the metal
market was in copper. brought about
by a report of reductions IL price of
the metal and by a serious decline in
Rio Iinto. London was very bearfsh
and American colfpers followed suit
The visible supply Of copper aboard
June Is showed an increase of i, 1S5, 500
pounds. This is significant in view of
the decrease of 1900, Coo pounds IN this
country, indicating that this decrease
was accomplished by a transfer Of the
metal 10 the other side.
The failure of the Reading directors
70 increase dividend was a keen dis
appointment 10 the Street. On its pres
enJ dividend II Is selling far above the
level Of many stocks paying higher
dividends
L. & N May Pay Per Cent.
The directors Of Louisville and Nash
vile meet at O'clock this afternoon.
and Il IS believed that the directors
viii increase the dividend from a 5 to
per cent basis. Present earnings
justify TIE 3 per cent sen1i-annual pay
ment- After the panic the rate was re-
duced to ; per cent This may be an
other disappointment Louisville and
Nashville was q higher and firm on
this prospect New York started
strong on a financing scheme, rising
10 I3fl< when IL met much stock and
broke 10 1914, a net los sof = point.
Fries were strong. and Baltimore and
Ohio displayed firmness.
Toboggan Slide In Noon Hour.
The net losses in the rails up to noon
did not amount TO much more than a
point, but with the noon hour the mar
l<et was ralded right and left and with
great ferceness
II was a case Of sell and sell again.
Stop orders We're uncovered at every
quarter OF q point loss; stocks came
out with amazing rapidity, and prices
melted away IN the noon hour two or
three points The lower figures natu-
rally brought some covering and a par
tiaI rally IN the first half OF the second
hour of the afternoon, but it was insig-
nihcant compared with the break
The bears hit Sugar. and found II
give way from 1855 70 III in less time
than il takes TO tell II. The bears
Jumped on Reading; they transferred
their attention 70 the Steels, and made a
mighty strong play mere ana there
throughout the. list " hen they let up
and turned 20 covering, New York
Central was points on. Reading Fz.
Camper 81. Steel common 2, and pre-
ferred IA lower.
Union Pacihe was then 2ss lower. ST.
Paul 81, the Goulds had turned weak,
and there was no strength save I'm
louisville and Nashville The minor
steel shares joined in the slump. II was
q toboggan with a vengeance.
Small Rally.
And the rally was a good 2 10 a
point with good covering and great
activity.
It was the big bear day Of the month